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Collecting opinions to revise the Law on Real Estate Business

The Law on Real Estate Business, after 8 years of enforcement, has loopholes and limitations that need to be supplemented and amended. The existing law contains unclear contents and overlaps with other legal documents such as the regulations on land use rights; on property transfer for industrial, tourism and services purposes. The National Assembly's Economic Committee in collaboration with Konrad-Adenauer-Stiftung Vietnam organized two workshops to collect opinions to revise the Law on Real Estate Business in Ho Chi Minh City (July 31, 2023) and in Hanoi (August 2, 2023).

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The workshops, under the chairmanship of the National Assembly’s Vice-chairman Nguyen Duc Hai, Member of the Party Central Committee, and Chairman of the Economic Committee Vu Hong Thanh received many comments from City Real Estate Associations, Ho Chi Minh City Lawyers Association, the People's Committee of Ho Chi Minh City, Ministry of Construction and delegates from the Southern and Northern provinces.

The participants proposed to (among others):

  • Clarify the conditions of real estate service business; real estate business transactions; trading floor; the payment, guarantee in the purchase, sale, lease of to-be-constructed houses, construction works
  • Publicize and update information on the real estate market to ensure transparency
  • Further simplify procedure for purchase, sale, transfer and auction of real estate
  • Investors and customers have the right to decide deposits

Regarding the regulation on Real Estate Exchange in Article 57, the delegates highly appreciated that the draft Law only encourages but not force transactions through the Real Estate Exchange. They also proposed to include regulations to ensure the transparency of the selling price from the investor and avoid collusion and raising prices through the Exchange, affecting the rights of buyers.

Mr. Vu Hong Thanh, Chairman of the Economic Committee confirmed the Economic Committee would take into account all the comments and contributions and coordinate with the draft law editorial board to complete the important law.

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Contact Person

Pham Thi To Hang

Pham Hang

Project Manager

Hang.Pham@kas.de +84 24 37 18 61 94 /95 /96 +84 24 37 18 61 97

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