Property data compiled

Price indices and transaction values recorded through trading floors and revenues will form the basis of national statistics norms for the real estate industry starting from July. The move is intended to make the industry more transparent.

The ministries of construction and finance will be responsible for reporting data relating to real estate activities. The Ministry of Construction will also have to clarify the country's construction and estate price indexes annually together with the current consumer price index and import and export values in different price groups.

On a quarterly basis, construction price indices will have to be compiled by the ministry as well.

One area that has attracted particular attention in the system's investment and construction figures group is that of housing construction, which comprises a range of statistics including production value, area, the number of low-income houses constructed a year, and coverage of urban planning in different localities.

The new statistics system will provide more detailed regulations than the current one.

Under the new rules, the Ministry of Planning and Investment will have to disclose not only the number of newly-established enterprises but also those which have been dissolved, gone into bankruptcy or have had their business licenses withdrawn.

Prime Minister Nguyen Tan Dung asked the Minister of Planning and Investment to standardise definitions, contents and calculating methods of each norm in the system before disseminating them nationswide.

Source: VNS