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Politics

Vietnam eyes higher taxes to curb real estate speculation

Parliament to consider levy on second homes as debt risk soars

A construction site for an apartment building in Hanoi. Vietnamese housing sales have stalled due to high interest rates.   © Reuters

HANOI -- Vietnamese lawmakers are set to debate legislation addressing the real estate market as the National Assembly opened its new session Monday, looking to discourage speculative property investments as corporate default risks pile up.

The proposed amendments to Vietnam's real estate laws include levying taxes on ownership of second homes as well as setting higher tax rates on urban properties.

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