Vietnam moves to improve housing and real estate market

Vietnam moves to improve housing and real estate market

Vietnam is amending the Law on Housing and the Law on Real Estate to create a more favourable, transparent market.

Deputy Minister of Construction Nguyen Van Van Sinh on March 23 chaired a meeting to discuss amendments of the Law on Housing and the Law on Real Estate, which was attended by representatives from the National Assembly's committees, ministries, agencies; associations, businesses, and localities.

Photo: The Ministry of Construction

He said that the Ministry of Construction (MoC) had reviewed and developed policies related to the two laws. The review focused on strengthening decentralisation of power linked to the two-tiered local government model; reducing and simplifying business conditions and administrative procedures; reviewing to ensure consistency and uniformity with related legal documents.

During implementation, certain pilot policies may be developed. At the same time, the ministry will continue to review and aim to codify the policies currently being piloted into law.

Vuong Duy Dung, deputy director of the Department of Housing and Real Estate Market Management, said the amendment and supplementation of several provisions of the 2023 Housing Law aims to institutionalise Party and state policies on developing a socialist-oriented market economy.

The revisions are intended to create a more open, transparent, and secure legal environment with lower compliance costs, improve the investment and business climate, streamline administrative procedures in investment and construction, address practical shortcomings, and ensure greater consistency across the legal system.

Accordingly, the policies amending and supplementing the Housing Law focus on perfecting current regulations, comprehensively regulating all types of housing, avoiding legal gaps regarding development, management, use, ownership, finance, transactions, and state management of housing.

The amended Housing Law focuses on 11 specific policy groups: General policies on housing development; homeownership; national housing development strategy, provincial-level housing development programmes and plans; housing development; renovation and reconstruction of apartment buildings; social housing development; financing for housing development; housing management and use; apartment building management and use; regulations on the management and use of housing for residential purposes; and housing transactions.

Hoang Thu Hang, deputy director of the Department of Housing and Real Estate Market Management, stated that the policy aimed to create a complete, synchronised, and unified legal framework to manage the real estate market, support and encourage its development; ensuring consistency, uniformity, and avoiding overlap with other related legal systems such as the Investment Law, the Housing Law, the Land Law, and the Civil Law.

It also aims to create better conditions for real estate transactions, ensuring the stable, healthy, open, and transparent development of the real estate market; limit the emergence of administrative conditions and procedures in the management of real estate transactions and the real estate market; encourage the operation of real estate business relationships in line with the socialist-oriented market mechanism, accelerate administrative reforms, improve the capacity of real estate businesses, boost real estate transactions, and develop a transparent, healthy real estate market.

To achieve the objectives of amending the Law on Real Estate as set out above, the proposed amendments will focus on addressing eight major policy groups: adjusting general regulations; amending and supplementing regulations on business of housing and construction works; regulations on business of housing and construction works under construction; regulations on business of land use rights with technical infrastructure in real estate projects.

The others are amending regulations on the transfer of real estate projects; real estate business contracts; real estate service business and training, professional development, and certification in real estate service business; amendments regarding the management of information systems and databases on housing and real estate.

Hang stated that each policy group would include specific content, elaborating on existing regulations, or containing newly proposed content.

The deputy minister said that the MoC acknowledges and seriously considers the feedback, and will finalise the policy document.

VIR