Tourism firms in Vietnam’s Da Nang in trouble as land rents surge

The firm has accessed bank loans to pay the land rents, Trung said, adding that this was just a temporary solution as no enterprise can afford such high land rents. The Da Nang Tax Department had earlier coerced the investor of a large resort in Ngu Hanh Son District, Da Nang to pay land rents. According to enterprises, land rents were high in Da Nang and are increasing sharply, beyond enterprises’ payment ability. Regarding the proposal to reduce land prices, Nhung said land price frames would be promulgated once every five years. However, the current land prices are lower than the market prices, so adjustments are likely impossible, according to Nhung.