Vietnam Orders Year-End Clearance of Surplus Real Estate to Boost Economy

Vietnam's Ministry of Finance has issued a directive to all ministries and local authorities, urging them to accelerate the process of handling and utilizing surplus real estate that has arisen from administrative reorganizations. The directive acknowledges that the progress in dealing with these properties has been slow in some departments and regions, and aims for their complete resolution by the end of the year (2026). The ministry requires each unit to quickly develop plans for the disposal and utilization of surplus properties, clearly classifying each asset into categories such as "continued use," "change of purpose," "recovery," "transfer," or "disposal." Priority will be given to using these properties for healthcare, education, culture, sports, community activities, social security, public administration services, and facilities that directly contribute to people's lives and socio-economic development. For assets belonging to public service units and post-reorganization infrastructure, relevant agencies will either decide on or be delegated the authority for management, use, utilization, and disposal. The Ministry of Finance also mandates increased inspections in areas with a significant number of unprocessed properties, emphasizing the need for prompt implementation of approved plans to rectify situations of idleness, inefficient use, or improper utilization, thereby ensuring completion within the year. Financial agencies and related departments are also required to compile a comprehensive inventory of surplus real estate managed by agencies, organizations, and units that are no longer in use as of January 1, 2025, and update the progress on a tracking software. Real estate managed by enterprises is excluded from this statistical survey. According to the Central Organization Committee, as of September 17, ministries, branches, and localities had completed the processing and brought into use 11,573 surplus real estate facilities. By the end of this year, the remaining 9,662 facilities that are either unprocessed or not yet in use must also be resolved. Information Source: VnExpress