THE 2023 LAW ON REAL ESTATE BUSINESS 2025

THE 2023 LAW ON REAL ESTATE BUSINESS 2025

INTRODUCTION TO SOME BASIC REGULATIONS IN 

THE 2023 LAW ON REAL ESTATE BUSINESS

Hanoi, May 2024

1. NECESSITY FOR PROMULGATING THE LAW

After more than 9 years of implementing the 2014 Law on Real Estate Business, the real estate business sector has achieved many important accomplishments:

– Establishing a legal foundation to promote the development of the real estate market;

– Contributing to the transparency and health of the real estate market;

– Standardizing real estate transactions;

– Enhancing the professionalism of real estate business entities and real estate service providers.

Through the mechanisms and policies on real estate business that have been issued, there are now:

– Hundreds of thousands of real estate businesses;

– Tens of thousands of individuals practicing real estate brokerage;

– A clear, transparent, favorable, and efficient legal corridor for operation and activities;

– Promotion of economic and social growth and development of the country.

However, alongside the aforementioned achievements, the real estate business sector also faces several issues and obstacles, making it necessary to amend and supplement legal regulations to ensure they align with the practical requirements of real estate business activities, and to guarantee consistency and synchronization with newly issued and upcoming laws.

1. OBJECTIVES AND PRINCIPLES OF THE DEVELOPMENTOF THE LAW
2. Objectives

To promptly institutionalize the Party’s guidelines and the State’s policies in:

– Developing and strictly managing the real estate market;

– Perfecting mechanisms and policies for the healthy, sustainable development and smooth operation of the real estate market;

– Synchronizing the land use rights market, labor market, and real estate market;

– Ensuring the stable, healthy, public, and transparent development of the real estate market.

Amending and perfecting the provisions of the 2014 Law on Real Estate Business to suit the actual situation, addressing existing issues and limitations, ensuring constitutionality, and maintaining consistency and synchronization with other related laws.

2. Principles

– Closely adhering to the contents of the Party’s resolutions and guidelines related to the real estate market. Fully and promptly institutionalizing the Party’s viewpoints and guidelines on managing and developing the real estate market.

– Inheriting the existing provisions that are still relevant, while legalizing effective practical regulations related to the development, management, and operation of the real estate market.

– Resolving overlapping and conflicting policies and laws related to real estate, such as land, investment, finance, credit, etc.

– Promoting decentralization, delegation of authority, and administrative procedure reform, shifting the focus from management by administrative tools to the effective use of economic tools to promote real estate market development.

THE STRUCTURE OF THE 2023 LAW ON REAL ESTATE BUSINESS

Chapter I: General Provisions (comprising 11 Articles: 1-11)

Chapter II: Real Estate Business on Existing Houses and Constructions (comprising 10 Articles: 12-21)

Chapter III: Real Estate Business on Future Formed Houses and Constructions (comprising 6 Articles: 22-27)

Chapter IV: Real Estate Business of Land Use Rights with Technical Infrastructure in Real Estate Projects (comprising 11 Articles: 28-38)

Chapter V: Transfer of Real Estate Projects (comprising 5 Articles: 39-43)

Chapter VI: Real Estate Business Contracts (comprising 9 Articles: 44-52)

Chapter VII: Real Estate Services Business and Training, Education, Certification in Real Estate Services Business (comprising 18 Articles: 53-70)

Chapter VIII: Construction and Management of Information Systems and Databases on Housing and the Real Estate Market (comprising 6 Articles: 71-76)

Chapter IX: State Management of Real Estate Business (comprising 5 Articles: 77-81)

Chapter X: Implementation Provisions (comprising 2 Articles: 82-83)

Chapter I

GENERAL PROVISIONS

MAIN CONTENTS

Article 1: Scope of Regulation

Article 2: Subjects of Application

Article 3: Interpretation of Terms

Article 4: Principles of Real Estate Business

Article 5: Types of Real Estate and Real Estate Projects for Business

Article 6: Disclosure of Information on Real Estate and Real Estate Projects for Business

Article 7: State Policies on Real Estate Investment and Business

Article 8: Prohibited Acts in Real Estate Business

Article 9: Conditions for Organizations and Individuals Engaging in Real Estate Business

Article 10: Forms and Scope of Business in Houses, Constructions, and Land Use Rights with Technical Infrastructure in Real Estate Projects; Transfer of Real Estate Projects by Domestic Organizations, Individuals, Overseas Vietnamese, and Foreign-invested Economic Organizations

Article 11: Requirements for Real Estate Projects

Article 1: Scope of Regulation 

Regulations on real estate business, rights, and obligations of organizations and individuals engaged in real estate business, and state management of real estate business. 

This includes cases where the law does not apply, such as: agencies, organizations selling houses, constructions, transferring land use rights due to bankruptcy, dissolution, division, or separation; transferring ownership of houses, constructions, land use rights due to division, separation, merger, or consolidation as prescribed by law; renting social housing to workers under the investment project managed by the Vietnam General Confederation of Labor as regulated by housing laws, etc.

Article 3: Interpretation of Terms

– Real estate business;

– Real estate service business;

– Real estate project;

– Existing houses, constructions;

– Lease-purchase of houses, constructions;

– Transfer of real estate projects;

– Real estate business contract;

– Real estate service business contract;

– Transfer of real estate projects.

Article 5: Types of Real Estate and Real Estate Projects for Business

– Existing houses and future-formed houses;

– Existing constructions and future-formed constructions, including constructions for education, healthcare, sports, culture, office, commercial, service, tourism, accommodation, industry, and mixed-use purposes;

– Floor area in constructions;

– Real estate projects;

– Land use rights with technical infrastructure in real estate projects.

ARTICLE 3 OF DECREE 96/2024. TYPES OF CONSTRUCTIONS AND FLOOR AREAS IN CONSTRUCTIONS FOR BUSINESS 

Article 6: Disclosure of Information on Real Estate and Real Estate Projects for Business

Before putting real estate and real estate projects into business, real estate enterprises must fully, honestly, and accurately disclose the information stipulated in Clauses 2, 3, 4, and 5 of this Article on the housing and real estate market information system as regulated by this Law and on the real estate enterprise’s website.

Information about off-plan houses and constructions:

– Type of real estate; location, scale, construction progress, usage function; common area for condominiums and mixed-use buildings;

– Basic design appraisal; construction permit; construction commencement notice; documents on the completion acceptance of technical infrastructure construction; documents proving the completion acceptance of foundation construction for condominiums and mixed-use buildings;

– Land use rights documents;

– Guarantee agreement;

– Documents from competent state agencies regarding off-plan houses eligible for sale or lease-purchase;

– Restrictions on ownership rights, usage rights of real estate; mortgage status.

ARTICLE 4 OF DECREE 96/2024: DISCLOSURE OF INFORMATION ON REAL ESTATE AND REAL ESTATE PROJECTS FOR BUSINESS

1. Timing of Information Disclosure:Real estate enterprises, before signing contracts for the sale, transfer, lease, lease-purchase of real estate, or transfer of real estate projects, are responsible for fully disclosing the information as prescribed.
2. Contents of Information Disclosure: The disclosed information follows the provisions in Clauses 2, 3, 4, and 5 of Article 6. The information in Point c of Clause 2 and Points b, d of Clause 3 of Article 6 includes the following documents:

– Decision approving the detailed planning or the general planning of the real estate project;

– Notice of the appraisal results of the feasibility study report for construction investment or Notice of the appraisal results of the basic design;

– Guarantee issuance commitment document as stipulated in Clause 2 of Article 26 of the Law on Real Estate Business from domestic commercial banks or foreign bank branches legally operating in Vietnam.

Draft Decree on Administrative Penalties for Construction Violations 

A fine ranging from VND 300,000,000 to VND 400,000,000 will be imposed on real estate businesses that fail to disclose, or disclose incompletely, inaccurately, or dishonestly the information about real estate and real estate projects before putting them into business or fail to update information changes as required.

Article 7: State Policies on Real Estate Investment and Business 

– The State encourages organizations and individuals to invest in real estate business in line with the country’s socio-economic development goals;

– The State encourages and provides preferential policies for organizations and individuals to invest in the construction of social housing;

– The State invests in and encourages organizations and individuals to invest in urban public utility service projects and social infrastructure works within the scope of real estate projects;

– The State has policies to regulate the real estate market, ensuring that the real estate market develops in a healthy, safe, and sustainable manner;

– The State has policies for organizations and individuals to conduct cashless payments in real estate transactions;

– The State encourages organizations and individuals to conduct transactions through Real Estate Exchanges.

Draft Decree on Administrative Penalties for Construction Violations

A fine ranging from VND 240,000,000 to VND 300,000,000 will be imposed on project investors, real estate businesses, and real estate service businesses that receive payments under real estate business contracts or real estate service business contracts from customers without going through accounts opened at domestic credit institutions or legally operating foreign bank branches in Vietnam.

Article 8: Prohibited Acts in Real Estate Business

– Engaging in real estate business without meeting the required conditions;

– Falsifying documents or intentionally altering information about real estate;

– Failing to disclose information about real estate and real estate projects for business as prescribed;

– Committing fraud, deception, or scams in real estate business;

– Collecting payments in the sale, lease-purchase of houses, constructions, and floor areas in off-plan constructions contrary to regulations; misusing funds collected from buyers, lease-purchasers of houses, constructions, and floor areas in off-plan constructions against the law;

– Failing to fulfill or inadequately fulfilling financial obligations to the State;

– Collecting, managing, and using fees, charges, and other related funds in real estate business contrary to legal regulations.

Article 9: Conditions for Organizations and Individuals Engaging in Real Estate Business

1. Organizations and individuals engaging in real estate business must establish an enterprise or a cooperative, union of cooperatives as prescribed by law.
2. Real estate businesses must meet the following conditions:

– Not being under a prohibition from real estate business activities, suspension, or operation suspension as per court rulings or decisions of competent state agencies;

– Ensuring the ratio of credit debt and bond debt to equity;

– Having equity capital not less than 20% of the total investment capital for projects under 20 hectares, and not less than 15% of the total investment capital for projects of 20 hectares or more; in cases of concurrently undertaking multiple projects, the equity capital must ensure the aforementioned ratio for each project.

3. Individuals engaging in small-scale real estate business are not required to establish an enterprise but must declare and pay taxes according to law.
4. Organizations and individuals selling houses, constructions, floor areas in constructions not for business purposes, or selling, leasing, lease-purchasing houses, constructions, floor areas in constructions below the small-scale threshold are not subject to this Law but must declare and pay taxes according to law.

ARTICLE 5 OF DECREE 96/2024: CREDIT DEBT AND BOND DEBT RATIOS TO EQUITY

– Meeting the financial safety ratios of the enterprise; complying with the regulations of credit law and corporate bond law;

– In cases where a real estate business borrows from credit institutions or issues corporate bonds to implement real estate projects approved by competent state agencies as the investor, the total debt at credit institutions, corporate bond debt, and equity must comply with regulations for each project, not exceeding 100% of the total investment capital of that project;

– The total ratio of debt at credit institutions and corporate bond debt to implement projects should not exceed 4 times the equity of the enterprise for each real estate project with a land use scale below 20 hectares, and not exceed 5.67 times the equity of the enterprise for each real estate project with a land use scale of 20 hectares or more.

ARTICLE 6 OF DECREE 96/2024: SMALL-SCALE REAL ESTATE BUSINESS; NON-BUSINESS PURPOSE AND BELOW SMALL-SCALE THRESHOLD

Article 10: Forms and Scope of Business in Houses, Constructions, and Land Use Rights with Technical Infrastructure in Real Estate Projects; Transfer of Real Estate Projects by Domestic Organizations, Individuals, Overseas Vietnamese, and Foreign-Invested Economic Organizations

1. Domestic organizations and individuals are allowed to engage in real estate business in the following forms:
2. a) Investing in the construction of houses and constructions to sell, lease, or lease-purchase;
3. b) Investing in the construction of technical infrastructure within real estate projects to transfer, lease, or sublease land use rights with technical infrastructure;
4. c) Purchasing, lease-purchasing houses, constructions, and floor areas in constructions to sell, lease, or lease-purchase;
5. d) Receiving the transfer of land use rights with technical infrastructure within real estate projects to transfer or lease;
6. e) Leasing houses, constructions, and floor areas in constructions to sublease;
7. f) Leasing land use rights with technical infrastructure within real estate projects to sublease;
8. g) Receiving the transfer of entire or part of real estate projects to continue construction investment and business.
9. Overseas Vietnamese who are Vietnamese citizens as per nationality laws and permitted to enter Vietnam can engage in real estate business in the forms specified in Clause 1 of this Article.
10. Overseas Vietnamese who are not Vietnamese citizens as per nationality laws and permitted to enter Vietnam can engage in real estate business in the following forms:
11. a) Investing in the construction of houses and constructions associated with land use rights to sell, lease, or lease-purchase through real estate projects in compliance with the form, purpose, and duration of land use as prescribed by land laws;
12. b) Investing in the construction of technical infrastructure within real estate projects to transfer, lease, or sublease land use rights with technical infrastructure in compliance with the form, purpose, and duration of land use as prescribed by land laws;
13. c) Real estate business forms specified in Points e and g of Clause 1 of this Article.
14. Foreign-invested economic organizations subject to meeting conditions and carrying out investment procedures as prescribed for foreign investors by the Investment Law are allowed to engage in real estate business in the forms specified in Clause 3 of this Article.
15. Foreign-invested economic organizationsnot falling under the conditions specified in Clause 4 of this Article are allowed to engage in real estate business in the forms specified in Clause 1 of this Article.

Chapter II

REAL ESTATE BUSINESS ON EXISTING HOUSES AND CONSTRUCTIONS

MAIN CONTENTS

Article 12: Existing Houses and Constructions Allowed for Business

Article 13: Principles of Business on Existing Houses and Constructions

Article 14: Conditions of Existing Houses and Constructions Allowed for Business

Article 15: Subjects Allowed to Buy, Lease, and Lease-Purchase Existing Houses and Constructions from Real Estate Businesses

Article 16: Execution of Business Transactions on Existing Houses and Constructions

Article 17: Responsibilities of Real Estate Project Investors

Article 18: Rights of Sellers, Lessors, and Lease-Purchasers of Existing Houses and Constructions

Article 19: Obligations of Sellers, Lessors, and Lease-Purchasers of Existing Houses and Constructions

Article 20: Rights of Buyers, Lessees, and Lease-Purchasers of Existing Houses and Constructions

Article 21: Obligations of Buyers, Lessees, and Lease-Purchasers of Existing Houses and Constructions

Article 14: Conditions of Existing Houses and Constructions Allowed for Real Estate Business

1. Conditions for houses and constructions allowed for business:

– Must have a Certificate of Ownership;

– Not involved in any disputes over land use rights associated with the houses or constructions, or ownership disputes over the houses or constructions being put into business that are being announced, handled, and resolved by competent authorities; in cases of disputes, they must have been resolved by competent authorities with legally effective judgments, decisions, or rulings;

– Not subject to seizure for ensuring judgment enforcement;

– Not prohibited by law from transaction;

– Not under suspension or temporary suspension for transactions as prescribed by law;

– Information must have been publicly disclosed as prescribed.

2. Additional conditions for existing houses and constructions within real estate projects put into business by the investor:

– The project must meet the requirements stipulated in Article 11;

– Must have documents certifying that the houses or constructions have been accepted for exploitation and use according to construction laws;

– The project investor must have completed financial obligations related to land, including land use fees, land lease fees, and other related taxes, fees, and charges (if any) to the State for the land associated with the houses or constructions being put into business;

– Must have a certificate of land use rights as prescribed by land law for the land associated with the houses or constructions.

3. Conditions for floor areas in constructions allowed for sale or lease-purchase:

– The construction must be created under an investment project and meet the conditions prescribed by property registration laws;

– The floor area must have a specific use function and be delineated from other areas within the construction project approved by competent authorities and reflected clearly in the project design documents, allowing the owner to manage and use the floor area independently;

– Designed according to the applicable technical standards and specialized standards for the type and function of the construction;

– Must define the land use rights associated with the floor area in terms of form, land use duration, common or separate land area with other construction owners or land users as prescribed by land law;

– Must clearly define financial obligations related to land that the seller, lease-purchaser, or buyer, lease-purchaser of the floor area must fulfill, and this must be recorded in the sale or lease-purchase contract;

– The construction must be built on land with a form of land use where the State allocates land with land use fees or leases land with a one-time payment for the entire lease term.

Article 15: Subjects Allowed to Buy, Lease, and Lease-Purchase Existing Houses and Constructions from Real Estate Businesses

1. Domestic organizations and individuals, Overseas Vietnamese who are Vietnamese citizens, and foreign-invested economic organizations as specified in Clause 5, Article 10 of the Law are allowed to buy, lease, and lease-purchase houses, constructions, and floor areas in constructions for use and business purposes.
2. Foreign organizations and individuals, and Overseas Vietnamese who are not Vietnamese citizens are allowed to buy and lease-purchase houses as prescribed by housing laws. Overseas Vietnamese who are not Vietnamese citizens are allowed to buy, lease, and lease-purchase constructions and floor areas in constructions for use according to the specific function of the construction.
3. Foreign-invested economic organizations specified in Clause 4, Article 10 of this Law, within their legal operating term in Vietnam, are allowed to buy and lease houses for use; lease houses for business purposes as prescribed by this Law; buy and lease constructions and floor areas in constructions for use according to the specific function of the construction for their activities; lease constructions and floor areas in constructions to sublease.
4. Foreign organizations within their legal operating term in Vietnam, and foreign individuals within their legal residency term in Vietnam, are allowed to lease constructions for use according to the specific function of the construction.

Article 71: Draft Decree on Penalties for Violations in Business of Existing Houses and Constructions

1. A fine ranging from VND 600,000,000 to VND 800,000,000will be imposed for failing to disclose information about the mortgage of houses, constructions, floor areas in constructions, land use rights, and real estate projects for business as required.
2. A fine ranging from VND 800,000,000 to VND 1,000,000,000will be imposed for any of the following acts:
3. a) Putting houses and constructions into business without meeting the required conditions;
4. b) Putting houses and constructions within real estate projects into business without meeting the required conditions;
5. c) Selling or lease-purchasing floor areas in constructions without meeting the required conditions.

Article 17: Responsibilities of Real Estate Project Investors 

. . .

3. Within 50 days from the date of handing over the house to the buyer or from the date the lease-purchaser has paid in full as agreed, the investor must submit a dossier to the competent state agency to apply for the issuance of the certificate of land use rights and ownership of assets attached to land for the buyer or lease-purchaser, except when the buyer or lease-purchaser voluntarily undertakes the certification procedures.
4. The investor is not allowed to authorize other organizations or individuals to sign deposit, sale, transfer, lease-purchase contracts for houses, constructions, floor areas in constructions, or land use rights with technical infrastructure in real estate projects.

. . .

7. The handover of houses must comply with the regulations of the housing laws.

Chapter III

REAL ESTATE BUSINESS ON OFF-PLAN HOUSES AND CONSTRUCTIONS

MAIN CONTENTS

Article 22: Off-plan Houses and Constructions for Business

Article 23: Principles of Business on Off-plan Houses and Constructions

Article 24: Conditions of Off-plan Houses and Constructions Allowed for Business

Article 25: Payments in Sale and Lease-Purchase of Off-plan Houses and Constructions

Article 26: Guarantee in Sale and Lease-Purchase of Off-plan Houses

Article 27: Handover of Off-plan Houses and Constructions

Article 23: Principles of Business on Off-plan Houses and Constructions 

. . .

4. The responsibilities of the real estate project investor are as follows:

. . .

1. b) Utilize the funds collected from buyers and lease-purchasers to invest in the construction of the project, houses, constructions, and floor areas in constructions that have been sold or lease-purchased as per the usage purpose agreed upon in the signed contract; comply with regulations on anti-money laundering laws;

. . .

1. d) Do not authorizeother organizations or individuals to sign deposit contracts, sale contracts, lease-purchase contracts for off-plan houses, constructions, or floor areas in constructions.
2. The investor is only allowed to collect deposits not exceeding 5% of the sale or lease-purchase price for off-plan houses, constructions, or floor areas in constructions from the depositor when these have met the conditions for business as prescribed by this Law. The deposit agreement must clearly state the sale or lease-purchase price of the house, construction, or floor area in the construction.

Article 24: Conditions of Off-plan Houses and Constructions Allowed for Business

1. Houses and constructions must have started construction.
2. There must be one of the following documents regarding land use rights:

– Land allocation decision;

– Land lease decision and land lease contract according to land law;

– Land use purpose conversion permission decision;

– Certificate of land use rights;

– Certificate of house ownership and land use rights;

– Certificate of land use rights, house ownership, and other assets attached to land;

– Other certificates regarding land use rights and asset ownership attached to land according to land law.

3. The following documents must be available:

– Construction permit and construction permit application dossier (in cases where a construction permit is required);

– Construction commencement notice and construction design dossier (in cases where a construction permit is not required);

– Documents on the acceptance of completed technical infrastructure construction according to project progress; in case of condominiums or mixed-use buildings with houses, there must be documents proving the acceptance of completed foundation construction.

4. Before selling or lease-purchasing houses, the project investor must notify the provincial real estate business management agency about the houses being eligible for sale or lease-purchase. Within 15 days from receiving the notification, the provincial real estate business management agency must inspect and provide written feedback to the investor about the houses’ eligibility for sale or lease-purchase; if not eligible, the reasons must be clearly stated.

ARTICLE 8 OF DECREE 96/2024: PROCEDURES FOR NOTIFICATION OF OFF-PLAN HOUSES BEING ELIGIBLE FOR SALE OR LEASE-PURCHASE

Before signing contracts, the project investor must send a written notification to the state agency managing real estate business regarding the eligibility of off-plan houses for sale or lease-purchase, accompanied by a set of documents as specified:

– The written notification from the project investor sent to the provincial real estate business management agency about the eligibility of houses for sale or lease-purchase must include the contents stipulated in Appendix XV.

The dossier includes a copy and the original for comparison, or a legally valid electronic copy, or a certified copy of the following documents:

– Documents as prescribed in Clause 2 and Points a, b of Clause 3, Article 24;

– Acceptance minutes of the completed construction of technical infrastructure of the project according to the project’s progress approved as prescribed by construction law;

– In the case of condominiums or mixed-use buildings with houses, acceptance minutes of the completed foundation construction as prescribed by construction law;

– If the project investor has mortgaged part or the entire project for housing construction, the discharge of mortgage shall be determined according to Clause 2, Article 183 of the Law on Housing;

– Within 15 days from the date of receiving the written notification and the dossier as specified in Clauses 1 and 2 of this Article, the provincial real estate business management agency must inspect and provide written feedback to the investor; if not eligible for sale or lease-purchase, reasons must be clearly stated. The feedback document must also be published on the housing and real estate market information portal;

– The feedback document from the state agency sent to the investor must include the contents stipulated in Appendix XVI attached to this Decree;

– If the provincial real estate business management agency does not respond within the prescribed time, the enterprise has the right to file a lawsuit or complaint according to legal regulations.

Article 25: Payments in Sale and Lease-Purchase of Off-plan Houses and Constructions

Clause 1: Payments in the Purchase of Off-plan Houses and Constructions

– The first payment should not exceed 30% of the contract value, including any deposit.

– Subsequent payments must align with the construction progress but the total should not exceed 70% of the contract value before the handover of the house, construction, or floor area in the construction to the buyer.

– In case the seller is a foreign-invested economic organization as specified in Clause 4, Article 10 of this Law, the total should not exceed 50% of the contract value.

Clause 2: Payments in the Lease-Purchase of Off-plan Houses, Constructions, and Floor Areas in Constructions

– The first payment should not exceed 30% of the contract value, including any deposit.

– Subsequent payments must align with the construction progress until the handover of the house, construction, or floor area to the lease-purchaser, but the total prepayments to the lease-purchaser should not exceed 50% of the lease-purchase contract value.

– The remaining amount will be converted into rental payments to be made to the lease-purchaser over a specified period as agreed upon in the contract.

Clause 3: Payments in the Purchase and Lease-Purchase of Off-plan Houses and Constructions

If the buyer or lease-purchaser has not been issued a certificate of land use rights and ownership of assets attached to land, the seller or lease-purchaser cannot collect more than 95% of the contract value. The remaining contract value will be paid when the competent state agency issues the certificate of land use rights and ownership of assets attached to land according to land law for the buyer or lease-purchaser.

Article 26: Guarantee in Sale and Lease-Purchase of Off-plan Houses

– Before selling or lease-purchasing off-plan houses, the project investor must obtain approval from a domestic commercial bank or a legally operating foreign bank branch in Vietnam to issue a guarantee for the investor’s financial obligations to the buyer or lease-purchaser if the investor fails to hand over the house as committed in the contract.

– The investor’s financial obligations to the buyer or lease-purchaser in case of failure to hand over the house as committed include the amounts already received from the buyer or lease-purchaser and other amounts (if any) as agreed in the signed contract.

Step 1: The bank and the investor will sign a guarantee issuance agreement.

Step 2: The bank sends a commitment letter to the investor confirming the issuance of guarantee letters for all buyers and lease-purchasers.

Step 3: The investor sends a copy of this commitment letter to the buyer or lease-purchaser when signing the contract.

When signing the contract, the buyer or lease-purchaser can choose whether to have a guarantee for the investor’s financial obligations. If the buyer or lease-purchaser opts out, this must be agreed upon in writing at the time of contract signing.

4. Based on the contract, the bank issues guarantee letters and sends them to the investor, who then provides them to each contract signatory.
5. The scope of guarantee, conditions for fulfilling guarantee obligations, contents, and feesare negotiatedbetween the parties but must ensure the bank’s guarantee responsibilities and be specified in the guarantee issuance agreement between the bank and the investor. The agreement must specify the validity period.
6. The investor must provide the guarantee letter within 10 working days from the date of signing the sale or lease-purchase contract, or another period as agreed in the contract. The investor can only receive payment from the buyer or lease-purchaser after they have received the guarantee letter.
7. If the investor fails to hand over the house as committed, does not fulfill, or inadequately fulfills the financial obligations to the buyer or lease-purchaser, and the buyer or lease-purchaser requests, the bank is responsible for fulfilling the financial obligations on behalf of the investor as per the guarantee letter.
8. This does not apply to the sale or lease-purchase of social housing.
9. The State Bank of Vietnam is responsible for guiding the guarantee in the sale and lease-purchase of off-plan houses.

Chapter IV

REAL ESTATE BUSINESS ON LAND USE RIGHTS WITH TECHNICAL INFRASTRUCTURE WITHIN REAL ESTATE PROJECTS

MAIN CONTENTS

Article 28: Forms of Business on Land Use Rights with Technical Infrastructure within Real Estate Projects

Article 29: Requirements for Business on Land Use Rights with Technical Infrastructure within Real Estate Projects

Article 30: Obligations of Parties in Transferring, Leasing, Subleasing Land Use Rights with Technical Infrastructure within Real Estate Projects

Article 31: Conditions for Land with Technical Infrastructure within Real Estate Projects to be Transferred for Individual House Construction

Article 32: Requirements for Transferring Land Use Rights with Technical Infrastructure within Real Estate Projects for Individual House Construction

Article 28: Forms of Business on Land Use Rights with Technical Infrastructure within Real Estate Projects

Project investors can engage in business on land use rights with technical infrastructure within real estate projects in the following forms:

– Transferring land use rights with technical infrastructure within real estate projects to individuals for self-construction of houses, in the form of subdividing plots for sale to individuals for self-construction;

– Transferring land use rights with technical infrastructure within real estate projects to organizations for investment in the construction of houses and constructions;

– Leasing or subleasing land use rights with technical infrastructure within real estate projects to organizations and individuals for use in accordance with the land use purpose and the investment project content approved by competent state agencies.

Article 31: Conditions for Land with Technical Infrastructure within Real Estate Projects to be Transferred for Individual House Construction

1. Must meet the requirements specified in Clause 1, Article 29 of this Law.
2. The transferred land use rights must be within the land area of the project with a land use rights certificate.
3. Not subject to disputes being announced, handled, or resolved by competent authorities, or disputes that have been resolved by legally effective judgments, decisions, or rulings by competent authorities.
4. Not under seizure to ensure judgment enforcement.
5. Not prohibited by law from transactions; not under suspension or temporary suspension for transactions as prescribed by law.
6. The land is not within special urban areas, Type I, Type II, or Type III urban areas; not subject to land use rights auction for investment in housing construction projects as prescribed by the Land Law.
7. Before transferring, the project investor must send a written notification to the provincial real estate business management agency about the eligibility of the land use rights for transfer.

Within 15 days from receiving the notification, the provincial real estate business management agency must inspect the land use rights conditions and provide written feedback to the investor about the eligibility of the land use rights for transfer; if not eligible, a written response stating the reasons must be provided.

8. The information about the land use rights with technical infrastructure in the real estate project must have been publicly disclosed as prescribed in Article 6 of this Law.

Article 35: Conditions for Land with Technical Infrastructure within Real Estate Projects to be Transferred, Leased, or Subleased to Organizations

Land with technical infrastructure within real estate projects to be transferred, leased, or subleased to organizations must meet the conditions specified in Clauses 1, 2, 3, 4, 5, and 8 of Article 31 of this Law.

Article 9 of Decree 96/2024: Procedures for Notification of Land with Technical Infrastructure within Real Estate Projects Being Transferred to Individuals for Self-Construction of Houses

1. Before signing the transfer contract for land use rights with technical infrastructure, the project investor must send a written notification to the provincial real estate business management agency.
2. The dossier includes a copy and the original for comparison, or a certified copy, or a legally valid electronic copy:

– Investment policy decision, investment policy approval, investment approval;

– Decision approving the detailed planning or general planning of the project;

– Construction permit, if required;

– Notice of the results of the feasibility study report appraisal or notice of the results of the basic design appraisal;

– Documents on the acceptance of completed construction of technical infrastructure works as prescribed by construction law;

– Contracts for the provision of electricity, water supply, drainage, waste collection, and wastewater treatment services;

– Certificate of land use rights for the land area with technical infrastructure within the real estate project to be transferred for individual house construction according to land law.

3. Within 15 days from receiving the notification, the provincial real estate business management agency must inspect and provide written feedback to the investor about the eligibility for transfer; if not eligible, a written response stating the reasons must be provided. The feedback document must also be published on the housing and real estate market information portal. If the provincial real estate business management agency does not respond within the prescribed time, the enterprise has the right to file a lawsuit or complaint according to legal regulations.

Chapter V

TRANSFER OF REAL ESTATE PROJECTS

MAIN CONTENTS

Article 39: Principles for Transferring Entire or Part of Real Estate Projects

Article 40: Conditions for Transferring Entire or Part of Real Estate Projects

Article 41: Authority to Approve Transfer of Entire or Part of Real Estate Projects

Article 42: Procedures for Transferring Entire or Part of Real Estate Projects

Article 43: Rights and Obligations of Parties in Transferring Entire or Part of Real Estate Projects

Article 40: Conditions for Transferring Entire or Part of Real Estate Projects

1. The real estate project to be transferred must meet the following conditions:

– Approval of the investment policy, investment policy approval, or investment approval by competent state agencies; selection or recognition of the project investor if the project requires the investor recognition procedure;

– Detailed planning approval;

– Completion of compensation, support, and resettlement. For transferring the entire project, the corresponding technical infrastructure must be constructed according to progress;

– Not involved in disputes being announced, handled, or resolved by competent authorities, or disputes resolved by legally effective judgments, decisions, or rulings by competent authorities; not under seizure to ensure judgment enforcement; not prohibited by law from transactions; not under suspension or temporary suspension for transactions as prescribed by law;

– Not suspended, terminated, or subjected to land recovery decisions by competent state agencies; for projects or parts of projects subject to administrative penalties, the investor must comply with the penalty decisions by competent state agencies as prescribed by administrative penalty laws;

– If the project is mortgaged to ensure obligations according to laws, the mortgage must be discharged;

– The project must still be within its implementation period;

– For partial project transfers, the construction items or business purposes of the transferred part must be independent of the other parts within the real estate project.

2. The investor receiving the transfer of the entire or part of the real estate project must meet the conditions specified in Clauses 1 and 2 of Article 9 and commit to continue investment, construction, and business as per the approved project content; if there are changes, they must comply with Clause 3, Article 39.

3. There must be a decision on land allocation, land lease, or land use purpose conversion to implement the project; the financial obligations related to land, including land use fees, land lease fees, and taxes, fees, and charges related to land (if any) to the State must be completed for the project; the transferred part does not need to have a land use rights certificate according to land law for the entire or part of the transferred project.
4. State-owned enterprises transferring projects must comply with regulations on managing and using state capital invested in production and business at enterprises.
5. The transfer of the entire or part of the real estate project must also meet other conditions prescribed by investment law and related laws.

Article 41: Authority to Approve Transfer of Entire or Part of Real Estate Projects

1. For real estate projects with approved investors or issued investment registration certificates according to the Investment Law, the authority and procedures for transferring the entire or part of the real estate projects are implemented according to the Investment Law.
2. For real estate projects not covered by the above case, the authority to approve the transfer of the entire or part of real estate projects is as follows:

– The Prime Minister decides to approve the transfer of the entire or part of real estate projects for projects where the Prime Minister has decided on the investment policy, approved the investment policy, or approved the investment. If the Prime Minister delegates the authority to the provincial People’s Committee to decide on the transfer of part of the real estate project, the provincial People’s Committee decides to approve the transfer of part of the project and implements it according to regulations.

– The provincial People’s Committee decides to approve the transfer of the entire or part of real estate projects for projects where the provincial People’s Committee has decided on the investment policy, approved the investment policy, or approved the investment.

ARTICLE 13 OF DECREE 96/2024: PROCEDURES FOR TRANSFERRING REAL ESTATE BUSINESS CONTRACTS

1. The transfer of real estate business contracts is conducted according to the Law on Real Estate Business and this Decree.
2. Procedures and dossier for transferring real estate business contracts:
3. a) The transferor and transferee of the contract agree to establish a contract transfer agreement using the form in Appendix XI attached to this Decree.

The contract transfer agreement must be made in 8 copies (2 copies for the project investor, 1 copy for the tax authority, 1 copy for the certification authority, 2 copies for the transferor, and 2 copies for the transferee). If notarization is required, an additional copy must be kept at the notary organization.

1. b) One party submits the dossier requesting notarization of the contract transfer agreement to a notary organization.

The dossier includes: original copies of the contract transfer agreement; the initial signed contract with the project investor; in case of transferring one or several houses or constructions, the original contract or contract appendix showing the transferred houses or constructions signed with the project investor; proof of payment made by the transferor to the project investor; original or certified copies of the handover minutes of houses or constructions (if any) and other documents as required by notarization and certification laws.

If the transferor is a real estate business enterprise, notarization is not mandatory unless requested by the parties.

1. c) After notarization (unless exempt), the parties must pay the related taxes, fees, and charges for the transfer according to tax, fee, and charge laws.
2. d) After fulfilling the requirements in point c, one party submits the dossier to the project investor to request confirmation of the contract transfer; the dossier includes: 8 original copies of the contract transfer agreement along with the original contract; in case of transferring one or several houses or constructions, the original contract or contract appendix showing the transferred houses or constructions signed with the project investor; proof of tax payment or tax exemption/reduction as per tax laws.

Chapter VI

REAL ESTATE BUSINESS CONTRACTS

MAIN CONTENTS

Article 44: Contracts in Real Estate Business

Article 45: Use of Contracts in Real Estate Business

Article 46: Main Content of Contracts in Real Estate Business

Article 47: Transaction Prices in Real Estate Business

Article 48: Payments in Real Estate Business

Article 44: Contracts in Real Estate Business

1. Real estate business contracts include:

– Purchase and lease-purchase contracts for houses;

– House lease contracts;

– Purchase and lease-purchase contracts for constructions and floor areas in constructions for tourism and accommodation purposes;

– Lease contracts for constructions and floor areas in constructions for tourism and accommodation purposes;

– Purchase and lease-purchase contracts for constructions and floor areas in constructions for education, health, sports, culture, office, commerce, service, industry, and mixed-use purposes;

– Lease contracts for constructions and floor areas in constructions for education, health, sports, culture, office, commerce, service, industry, and mixed-use purposes;

– Transfer contracts for land use rights with technical infrastructure within real estate projects;

– Lease and sublease contracts for land use rights with technical infrastructure within real estate projects;

– Contracts for transferring entire real estate projects;

– Contracts for transferring part of real estate projects;

– Contracts for transferring purchase and lease-purchase contracts for houses and constructions.

2. Real estate service business contracts include:

– Real estate exchange service contracts;

– Real estate brokerage service contracts;

– Real estate consulting service contracts;

– Real estate management service contracts.

3. Real estate business contracts are signed when the real estate has met the conditions for business, and the real estate project has met the conditions for transfer according to this Law.
4. Real estate business contracts and real estate service business contracts involving at least one real estate business enterprise must be notarized or certified upon the parties’ request.
5. Purchase and lease-purchase contracts for houses, constructions, and floor areas in constructions involving individual parties must be notarized or certified.
6. The effective date of the contract is when the last party signs the contract or another form of acceptance indicated in the contract, unless otherwise agreed upon. For notarized or certified contracts, the effective date is when the notarized or certified document takes effect according to notarization and certification laws.

Article 45: Use of Contracts in Real Estate Business

1. Organizations and individuals entering into real estate business contracts and real estate service business contracts must comply with the regulations of the Law on Real Estate Business and the Civil Code.
2. Real estate project investors and real estate business enterprises must use the standard contracts as prescribed in Article 44 of this Law and must publicly disclose the real estate business contractsaccording to the regulations at Point d, Clause 2, Article 6 of this Law before applying them.
3. The real estate business contracts prescribed in Article 44 of this Law do not apply to the sale, lease, lease-purchase, or sublease of social housing.

Article 47: Transaction Prices in Real Estate Business

1. The prices for selling, transferring, leasing, and lease-purchasing real estate or real estate projects are negotiated by the parties and recorded in the contract; if the State has regulations on pricing, the parties must comply with those regulations.
2. Organizations and individuals engaged in real estate business must accurately record the actual transaction prices in the contract and are responsible for not recording transaction prices that do not reflect the actual transaction prices.

Article 48: Payments in Real Estate Business

1. Payments in real estate transactions and real estate projects are agreed upon by the parties in the contract and must comply with legal regulations.
2. Project investors, real estate business enterprises, and real estate service businesses receive payments according to real estate business contracts and real estate service contracts from customers through accounts opened at domestic credit institutions or legally operating foreign bank branches in Vietnam.
3. Penalties and compensation for late payments by buyers, transferees, lessees, or lease-purchasers, and for delayed handovers by sellers, transferors, lessors, or lease-purchasers are agreed upon by the parties and must be recorded in the contract.

Article 49: Transfer of Purchase and Lease-Purchase Contracts for Houses and Constructions

Purchase and lease-purchase contracts for houses and constructions can be transferred, including:

– Purchase contracts for off-plan houses;

– Lease-purchase contracts for off-plan houses;

– Lease-purchase contracts for existing constructions.

Article 13 of Decree 96/2024: Procedures for Transferring Real Estate Business Contracts

1. c) After notarization (unless exempt), the parties involved in the contract transfer must pay the related taxes, fees, and charges for the transfer as prescribed by tax, fee, and charge laws.
2. d) After fulfilling the requirements in point c, one party submits the dossier to the real estate project investor to request confirmation of the contract transfer. The dossier includes:

– 08 original copies of the contract transfer agreement along with the original contract;

– If transferring one or several houses or constructions within the total number of houses or constructions bought or lease-purchased under the contract, the original contract or contract appendix showing the transferred houses or constructions signed with the project investor;

– Proof of tax payment or tax exemption/reduction as per tax laws.

đ) Within 05 working days from receiving the complete documents as prescribed in point d, the real estate project investor is responsible for checking, confirming the contract transfer agreement, and not charging any fees. After confirming the contract transfer agreement, the investor keeps 02 original copies and returns 06 original copies along with the received documents to the submitting party.

1. e) From the date the contract transfer agreement is confirmed by the investor, the transferee continues to perform the rights and obligations of the buyer or lease-purchaser with the investor according to the signed contract and the contract transfer agreement.
2. g) Subsequent contract transfers must follow the procedures specified in this Article, and the transferor must submit the complete dossiers of previous transfers when processing the current transfer.
3. h) The transferee in the final contract transfer agreement as prescribed in this Article is issued a Certificate of Land Use Rights by the competent state agency according to land law.

Chapter VII

REAL ESTATE SERVICE BUSINESS AND TRAINING, CERTIFYING PROFESSIONAL QUALIFICATIONS IN REAL ESTATE SERVICE BUSINESS

Section 1

Real Estate Exchanges

Article 53: Principles for Organizing and Operating Real Estate Exchanges

Article 54: Establishment and Registration of Real Estate Exchanges

Article 55: Operational Conditions for Real Estate Exchanges

Article 56: Activities of Real Estate Exchanges

Article 57: Rights of Real Estate Exchanges

Article 58: Obligations of Real Estate Exchanges

Article 59: Rights and Obligations of Organizations and Individuals Participating in Real Estate Transactions at Real Estate Exchanges

Article 60: Management of Real Estate Exchanges

Section 2

Real Estate Brokerage

Article 61: Conditions for Organizations and Individuals in Real Estate Brokerage Services

Article 62: Activities of Real Estate Brokerage

Article 63: Real Estate Brokerage Fees and Commissions

Article 64: Rights of Real Estate Brokerage Service Enterprises and Brokers

Article 65: Obligations of Real Estate Brokerage Service Enterprises and Brokers

Section 3

Real Estate Consulting and Management

Article 66: Principles and Scope of Real Estate Consulting and Management Services

Article 67: Conditions for Organizations and Individuals in Real Estate Consulting and Management Services

Article 68: Rights and Obligations of Parties in Real Estate Consulting and Management Services

Section 4

Training, Professional Knowledge Enhancement for Real Estate Brokers and Exchange Operators; Issuing Real Estate Brokerage Certificates

Article 69: Requirements for Training Institutions for Real Estate Brokerage and Exchange Management Knowledge

Article 70: Examination and Issuing Real Estate Brokerage Certificates

DECREE 96/2024

Article 19: Organization of Examination and Issuance of Real Estate Brokerage Certificates

Article 20: Examination Council for Issuance of Real Estate Brokerage Certificates

1. The Examination Council is established by the Chairman of the Provincial People’s Committee for each examination. The Council must have at least 5 members, and its composition includes:

– The Chairman of the Council is a leader of the Provincial People’s Committee;

– The Vice Chairman of the Council is a leader of the provincial real estate business management agency;

– Members of the Council are proposed by the leader of the provincial real estate business management agency and may include representatives from the provincial real estate business management agency, real estate associations (if any), real estate brokerage associations (if any), lecturers from training institutions with functions of training real estate brokerage knowledge (if any), real estate brokerage experts from real estate brokerage service enterprises, real estate exchanges (if any), or other experts (if any).

Article 21: Tasks and Powers of the Examination Council

Article 22: Examination Contents and Exam Questions

1. Candidates taking the examination to obtain a certificate must take the following mandatory contents, except as provided in Clause 2 of this Article:
2. a) Basic knowledge section, including Law;
3. b) Professional knowledge section.
4. Candidates with valid foreign-issued real estate brokerage certificates only need to take the basic knowledge section and are exempt from the professional knowledge section.

Article 23: Exam Format, Duration, and Language

Article 24: Examination Candidates

Article 25: Examination Conditions

Article 26: Examination Registration Dossier Includes

Article 27: Exam Registration

Article 28: Passing Exam Requirements

Article 29: Approval and Announcement of Exam Results

Article 30: Dossier and Document Storage

Article 31: Issuance of Real Estate Brokerage Certificates

Article 32: Regulations for Expired Certificates

Article 33: Revocation of Real Estate Brokerage Certificates

Chapter VIII

CONSTRUCTION AND MANAGEMENT OF THE INFORMATION SYSTEM AND DATABASE ON HOUSING AND THE REAL ESTATE MARKET

MAIN CONTENTS

Article 71: Information System on Housing and the Real Estate Market

Article 72: Information Technology Infrastructure and Software System for Managing, Operating, and Exploiting the Information System on Housing and the Real Estate Market

Article 73: Database on Housing and the Real Estate Market

Article 74: Construction, Management, and Operation of the Information System on Housing and the Real Estate Market

Article 75: Exploitation of the Information System on Housing and the Real Estate Market

Article 76: Funding for Construction, Management, Operation, and Exploitation of the Information System on Housing and the Real Estate Market

4. Ministries, sectors, and relevant agencies are responsible for connecting and sharing data, basic survey results, and related information on housing and the real estate market with the Ministry of Construction:

– Information on foreign direct investment capital;

– Information and data on outstanding credit;

– Information and data on corporate bond issuance;

– Tax information;

– Information on land regarding the issuance of certificates of land use rights, ownership of assets attached to land according to land law;

– Information on the number of transactions, value of real estate transactions notarized and certified;

– Information on national housing survey and statistics programs.

SECTION 1

CONTENT OF HOUSING DATABASE

Article 5 of Decree 94/2024: National Housing Data

– Legal documents related to housing issued by the National Assembly, the Government, and the Prime Minister;

– Comprehensive information on housing development programs and housing support programs nationwide;

– Housing survey and statistical data; data on land use rights certificates;

– Information on individuals eligible to purchase, lease, or lease-purchase social housing;

– Information on foreigners owning houses nationwide…

Article 6 of Decree 94/2024: Local Housing Data

– Legal documents related to housing issued by local authorities;

– Results of housing development programs and plans within the locality;

– Information on individuals eligible to purchase, lease, or lease-purchase social housing;

– Information on foreigners owning houses within the locality…

Article 7 of Decree 94/2024: National Real Estate Market Data

– Legal documents related to real estate issued by the National Assembly, the Government, and the Prime Minister;

– Comprehensive information on real estate projects nationwide (transactions, product structure, inventory…);

– Information related to the real estate market (FDI in real estate, outstanding credit, bond issuance, notarized transactions, taxes, issued real estate brokerage certificates…)

Article 8 of Decree 94/2024: Local Real Estate Market Data

– Legal documents related to real estate issued by local authorities;

– Comprehensive information on real estate projects within the locality (public information on real estate before transactions, transaction volume, product structure, inventory…);

– Information related to the real estate market (FDI in real estate, activities of real estate service business organizations, issued real estate brokerage certificates, transactions through real estate exchanges…)

Article 9 of Decree 94/2024: Information on Real Estate Business Projects

Article 10 of Decree 94/2024: Information Technology Infrastructure

– At the central level: server systems, workstations, networking equipment, network security devices managed and operated by the Ministry of Construction.

– At the local level: workstations, internet connection systems, and other equipment managed by local authorities.

Article 11 of Decree 94/2024: Software System for Managing, Operating, and Exploiting the Information System

– Application software for information collection and updating, accessible at https://bds.xaydung.gov.vn.

– Application software for information publication, inquiry, data sharing, accessible at https://batdongsan.xaydung.gov.vn.

Article 12 of Decree 94/2024: Construction of IT Infrastructure and Software for Managing, Operating, and Exploiting the Information System

Includes activities:

– Establishing, upgrading, and maintaining IT infrastructure;

– Developing and upgrading software systems;

– Training, retraining, and enhancing knowledge.

Article 13 of Decree 94/2024: Information and Data Collection

Information sources: periodic reports as required by the Decree; specialized data; digitized existing data on housing and the real estate market.

Article 14 of Decree 94/2024: Construction of Database on Housing and the Real Estate Market

– The database on housing and the real estate market is built in accordance with the National Digital Architecture Framework and local e-government architecture.

– Data sharing is conducted according to Government regulations on the management, connection, and sharing of digital data of state agencies and laws on electronic transactions.

Article 15 of Decree 94/2024: Sharing and Providing Information and Data

– The General Statistics Office shares and provides housing information and data based on population and housing censuses, and mid-term population and housing surveys (every 5 years);

– The Ministry of Natural Resources and Environment shares and provides information and data on the issuance of land use rights certificates and ownership of assets attached to land (quarterly);

– The Ministry of Planning and Investment shares and provides information and data on foreign direct investment in the real estate business sector (quarterly);

– The State Bank of Vietnam shares and provides information and data on credit outstanding in real estate business activities (quarterly);

– The Ministry of Finance shares and provides information and data on the issuance of corporate bonds related to the real estate business sector (quarterly);

– The General Department of Taxation shares and provides information and data on taxes related to real estate transfers (quarterly);

– Information on housing development programs and plans; housing support programs (annually);

– Information on foreign direct investment in real estate business in the locality;

– Information on investment decisions for various real estate projects;

– Information on the number and value of real estate transactions through notarization and certification within the locality (as transactions arise, quarterly);

– Information on land for auction and the status of land auctions for public investment projects in housing infrastructure construction to auction land use rights for individual house construction;

– Information on real estate service business organizations in the locality;

– Information on the number and value of real estate transactions through real estate exchanges;

– Information on issued real estate brokerage certificates during the period;

– Information on individuals eligible to purchase, lease, or lease-purchase social housing;

– Information on foreign organizations and individuals owning houses in Vietnam;

– Information on housing for resettlement in the locality;

– Information on the number and area of existing and used public service housing;

– Information on housing support programs in the locality under national target programs;

– Responsibilities of departments, sectors, districts, and communes in reporting to the provincial People’s Committee: According to their functions and tasks corresponding to the content required in forms No. 3, 12, 14, 15, 16, 18, 19, 20, 21, 22, 23.

– Responsibilities of real estate project investors in reporting to the provincial People’s Committee:

+ Information on real estate before it is put into business according to form No. 9 (before putting into business);

+ Information on the transfer of real estate projects (if any) according to form No. 10 (quarterly);

+ Information on project transactions according to form No. 11 (quarterly).

– Responsibilities of real estate exchanges in reporting to the provincial People’s Committee: Information on the number and value of real estate transactions through real estate exchanges within the locality according to form No. 17 (quarterly).

Article 16 of Decree 94/2024: Reception, Processing, and Storage of Information and Data

– Ministry of Construction: Receives information and data shared and reported by ministries, sectors, and localities.

– Provincial People’s Committees: Receive information and data from departments, sectors, districts, and communes in the locality as per their functions and tasks, and from real estate project investors reporting and providing data.

Article 17 of Decree 94/2024: Timeframe for Sharing and Providing Real Estate Information and Data

– Information on: Real estate projects before being put into business; transactions through notarization activities; transactions and transfers within real estate projects are updated as soon as transactions occur.

– Periodic updates: Quarterly and annually.

SECTION 2

MANAGEMENT AND OPERATION OF THE INFORMATION SYSTEM ON HOUSING AND THE REAL ESTATE MARKET

Article 18 of Decree 94/2024: Organization of the Management and Operation Apparatus of the Information System

– Ministry of Construction: Arranges appropriate civil servants and officials to manage and operate the information system; Local People’s Committees arrange appropriate civil servants and officials to build, update, manage, and exploit the database on housing and the real estate market within the locality.

– Information system management agencies: Can select consulting units to perform certain tasks: providing IT infrastructure, software, conducting surveys, and collecting information for building the database.

Article 19 of Decree 94/2024: Management of the Information System on Housing and the Real Estate Market

SECTION 3

PUBLICATION AND EXPLOITATION OF HOUSING AND REAL ESTATE INFORMATION

Article 20 of Decree 94/2024: Information Publication

– Information is published on the Information System’s portal on housing and the real estate market at the website (https://batdongsan.xaydung.gov.vn).

– Ministry of Construction: Publishes comprehensive information on housing and the real estate market nationwide quarterly and annually.

– Provincial People’s Committees: Publish comprehensive information on housing and the real estate market within their locality quarterly and annually.

Article 21 of Decree 94/2024: Information Exploitation

– Entities: Agencies, organizations, and individuals in need.

– Methods of exploitation: Through the portal of the Information System (for comprehensive information on housing and real estate); through request forms and service contracts for detailed and specialized information.

Chapter IX

STATE MANAGEMENT OF REAL ESTATE BUSINESS

SECTION 1

REAL ESTATE MARKET REGULATION

Article 77: Principles of Real Estate Market Regulation

The State regulates the real estate market through land use planning, construction planning, urban and housing development programs, and plans to ensure supply and demand, and product structure are appropriate for each market stage. This ensures the real estate market develops healthily, safely, and sustainably.

The State intervenes in the real estate market if it undergoes complex changes that affect socio-economic stability.

Article 78: Measures to Regulate the Real Estate Market

1. Adjusting land use planning, construction planning, urban and housing development programs, and plans to implement real estate projects.
2. Adjusting the supply and structure of the real estate market by modifying the objectives, scale, progress, and product structure of real estate projects.
3. Extending tax payment deadlines for entities in the real estate business facing particular difficulties.
4. Providing preferential interest rate loans to customers and real estate business enterprises for certain types of real estate that need support and prioritization.
5. Managing financial and credit policies for the real estate business sector in line with market conditions at each period.
6. Implementing other policies to regulate the real estate market as needed.

Article 34 of Decree 96/2024: Evaluating the Real Estate Market to Propose Regulation Measures

The Ministry of Construction evaluates the real estate market based on Government directives or indicators such as real estate price indices, transaction volume indices, and socio-economic statistical data from related sectors to assess the market situation and propose regulatory measures.

Research and reports for evaluating the market and proposing regulatory measures are conducted when the real estate transaction price index fluctuates by more than 20% within three months; or when the real estate market experiences other changes affecting socio-economic stability.

Article 35 of Decree 96/2024: Proposing Measures to Regulate the Real Estate Market

According to Clause 2, Article 34, within 15 days, the Ministry of Construction, in coordination with Ministries, equivalent agencies, and provincial People’s Committees, consolidates reports evaluating the market situation and proposes regulatory measures for the real estate market to the Government for review and decision. This includes the contents specified in Clauses 2, 3, 4, 5, 6, and 7 of this Article.

SECTION 2

CONTENT AND RESPONSIBILITIES OF STATE MANAGEMENT IN REAL ESTATE BUSINESS

Article 80: Content of State Management in Real Estate Business

1. Enactment and implementation of legal documents on real estate business.
2. Management of real estate business activities.
3. Construction and management of the information system on housing and the real estate market.
4. Issuance of decisions and regulations for managing and regulating the real estate market.
5. Inspection and supervision of compliance with legal provisions, addressing complaints, denunciations, and handling legal violations in real estate business.
6. Dissemination and education of laws, monitoring the enforcement of laws on real estate business.

Article 81: Responsibilities of State Management in Real Estate Business

1. The Government uniformly manages state affairs in real estate business.
2. The Ministry of Construction acts as the focal point to assist the Government in uniformly managing state affairs in real estate business.
3. Ministries and ministerial-level agencies, within their functions, tasks, and powers, coordinate with the Ministry of Construction in performing state management tasks in real estate business.
4. Provincial People’s Committees have the following responsibilities:
5. a) Perform state management functions over real estate business within their locality.
6. b) Manage real estate brokerage practice, real estate exchange activities, real estate brokerage, and other real estate services within their locality.
7. c) Build, manage, and operate the information system on housing and the real estate market, develop and publish real estate market evaluation indices within their locality.
8. d) Disseminate and educate laws, monitor the enforcement of laws on real estate business within their locality.

đ) Coordinate with the Ministry of Construction in researching and proposing measures to regulate the real estate market within their locality.

1. e) Inspect, supervise, handle complaints and denunciations, and address legal violations in real estate business within their authority; organize inspection and review of real estate business projects within their locality.
2. g) Report to the Prime Minister and the Ministry of Construction on the real estate market situation within their locality periodically or upon request.

Chapter X

IMPLEMENTATION PROVISIONS

Article 82: Effective Date

Article 83: Transitional Provisions

1. Future houses and constructions that have met the conditions for business under Law No. 66/2014/QH13 and have not signed purchase or lease-purchase contracts by the time this Law comes into effect will continue to follow the procedures for sale and lease-purchase under Law No. 66/2014/QH13. However, they must publicly disclose information about real estate and real estate projects for business as stipulated in Article 6 of this Law before signing purchase or lease-purchase contracts.
2. Real estate exchanges operating before this Law comes into effect that do not yet meet the conditions specified in this Law must supplement the required conditions stipulated in Article 55 of this Law within 6 months from the effective date of this Law.
3. Training institutions and organizations providing real estate brokerage knowledge and managing real estate exchanges operating before this Law comes into effect that do not yet meet the conditions specified in this Law must supplement the required conditions within 6 months from the effective date of this Law.

Article 38 of Decree 96/2024: Transitional Handling

1. Real estate brokerage certificates issued before the effective date of the Law on Real Estate Business remain valid until their expiration. If expired or if a new certificate is needed after this Decree takes effect, the issuance must follow the provisions of this Decree.
2. For real estate projects where the provincial People’s Committee has approved or allowed the transfer of land use rights with technical infrastructure for individual house construction by subdividing and selling plots before the Law on Real Estate Business takes effect, the procedures can continue as approved by the provincial People’s Committee. However, these must meet the requirements specified in Articles 28, 29, Clauses 1, 2, 3, 4, 5, 7, and 8 of Article 31, Article 32 of the Law on Real Estate Business, and Article 9 of this Decree. If the project investor has submitted the application for land use right transfer before this Decree takes effect but has not yet received approval, the investor must supplement any missing documents according to the Law on Real Estate Business and this Decree to be considered by the competent state agency.
3. The provisions of Clause 1, Article 5 of this Decreedo not apply to outstanding loans at credit institutions or corporate bond debt of real estate project investors incurred before the effective date of this Decree. If the outstanding loan or bond debt for each real estate project exceeds the limits in Clause 1, Article 5 of this Decree incurred before the effective date, the investor may only mobilize additional funds through loans or bonds when complying with Clause 1, Article 5 of this Decree.
4. The provisions of Point b, Clause 1 and Point b, Clause 2, Article 7 of this Decree do not apply to individuals or organizations who have signed purchase or transfer contracts, including off-plan real estate, at real estate projects before this Decree takes effect.
5. Houses and constructions within real estate projects approved by competent state agencies before the effective date of the Law on Real Estate Business continue to operate according to the approved project content and objectives. Such projects are not required to meet conditions for future houses or constructions for business as stipulated in Clause 5, Article 24 of the Law on Real Estate Business. If the project undergoes investment policy adjustments after the Law on Real Estate Business takes effect, it must follow the approved adjusted investment policy.
6. Commercial housing purchase contracts transferred according to housing laws before the Law on Real Estate Business takes effect may continue to be transferred. The procedures for transferring such contracts must follow Article 13 of this Decree.

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