Myanmar, Vietnam ink MoU to promote cooperation in real estate sector

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Houses seen in Yangon. Photo: Phoe Khwar

MYANMAR and Vietnam have reached a memorandum of understanding in Hanoi, the capital of Vietnam, on promoting cooperation and investment in the real estate sector, according to a Friday report of the Myawady Daily.
Since 2016, the Myanmar Real Estate Services Association has signed MoUs with Singapore, Thailand, the Philippines, Malaysia, Indonesia, Laos and Vietnam, said Daw Moh Moh Aung, the general-secretary of Myanmar Real Estate Services Association.
The signing of the MoU aims to ensure that Myanmar’s property laws are similar to those in other ASEAN countries. A property bill has been submitted to the Upper House and Lower House. Myanmar will hold discussions with experts from Thailand and Singapore to ensure the emergence of property bill.
Foreign investors are beginning to become interested in the Myanmar real estate sector, but the country does not have adequate or compatible laws and bylaws pertaining to the property sector, officials said.
“Currently, the property sector is facing a market downturn. Those involved in the property sector will get a licence when the property law emerges. Thanks to this, the property market is predicted to develop and the sector is likely to see an influx of foreign investors,” said Daw Moh Moh Aung.
“Another point is Myanmar’s tax rates are a bit higher than those in other countries. The association has sent its suggestions to authorities in order to reduce higher tax rates,” she added.

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