Law on Real Estate Business 2023, No. 29/2023/QH15

LAW ON REAL ESTATE BUSINESS^[1]

Pursuant to the Constitution of the Socialist Republic of Vietnam;

The National Assembly promulgates the Law on Real Estate Business.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

1. This Law provides real estate business, rights and obligations of organizations and individuals in real estate business, and state management of real estate business.

2. This Law does not regulate:

a/ Sale of houses and construction works and transfer of land use rights by agencies and organizations due to bankruptcy, dissolution, division or separation; assignment of ownership of houses or construction works or land use rights due to division, separation, consolidation or merger in accordance with law;

b/ Sale, transfer and lease of real estate that is public assets by agencies, organizations and units in accordance with the law on management and use of public assets;

c/ Sale of houses and construction works and transfer of land use rights by organizations and individuals according to judgments or rulings of courts or judgments or decisions of commercial arbitrations or decisions of competent state agencies upon resolution of disputes.

d/ Transfer, lease and sublease of land use rights by organizations and individuals that are not real estate project owners dealing in the rights to use land with technical infrastructure under their real estate projects;

dd/ Lease of social houses to workers and employees by the Vietnam General Confederation of Labor in the capacity of investment project managing agency in accordance with the housing law.

3. The sale of houses and construction works, transfer of land use rights and transfer of real estate projects that are being used as guarantees or collaterals for debt recovery by credit institutions, foreign bank branches, debt management and asset exploitation companies of credit institutions, and the Vietnam Asset Management Company established and operating under the law on credit institutions shall comply with the law on credit institutions and relevant laws regarding handling of collaterals.

Article 2. Subjects of application

1. Organizations and individuals doing real estate business in Vietnam.

2. Agencies, organizations and individuals related to real estate business in Vietnam.

Article 3. Interpretation of terms

In this Law, the terms below shall be construed as follows:

1. Real estate business means activities aimed at seeking profits through investment of capital to create houses, construction works, and rights to use land with technical infrastructure in real estate projects for sale or transfer; lease, sublease or lease-purchase of houses and construction works; lease or sublease of rights to use land with technical infrastructure in real estate projects; transfer of real estate projects; and provision of real estate services.

2. Provision of real estate services means provision of the services of real estate exchanges, real estate brokerage, real estate consulting, and real estate management.

3. Real estate project means a work construction investment project for the purpose of dealing in houses, construction works and rights to use land with technical infrastructure approved by a competent state agency in accordance with law. Real estate projects include housing construction investment projects; investment projects on construction of urban centers; investment projects on construction of rural residential areas; investment projects to build construction works functioning as office buildings, construction works functioning as educational, health, sports, cultural, trade, service, tourist, accommodation, or industrial facilities, and mixed-use construction works; investment projects on construction of technical infrastructure facilities; and investment projects on construction of infrastructure of industrial parks, cottage industry zones and hi-tech parks.

4. Ready-built houses and construction works means houses and construction works that have been completely built, undergone acceptance testing for being put into use in accordance with the construction law.

5. Future houses and construction works means houses and construction works that are in the process of construction investment or have not undergone acceptance testing for being put into use in accordance with the construction law.

6. Lease-purchase of a house or construction work means a lease under which the lessee pays in advance to the lessor an amount equaling a certain percentage of the value of the house or construction work as agreed but not exceeding 50% of the value of the contract on lease-purchase of the house, construction work or construction floor area in the construction work; the remainder is considered rental to be paid on a monthly basis to the lessor in a certain period of time, unless otherwise agreed by the parties; when the lease period expires and the lessee has fully paid the remainder, the lessee will have the ownership over that house, construction work or construction floor area in the construction work.

7. Transfer of a real estate project means the assignment by the project owner of the whole or part of the real estate project, its lawful rights, obligations, responsibilities and interests, and its rights and obligations toward related parties (if any) regarding the transferred real estate project or part of the real estate project to the transferee under a contract.

8. Real estate business contract means an agreement in the written form between an organization or individual dealing in real estate that meets the conditions prescribed by this Law and another organization or individual for the purchase and sale, lease or lease-purchase of houses or construction works; transfer, lease or sublease of rights to use land with technical infrastructure in a real estate project; or transfer of the whole or part of a real estate project.

9. Real estate service contract means an agreement in the written form between an organization that meets the conditions for provision of real estate services prescribed by this Law and an organization or individual for provision of real estate services.

10. Real estate exchange means a place established and operating in accordance with this Law where the transactions of purchase and sale, transfer, lease, sublease, and lease-purchase of real estate take place.

11. Real estate brokerage means the acting as an intermediary for parties in the purchase and sale, transfer, lease, sublease and lease-purchase of real estate.

12. Real estate consultancy means the consultancy on issues related to real estate business at the request of relevant parties.

13. Real estate management means the performance of one, several or all of activities concerning the management, exploitation and disposition of real estate under the authorization of owners of houses and construction works or holders of land use rights.

Article 4. Principles of real estate business

1. Publicity and transparency; freedom of negotiation on the basis of respecting lawful rights and interests of the parties through contract without violating the prohibitions of the law.

2. Real estate and real estate projects put for business must meet the conditions prescribed by this Law.

3. Organizations and individuals may deal in real estate outside the protected areas prescribed by the law on national defense and security.

Article 5. Types of real estate and real estate projects put for business

1. Ready-built houses and future houses.

2. Ready-built construction works and future construction works, including construction works functioning as office buildings, construction works functioning as educational, health, sports, cultural, trade, service, tourist, accommodation, or industrial facilities, and mixed-use construction works.

3. Construction floor areas in construction works as prescribed in Clause 2 of this Article.

4. Rights to use land with technical infrastructure in real estate projects.

5. Real estate projects.

6. The Government shall detail Clauses 2 and 3 of this Article.

Article 6. Publicization of information about real estate or real estate projects put up for business

1. Before putting real estate or real estate projects for business, real estate enterprises must fully, truthfully and accurately publicize the information specified in Clauses 2, 3, 4 and 5 of this Article on the housing and real estate market information system prescribed by this Law and on their websites.

2. Information about a real estate project includes:

a/ Decision on investment policy or approval of investment policy or approval of investment in the real estate project;

b/ Decision on land allocation, land lease, or permission for land repurposing, issued by a competent state agency;

c/ Information about the detailed master plan approved by a competent state agency;

d/ Model contract to be used in real estate transactions as prescribed by this Law.

3. Information about future houses and construction works includes:

a/ Type of real estate; location, scale and progress of construction, and functions of real estate; information about shared-use areas, for mixed-use condominiums, construction works and buildings;

b/ Basic design in the construction investment feasibility study report already appraised in accordance with the construction law; construction permit in case a construction permit is required; notice of construction commencement; papers on the acceptance test of technical infrastructure facilities in accordance with the construction law corresponding to the project progress; papers proving the completion of construction and acceptance test of the foundation in accordance with the construction law, for condominiums or mixed-use residential buildings;

c/ Papers on land use rights specified in Clause 2, Article 24 of this Law;

d/ Agreement on grant of guarantee in sale and lease-purchase of future houses;

dd/ Documents on the future houses’ satisfaction of conditions for sale or lease-purchase, issued by a competent state agency;

e/ Restrictions on ownership of, or rights to use, real estate (if any); mortgage of houses, construction works, construction floor areas in construction works, land use rights, and real estate projects put for business.

4. Information about ready-built houses and construction works includes:

a/ Certificates of house ownership and residential land use rights or certificates of land use rights and ownership of houses and other land-attached assets or other certificates concerning land use rights and ownership of land-attached assets prescribed by the land law, acknowledging the ownership of houses or construction works, or certificates of house ownership or certificates of ownership of construction works, except the case specified at Point b of this Clause;

b/ For houses and construction works in project owners’ real estate projects, only a certificate concerning land use rights for the land area attached to these houses or construction works as prescribed by the land law is required;

c/ Restrictions on ownership of, or rights to use, real estate (if any); mortgage of houses, construction works, construction floor areas in construction works, land use rights, and real estate projects put for business.

5. Information about rights to use land with technical infrastructure in a real estate project includes:

a/ Certificates concerning land use rights as prescribed by the land law for land areas with technical infrastructure in the real estate project;

b/ Document on satisfaction of conditions for transfer of rights to use land with technical infrastructure in the real estate project to individuals for self-construction of houses, issued by a competent state agency;

c/ Papers on completion of construction of technical infrastructure facilities according to the project’s detailed master plan and construction progress approved by a competent state agency;

d/ Documents on the project owner’s fulfillment of land-related financial obligations toward the State, including land use levy, land rental and land-related taxes, charges and fees (if any) in accordance with law for land areas with technical infrastructure in the real estate project put for business;

dd/ Restrictions on rights to use land with technical infrastructure in the real estate project (if any); mortgage of land use rights and the real estate project put for business.

6. Publicized information shall be updated when there are changes therein.

7. The Government shall detail this Article.

Article 7. State policies on real estate business investment

1. The State shall encourage organizations and individuals of all economic sectors to invest in real estate business in conformity with the country’s socio-economic development goals in each period and each locality.

2. The State shall encourage and adopt preferential policies for organizations and individuals investing in construction of social houses and real estate projects eligible for investment incentives.

3. For real estate projects eligible for investment incentives, the State shall invest and encourage organizations and individuals to invest in construction of technical infrastructure facilities outside the scope of the projects, and support investment in construction of technical infrastructure facilities within the scope of the projects.

4. The State shall invest and encourage organizations and individuals to invest in urban public-utility service projects and social infrastructure facilities within the scope of real estate projects.

5. The State shall adopt policies to regulate the real estate market, ensuring the real estate market develops healthily, safely and sustainably.

6. The State shall adopt policies for organizations and individuals to make cashless payment in real estate transactions.

7. The State shall encourage organizations and individuals to conduct transactions of purchase and sale, transfer, lease, lease-purchase and sublease of houses, construction works and land use rights through real estate exchanges.

Article 8. Prohibited acts in real estate business

1. Dealing in real estate that does not meet the conditions prescribed by this Law.

2. Forging documents, or intentionally falsifying information about real estate or real estate projects put for business.

3. Failing to publicize information about real estate and real estate projects put for business in accordance with the law on real estate business.

4. Committing frauds, deceits or swindling in real estate business.

5. Collecting money from the sale and lease-purchase of houses, construction works or construction floor areas in ​​future construction works in contravention of this Law; using money collected from the purchasers/lessees-purchase of houses, construction works or construction floor areas in future construction works in contravention of law.

6. Failing to perform or fulfill financial obligations toward the State.

7. Issuing real estate brokerage practice certificates or using real estate brokerage practice certificates in contravention of the law on real estate business.

8. Collecting, managing, and using charges, fees and other amounts related to real estate business in contravention of law.

Article 9. Conditions for organizations and individuals when dealing in real estate

1. Organizations and individuals must, when dealing in real estate, establish an enterprise in accordance with the law on enterprises or establish a cooperative or union of cooperatives in accordance with the law on cooperatives with the business line of dealing in real estate (below collectively referred to as real estate enterprise), except the cases specified in Clauses 3 and 4 of this Article.

Organizations and individuals providing real estate services shall comply with Clause 5 of this Article.

2. A real estate enterprise must meet the following conditions:

a/ Not being banned from dealing in real estate or having its operation suspended or terminated under a court judgment or ruling, or a decision of a competent state agency;

b/ Ensuring the law-specified debt-to-equity and corporate bond-to-equity ratios;

c/ An enterprise dealing in real estate through a real estate project must have equity not lower than 20% of the project’s total investment capital, if the project uses less than 20 hectares of land, or not lower than 15% of the project’s total investment capital, if the project uses 20 hectares of land or more, and be able to mobilize capital for project implementation; in case the real estate enterprise implements multiple projects at the same time, its equity must be sufficient to be allocated for each project at the above-mentioned rate so as to ensure the implementation of all projects.

3. Individuals dealing in small-scale real estate shall not be required to establish a real estate enterprise but shall declare and pay taxes in accordance with law.

4. Organizations and individuals dealing in real estate in the form of sale of houses, construction works or construction floor areas in construction works for non-business purposes or sale, lease, or lease-purchase of houses, construction works or construction floor areas in ​construction projects on a scale below the small-scale threshold shall not be required to comply with this Law but shall declare and pay taxes in accordance with law; particularly, individuals dealing in real estate in the form of sale or lease-purchase of houses, construction works or construction floor areas in construction works shall also comply with the provisions on notarization and certification in Clause 5, Article 44 of this Law.

5. Organizations and individuals providing real estate services shall be required to establish an enterprise according to the law on enterprises or establish a cooperative or union of cooperatives according to the law on cooperatives (below collectively referred to as real estate service enterprise) and must meet the conditions prescribed by this Law.

6. The Government shall detail Points b and c, Clause 2 of this Article; and provide the determination of small-scale real estate business specified in Clauses 3 and 4 of this Article.

Article 10. Forms and scope of dealing in houses, construction works and rights to use land with technical infrastructure in real estate projects, transfer of real estate projects of domestic organizations and individuals, overseas Vietnamese and foreign-invested economic organizations

1. Domestic organizations and individuals may do real estate business in the following forms:

a/ Investing in construction of houses and construction works for sale, lease or lease-purchase;

b/ Investing in construction of technical infrastructure in real estate projects for transfer, lease or sublease of rights to use land with technical infrastructure;

c/ Purchasing, or renting with an option to purchase, houses, construction works or construction floor areas in construction works for sale, lease or lease-purchase;

d/ Acquiring rights to use land with technical infrastructure in real estate projects for transfer or lease;

dd/ Renting houses, construction works or construction floor areas in construction works for sublease;

e/ Renting rights to use land with technical infrastructure in real estate projects for sublease;

g/ Acquiring the whole or part of real estate projects for further construction or commercial operation.

2. Overseas Vietnamese who are Vietnamese citizens as prescribed by the law on citizenship and allowed to enter Vietnam may do real estate business in the forms specified in Clause 1 of this Article.

3. Overseas Vietnamese who are not Vietnamese citizens as prescribed by the law on citizenship and allowed to enter Vietnam may do real estate business in the following forms:

a/ Investing in construction of houses and construction works associated with land use rights for sale, lease or lease-purchase through real estate projects in accordance with the land law’s provisions on the forms, purposes and period of land use;

b/ Investing in construction of technical infrastructure in real estate projects for transfer, lease or sublease of rights to use land with technical infrastructure in accordance with the land law’s provisions on the forms, purposes and period of land use;

c/ The forms of real estate business specified at Points dd and g, Clause 1 of this Article.

4. Foreign-invested economic organizations that are subject to the investment conditions and procedures applicable to foreign investors prescribed by the Investment Law may do real estate business in the forms specified in Clause 3 of this Article.

5. Foreign-invested economic organizations that do not fall into the case specified in Clause 4 of this Article may do real estate business in the forms specified in Clause 1 of this Article.

Article 11. Requirements on real estate projects

1. Real estate projects must conform with land-use master plans and plans.

2. Real estate projects must conform with master plans approved in accordance with the laws on construction and urban planning.

3. The order and procedures for investment in construction of real estate projects must comply with the laws on planning, investment, land, construction, and housing and relevant laws.

4. To comply with construction permits, in case a construction permit is required.

5. Real estate projects must be invested and implemented according to the progress, master plans and designs and within the investment project implementation period approved by competent state agencies.

6. In addition to the requirements in Clauses 1, 2, 3, 4 and 5 of this Article, housing construction investment projects must also meet the requirements prescribed by the housing law.

Chapter II

DEALING IN READY-BUILT HOUSES AND CONSTRUCTION WORKS

Article 12. Ready-built houses and construction works qualified for being put for business

1. Ready-built houses of assorted types, except those being public assets as prescribed by the Housing Law.

2. Ready-built construction works of assorted types specified in Clause 2, Article 5 of this Law.

3. Construction floor areas in ready-built construction works specified in Clause 3, Article 5 of this Law.

Article 13. Principles of dealing in ready-built houses and construction works

1. The purchase and sale of houses, construction works and construction floor areas in construction works must be associated with land use rights, unless otherwise prescribed by the Land Law and Housing Law. Owners of apartments, construction floor areas in construction works and multiple-owner construction works will have land use rights in the form of shared use.

2. Those who purchase or rent with an option to purchase houses, construction works or construction floor areas in construction works in accordance with this Law shall be granted by the State a certificate concerning land use rights and ownership of land-attached assets with regard to the houses, construction works or construction floor areas in construction works they purchase or rent. The order and procedures for grant, and state agencies competent to grant, certificates concerning land use rights and ownership of land-attached assets must comply with the land law.

3. The sale and lease-purchase of houses must comply with the housing law’s provisions on house ownership period. The sale and lease-purchase of construction works and construction floor areas in construction works must comply with the construction law’s provisions on lifespan of construction works.

4. The sale and lease-purchase of houses, construction works and construction floor areas in construction works must comply with the land law’s provisions on the forms, purposes, and period of land use and registration of land and land-attached assets.

5. Those who purchase or rent with an option to purchase houses, construction works or construction floor areas in construction works will have their ownership over the houses, construction works or construction floor areas in construction work they purchase or rent established. The time for establishment of ownership over a house, construction work or construction floor area in a construction work for the purchaser or lessee-purchase is from the time the purchaser or lessee-purchase makes full payment for the purchase or lease-purchase and is handed over the house, construction work or construction floor area in the construction work, unless otherwise agreed by the parties.

6. The purchase and sale or lease-purchase of houses, construction works and construction floor areas in construction works must be accompanied by documents on houses and construction works that meet the conditions prescribed by this Law.  The purchase and sale of houses, construction works and construction floor areas in construction projects must ensure clear determination of the shared-use areas and facilities and private areas and facilities of owners.

Article 14. Conditions on ready-built houses and construction works put for business

1. Houses and construction works put for business must fully meet the following conditions:

a/ Being accompanied by a certificate of house ownership and residential land use rights or a certificate of land use rights and ownership of houses and other land-attached assets or another certificate concerning land use rights and ownership of land-attached assets in accordance with the land law, which acknowledges the ownership of houses or construction works, or a certificate of house ownership or a certificate of ownership of construction works, except the houses, construction works and construction floor areas in construction works in real estate projects specified in Clauses 2 and 3 of this Article;

b/ Not being involved in disputes over land use rights associated with houses or construction works, or disputes over ownership of houses or construction works put for business that are accepted for resolution by competent agencies; in case of a dispute, such dispute must have been resolved by a competent agency under a legally effective judgment, decision or ruling;

c/ Not being subject to distraint for execution of a judgment;

d/ Not falling into cases banned from transaction by law;

dd/ Not falling into cases of being suspended or temporarily suspended from transaction in accordance with law;

e/ Having their information publicized according to Article 6 of this Law.

2. In addition to the conditions specified at Points b, c, d, dd and e, Clause 1 of this Article, houses and construction works in a real estate project put for business by the project owner must also meet the following conditions:

a/ The project must meet the requirements specified in Article 11 of this Law;

b/ There must be documents confirming that the houses or construction works have undergone acceptance tests for being put into operation and use in accordance with the construction law;

c/ The project owner must have fulfilled its land-related financial obligations toward the State, including land use levy, land rental and land-related taxes, charges and fees (if any) according to regulations for the land areas attached to houses and construction works put for business;

d/ The land areas attached to these houses or construction works must be accompanied by certificates concerning land use rights in accordance with the land law.

3. In addition to the conditions specified in Clauses 1 and 2 of this Article, construction floor areas in a construction work under a project that are put for sale or lease-purchase by the project owner must also meet the following conditions:

a/ The construction work must be created under an investment project in accordance with the laws on investment and construction; and meet the conditions prescribed by the law on property registration so that those that purchase or rent with an option to purchase construction floors areas in such construction work will be granted certificates of property ownership registration by competent state agencies;

b/ The construction floor areas in the construction work that are put for sale or lease-purchase must have a specific function and be separated from other areas in the construction work under the project approved by competent agencies and clearly shown in the design dossier of the project or construction work so that owners can independently manage and use such construction floor areas;

c/ The construction work and construction floor areas in such construction work must be designed properly and in conformity with specialized regulations and standards applicable to such type of construction work and its functions;

d/ It is possible to determine the land use rights associated with the construction work’s construction floor areas put for sale or lease-purchase with regard to the form and period of land use, private land areas and shared-use land areas with owners of other construction works or other land users in accordance with the land law;

dd/ Land-related financial obligations toward the State, including land use levy, land rental and land taxes, charges and fees (if any), payable by the seller/lessor or the purchaser/lessee-purchase for the construction work’s construction floor areas, must be clearly determined and stated in purchase and sale or lease-purchase contracts;

e/ The construction work must be built on a land plot allocated by the State with payment of land use levy or leased by the State with one-off payment of land rental for the entire lease period.

Article 15. Subjects entitled to purchase, rent, or rent with an option to purchase ready-built houses and construction works from real estate enterprises

1. Domestic organizations and individuals, overseas Vietnamese who are Vietnamese citizens, and foreign-invested economic organizations specified in Clause 5, Article 10 of this Law may purchase, rent and rent with an option to purchase houses, construction works and construction floor areas in construction works for use or business purposes.

2. Foreign organizations, foreign individuals and overseas Vietnamese who are not Vietnamese citizens may purchase and rent with an option to purchase houses in accordance with the housing law. Overseas Vietnamese who are not Vietnamese citizens may purchase, rent or rent with an option to purchase construction works and construction floor areas in construction works for use according to the functions of the construction works.

3. Foreign-invested economic organizations specified in Clause 4, Article 10 of this Law and lawfully operating in Vietnam may purchase and rent houses for personal use; rent houses for business purposes in accordance with this Law; purchase or rent construction works and construction works’ construction floor areas from real estate project owners or real estate enterprises for use according to the functions of the construction works in service of their operation; and rent construction works and construction works’ construction floor areas for sublease for use according to the functions of the construction works.

4. Foreign organizations lawfully operating in Vietnam and foreign individuals lawfully residing in Vietnam may rent construction works for use according to the functions of the construction works in service of their operation.

5. Subjects entitled to purchase, rent or rent with an option to purchase social houses shall comply with the Housing Law.

Article 16. Performance of transactions of ready-built houses and construction works

1. The parties that sign contracts and perform transactions of houses, construction works and construction floor areas in construction works shall comply with the following regulations:

a/ The contracting parties shall prepare sufficient information and documents to establish transactions and sign contracts in accordance with this Law and the Civil Code; must meet the conditions on organizations and individuals doing real estate business prescribed by the law on real estate business; and the conditions on subjects entitled to purchase, rent or rent with an option to purchase houses, construction works and construction floor areas in construction works prescribed by the real estate business and housing laws;

b/ Before signing contracts, the party that puts up houses, construction works or construction floor areas in construction works for sale, lease or lease-purchase shall provide sufficient information and legal documents of these houses, construction works or construction floor areas in construction works to the purchaser, lessee or lessee-purchase;

c/ Real estate transactions performed via real estate exchanges must also comply with Section 1, Chapter VII of this Law;

d/ For real estate transactions that are subject to notarization or certification of contracts, the notarization and certification of contracts must comply with the law on notarization and certification.

2. Contracting parties shall properly implement the signed contracts and fulfill financial obligations and other obligations toward the State in accordance with law.

3. Parties entering into contracts on purchase and sale or lease-purchase of houses, construction works or construction floor areas in construction works may agree with one another to designate one party to submit to competent state agencies a dossier of request for grant of certificates concerning land use rights and ownership of land-attached assets for the houses, construction works or construction floor areas in construction works. For houses, construction works or construction floor areas in construction works put for sale or lease-purchase by project owners, project owners shall carry out procedures for competent state agencies to issue certificates concerning land use rights and ownership of land-attached assets to the purchasers or lessees-purchase, unless the latter volunteer to carry out such procedures.

4. Competent state agencies shall issue certificates concerning land use rights and ownership of land-attached assets in accordance with the land law.

Article 17. Responsibilities of real estate project owners

1. To invest in the construction, commercial operation, management and exploitation of real estate projects in accordance with law. To fulfill all obligations of project owners; to formulate, appraise, approve and implement projects in accordance with the construction law and relevant laws.

2. To ensure financial resources for implementation of projects according to the approved schedule.

3. Within 50 days after handing over a house to the purchaser or after the lessee-purchase makes full payment for the lease-purchase, to submit to a competent state agency a dossier of request for grant of a certificate concerning land use rights and ownership of land-attached assets in accordance with the land law to the purchaser or lessee-purchase, unless the latter volunteers to carry out such procedures.

4. Not to authorize other organizations or individuals to sign deposit, purchase and sale, transfer, or lease-purchase contracts for houses, construction works, construction floor areas in construction works, and rights to use land with technical infrastructure in real estate projects.

5. To comply with regulations in investment, construction, use of land and sale or lease-purchase of houses, construction works and construction floor areas in construction works, ensuring that competent state agencies will grant to the purchasers or lessees-purchase a certificate concerning land use rights and ownership of land-attached assets in accordance with law for the houses, construction works or construction floor areas in construction works purchased or rent with an option to purchase from project owners.

6. To build houses, construction works and technical and social infrastructure facilities under their projects in accordance with detailed master plans and designs already approved, construction permits, and contents of investment policy approval of competent state agencies; to abide by construction technical regulations.

7. To abide by the housing law when handing over houses.

8. To finish the entire exterior of houses before handing them over to purchasers or lessees-purchase, for cases of sale or lease-purchase of unfinished houses other than condominiums.

9. To discharge other responsibilities of project owners as prescribed by law.

Article 18. Rights of sellers/lessors in case of sale, lease or lease-purchase of ready-built houses and construction works

1. In case of sale or lease-purchase of houses, construction works or construction floor areas in construction works, the seller/lessor has the following rights:

a/ To request the purchaser/lessee-purchase to receive the houses, construction works or construction floor areas in construction works within the time limit agreed in the contract;

b/ To request the purchaser/lessee-purchase to make full payment within the time limit and by the method agreed in the contract;

c/ To request the purchaser/lessee-purchase to coordinate in carrying out procedures for purchase and sale or lease-purchase within the time limit agreed in the contract;

d/ To refuse to hand over houses, construction works or construction floor areas in construction works while not yet receiving full payment according to the payment agreement in the contract, unless otherwise agreed by the parties;

dd/ To request the purchaser/lessee-purchase to compensate for, or repair, the damage caused by the purchaser/lessee-purchase;

e/ Other rights as stated in the contract.

2. In case of lease of houses, construction works and construction floor areas in construction works, the lessor has the following rights:

a/ To request the lessee to receive the houses, construction works or construction floor areas in construction works within the time limit agreed in the contract;

b/ To request the lessee to make full payment within the time limit and by the method agreed in the contract;

c/ To request the lessee to preserve and use the houses, construction works, or construction floor areas in construction works as agreed in the contract;

d/ To request the lessee to compensate for, or repair, the damage caused by the lessee;

dd/ To renovate or upgrade the houses, construction works or construction floor areas in construction works provided that the lessee so agrees and such renovation or upgrading does not affect the lessee;

e/ To request the lessee to return the houses, construction works and construction floor areas in construction works when the lease term expires; in case the contract does not stipulate a lease term, to take back the houses, construction works or construction floor areas in construction works only after notifying the lessee 6 months in advance;

g/ To unilaterally terminate the lease contract when the lessee commits one of the following acts: delaying payment of rental by 3 months or more against the time of payment stated in the contract without the consent of the lessor; using the houses, construction works or construction floor areas in construction works for improper purposes; intentionally causing serious damage to the houses, construction works or construction floor areas in construction works; repairing, renovating, upgrading or subleasing the houses, construction works or construction floor areas in construction works without contractual agreement with, or without the written consent of, the lessor;

h/ Other rights as stated in the contract.

Article 19. Obligations of the seller/lessor in case of sale, lease or lease-purchase of ready-built houses or construction works

1. In case of sale, lease or lease-purchase of houses, construction works or construction floor areas in construction works, the seller/lessor has the following obligations:

a/ To notify the purchaser/lessee/lessee-purchase of restrictions on the ownership over the houses, construction works or construction floor areas in construction works (if any);

b/ To preserve the sold or leased houses, construction works construction floor areas in construction works pending handover to the purchaser/lessee/lessee-purchase;

c/ To carry out procedures for the purchase and sale, lease or lease-purchase of the houses, construction works or construction floor areas in construction works; to perform the obligations stated in the signed contract; to create conditions for the purchaser/lessee-purchase to transfer contracts of purchase and sale or lease-purchase of the houses and construction works, in case of sale or lease-purchase;

d/ To hand over the houses, construction works or construction floor areas in construction works to the purchaser/lessee/lessee-purchase according to the time and quality requirements and other conditions agreed in the contract, in case of sale, lease or lease-purchase;

dd/ To carry out procedures for requesting the grant of a certificate concerning land use rights and ownership of land-attached assets in accordance with the land law; to hand over the certificate and related documents as agreed in the contract to the purchaser/lessee-purchase, in case of sale or lease-purchase;

e/ The lessor of houses, construction works or construction floor areas in construction works shall guarantee the lessee’s stable use of the houses, construction works or construction floor areas during the lease period; maintain and repair the houses, construction works or construction floor areas in construction works as prescribed by law or agreed; and pay compensation if failing to conduct the maintenance or repair, causing damage to the lessee;

g/ The lessor of houses, construction works or construction floor areas in construction works may not unilaterally terminate the contract when the lessee properly performs its/his/her contractual obligations. In case the lessee fails to properly perform its/his/her contractual obligations, the lessor may unilaterally terminate the contract but shall notify the lessee thereof 30 days in advance, unless otherwise agreed by the parties;

h/ To provide warranty for houses, construction works or construction floor areas in construction works as agreed in the contract and prescribed by law;

i/ To compensate for damage caused by its/his/her fault;

k/ To fulfill financial obligations toward the State in accordance with law;

l/ To fully meet the conditions on organizations and individuals doing real estate business specified in Article 9 and comply with the provisions on the form and scope of real estate business in Article 10 of this Law;

m/ To enter into contracts on the purchase and sale, lease or lease-purchase of houses, construction works or construction floor areas in construction works according to regulations on model contracts and this Law’s provisions on contracts in real estate business;

n/ To have lawful ownership of, or rights to use, the houses, construction works or construction floor areas in construction works put for sale, lease, or lease-purchase;

o/ To publicize information according to Article 6 of this Law; to be held responsible for information about houses, construction works, construction floor areas in construction projects, and real estate projects they provide;

p/ If being sanctioned for administrative violations in the fields of investment, construction, land, housing, real estate business, or taxes related to houses, construction works or construction floor areas in construction works put for business, to completely serve decisions on sanctioning of administrative violations in accordance with the law on handling of administrative violations before signing contracts on purchase and sale, lease or lease-purchase of houses, construction works or construction floor areas in construction works;

q/ Other obligations as stated in the contract.

2. When signing contracts on sale or lease-purchase of apartments, construction works or construction floor areas in construction works functioning as office buildings or functioning as trade, service, tourist or accommodation facilities and mixed-use construction works under a real estate project with multiple customers, the project owner shall clearly determine in the contracts the following contents with regard to the construction works according to the approved investment project:

a/ Shared-use areas and private areas of owners in the project and construction works;

b/ Arrangement of parking spaces in the project and construction works;

c/ Plan on organization of operation management of the construction works;

d/ Collection, management and use of maintenance costs and fees for operation management of the construction works;

dd/ Land-related financial obligations and other financial obligations of the purchaser/lessee-purchase for the project, construction works and construction floor areas in construction works in accordance with law;

e/ Other obligations as stated in the contract.

Article 20. Rights of purchasers, lessees and lessees-purchase of ready-built houses and construction works

1. The purchaser or lessee-purchase of houses, construction works or construction floor areas in construction works has the following rights:

a/ To request the seller or lessor to complete procedures for purchase and sale of the houses, construction works or construction floor areas in construction works according to the time limit agreed in the contract;

b/ To request the seller or lessor to hand over the houses, construction works or construction floor areas in construction works according to the time and quality requirements and other conditions agreed in the contract; to hand over the certificate concerning land use rights and ownership of land-attached assets in accordance with the land law and accompanying dossiers as agreed in the contract;

c/ To request the seller or lessor to provide warranty for the houses, construction works or construction floor areas in construction works as agreed in the contract and prescribed by law;

d/ To request the seller or lessor to pay compensation for damage caused by the handover of the houses, construction works or construction floor areas in construction works without satisfying the time and quality requirements and other commitments stated in the contract;

dd/ Other rights as stated in the contract.

2. In addition to the rights specified in Clause 1 of this Article, the lessee-purchase also has the following rights:

a/ To sublease part or the whole of the houses, construction works or construction floor areas in construction works; to transfer the contract on lease-purchase of the houses or construction works in accordance with Article 49 of this Law;

b/ To request the lessor to repair the damage to the houses, construction works or construction floor areas in construction works in the lease-purchase period if such damage is not caused by the lessee-purchase;

c/ To request the lessor to pay compensation for damage caused by the lessor;

d/ To own the houses, construction works or construction floor areas in construction works after having made full payment to the lessor.

3. The lessee of houses, construction works or construction floor areas in construction works has the following rights:

a/ To request the lessor to hand over the houses, construction works or construction floor areas in construction works as agreed in the contract;

b/ To request the lessor to provide sufficient and truthful information about the houses, construction works or construction floor areas in construction works;

c/ To sublease part or the whole of the houses, construction works or construction floor areas in construction works if it is so agreed in the contract or consented by the lessor in writing;

d/ To continue renting the houses, construction works or construction floor areas in construction works under the conditions agreed with the lessor, in case of change of the owners of the houses, construction works or construction floor areas in construction works;

dd/ To request the lessor to repair the damage to the houses, construction works or construction floor areas in construction works if such damage is not caused by the lessee;

e/ To request the lessor to pay compensation for the damage caused by the lessor;

g/ To unilaterally terminate the contract when the lessor commits one of the following acts: failing to repair the houses, construction works or construction floor areas in construction works that are unsafe for use or cause damage to the lessee; or increasing the rental rate of the houses, construction works or construction floor areas in construction works while such increase is not agreed in the contract; or when the use rights of the houses, construction works or construction floor areas in construction works are restricted in the interest of a third party;

h/ Other rights as stated in the contract.

Article 21. Obligations of purchasers, lessees or lessees-purchase of ready-built houses or construction works

1. The purchaser, lessee or lessee-purchase of houses, construction works or construction floor areas in construction works has the following obligations:

a/ To make full payment for the purchase, lease or lease-purchase of the houses, construction works or construction floor areas in construction works according to the payment time limit and mode agreed in the contract;

b/ To receive the houses, construction works or construction floor areas in construction works and accompanying dossiers within the time limit agreed in the contract;

c/ To properly and fully discharge contractual obligations; to coordinate with the seller or lessor in carrying out purchase and sale, lease or lease-purchase procedures within the time limit agreed in the contract;

d/ To pay compensation for damage caused by itself/himself/herself;

dd/ To use the houses, construction works or construction floor areas in construction works already purchased, rented or rented with an option to purchase according to their functions; to comply with regulations on fire prevention and fighting, sanitation, environmental protection, security, and social order and safety;

e/ To comply with relevant regulations and refrain from affecting, or causing damage to, the State’s interests or public interests and lawful rights and interests of other organizations, households and individuals when carrying out the maintenance, renovation, repair, demolition or reconstruction of the houses, construction works or construction floor areas in construction works;

g/ To allow related parties and competent persons as agreed in the contract and prescribed by law to inspect, monitor, maintain, repair, replace and install equipment, technical infrastructure facilities, areas under common ownership and shared-use areas of the owners of the houses, construction works or construction floor areas in construction works;

h/ Other obligations as stated in the contract.

2. In addition to the obligations specified in Clause 1 of this Article, the purchaser or lessee-purchase of construction floor areas in a construction works functioning as trade, service, tourism and accommodation facilities under an investment project also has the following obligations:

a/ To make contributions to maintenance funds and pay charges for construction work operation management services as agreed in the contract and prescribed by law;

b/ To comply with regulations on construction work operation management applicable to construction works as agreed in the contract and prescribed by law;

c/ To comply with regulations on management, use, exploitation and commercial operation of construction works or construction floor areas in construction works;

d/ To declare and pay taxes related to ownership, management, use, exploitation and commercial operation of construction works or construction floor areas in construction works in accordance with law.

3. In case of purchasing houses, construction works or construction floor areas in construction works currently on lease, in addition to the obligations specified in Clauses 1 and 2 of this Article, the purchaser shall also guarantee the rights and interests of the lessee as agreed in the lease contract during the lease term.

4. In addition to the obligations specified in Clause 1 of this Article, the lessee of houses, construction works or construction floor areas in construction works has the following obligations:

a/ To repair the damage to the houses, construction works or construction floor areas in construction works if such damage is caused by itself/himself/herself; to return the houses, construction works or construction floor areas in construction works to the lessor as agreed in the contract; not to change, renovate or demolish the houses, construction works or construction floor areas in construction works without the lessor’s consent;

b/ To notify the lessor of the sublease of part or the whole of the houses, construction works or construction floor areas in construction works;

c/ In case of unilaterally terminating the contract, to notify such termination to the lessor 30 days in advance, unless otherwise agreed by the parties.

5. In addition to the obligations specified in Clauses 1 and 2 of this Article, the lessee-purchase of houses, construction works or construction floor areas in construction works shall also be obliged not to change, renovate or demolish the houses, construction works or construction floor areas in construction works without the lessor’s consent; repair the damage to the houses or construction works if such damage is caused by itself/himself/herself  in the lease-purchase period; and notify the lessor of the sublease of part or the whole of the houses, construction works or construction floor areas in construction works, or of the transfer of the construction work lease-purchase contract.

Chapter III

DEALING IN FUTURE HOUSES AND CONSTRUCTION WORKS

Article 22. Future houses and construction works to be put for business

1. Future houses of assorted types, except houses classified as public assets specified in the Housing Law.

2. Future construction works of the types specified in Clause 2, Article 5 of this Law.

3. Construction floor areas in future construction works specified in Clause 3, Article 5 of this Law.

Article 23. Principles of dealing in future houses and construction works

1. Real estate project owners may sell and lease-purchase future houses, future construction works and construction floor areas of future construction works in real estate projects in accordance with this Law.

2. The purchase and sale or lease-purchase of future houses, future construction works and construction floor areas in future construction works must comply with the following regulations:

a/ To adhere to the principles specified in Article 13 of this Law;

b/ To comply with Article 15 of this Law regarding subjects entitled to purchase or lease-purchase future houses, future construction works and construction floor areas in future construction works;

c/ To carry out transactions of dealing in future houses, future construction works and construction floor areas in future construction works in accordance with Article 16 of this Law;

d/ To comply with Clause 1, Article 18 of this Law regarding rights of sellers or lessors of future houses, future construction works and construction floor areas in future construction works;

dd/ To comply with Points a, b, c, d, dd, h, i, k, l, m, n, o, p and q, Clause 1, and Clause 2, Article 19 of this Law regarding obligations of sellers or lessors of future houses, future construction works and construction floor areas in future construction works;

e/ To comply with Clauses 1 and 2, Article 20 of this Law regarding rights of purchasers or lessees-purchase of future houses, future construction works and construction floor areas in future construction works;

g/ To comply with Clauses 1, 2, 3 and 5, Article 21 of this Law regarding obligations of purchasers or lessees-purchase of future houses, future construction works and construction floor areas in future construction works;

h/ To comply with other relevant provisions of this Law.

3. To ensure publicity and transparency; to protect lawful rights and interests of organizations and individuals that have signed contracts on purchase and sale or lease-purchase of houses, construction works or construction floor areas in construction works.

4. Real estate project owners have the following responsibilities:

a/ To discharge the responsibilities specified in Article 17 of this Law;

b/ To use the amounts collected from purchasers or lessees-purchase for construction of houses, construction works or construction floor areas in construction works that have been sold or leased-purchase for the purposes agreed in signed contracts; to comply with the anti-money laundering law;

c/ To provide information about the progress of investment in construction of houses, construction works and construction floor areas in construction works to purchasers or lessees-purchase according to signed contracts on purchase and sale or lease-purchase, or to competent state agencies upon request. To provide sufficient and truthful dossiers and information about real estate eligible to be put for business in accordance with this Law to real estate exchanges, in case of choosing to distribute products via real estate exchanges;

d/ Not to authorize other organizations or individuals to sign contracts on deposit, purchase and sale or lease-purchase of future houses, future construction works or construction floor areas in future construction works.

5. A real estate project owner may collect a deposit not exceeding 5% of the price for sale or lease-purchase of houses, construction works and construction floor areas in construction works from the depositor for purchase or lease-purchase when such houses or construction works are eligible to be put for business in accordance with this Law. A deposit agreement must clearly state the price for sale or lease-purchase price of the houses, construction works or construction floor areas in construction works.

Article 24. Conditions on future houses and construction works to be put for business

1. The construction of the houses or construction works has commenced in accordance with the construction law.

2. Houses or construction works are accompanied by one of the following papers on land use rights:

a/ Decision on land allocation;

b/ Decision on land lease and contract on lease of land use rights in accordance with the land law;

c/ Decision to permit land repurposing;

d/ Certificate of land use rights;

dd/ Certificate of ownership of houses and residential land use rights;

e/ Certificate of land use rights and ownership of houses and other land-attached assets;

g/ Other certificates concerning land use rights and ownership of land-attached assets in accordance with the land law.

3. Houses or construction works are accompanied by the following documents:

a/ Construction permit of the houses or construction works and dossier of application for construction permit, in case a construction permit is required in accordance with the construction law;

b/ Notice of commencement of construction of the houses or construction works, and design documents of the houses or construction works, in case a construction permit is not required in accordance with the construction law;

c/ Documents on acceptance testing of completion of the construction of technical infrastructure in accordance with the construction law corresponding to the project progress; documents on acceptance testing of completion of the construction of the foundations in accordance with the construction law, for condominiums or mixed-use residential buildings.

4. Before proceeding with the sale or lease-purchase of future houses, the project owner shall send to the provincial-level state management agency in charge of real estate business a written notice of the houses’ eligibility for sale or lease-purchase.

Within 15 days after receiving the notice, the provincial-level state management agency in charge of real estate business shall check the eligibility of the houses to be put for business and issue a written reply to the project owner, stating whether or not the houses are eligible for sale or lease-purchase; in case the houses are ineligible for sale or lease-purchase, such agency shall clearly state the reason.

The Government shall detail this Clause.

5. Houses and construction works must belong to real estate projects that have been approved by competent state agencies in accordance with law and the approved projects must state the purpose of investment in construction of houses and construction works for sale or lease-purchase.

6. Houses or construction works must satisfy the conditions specified at Points b, c, d and dd, Clause 1, and Points a and c, Clause 2, Article 14 of this Law.

7. Information about real estate and real estate projects to be put for business has been disclosed in accordance with Article 6 of this Law.

8. In addition to the conditions specified in Clauses 1, 2, 3, 4, 5, 6 and 7 of this Article, construction floor areas in future construction works to be put for business must also satisfy the conditions specified in Clause 3, Article 14 of this Law.

Article 25. Payment in purchase and sale or lease-purchase of future houses and construction works

1. Payment in purchase and sale of future houses, future construction works or construction floor areas in future construction works may be made in installments with the first installment not exceeding 30% of the contract value, inclusive of deposit, and the subsequent installments corresponding to the construction progress; however the total advance payment must not exceed 70% of the contract value until the handover of the houses, construction works or construction floor areas in construction works to the purchaser; if the seller is a foreign-invested economic organization specified in Clause 4, Article 10 of this Law, the total of installments must not exceed 50% of the contract value.

2. Payment in lease-purchase of futureing houses, future construction works or construction floor areas in future construction works may be made in installments with the first installment not exceeding 30% of the contract value, inclusive of deposit, and the subsequent installments corresponding to the construction progress until the handover of the houses, construction works or construction floor areas in construction works to the lessee-purchase, provided that the total advance payment to the lessor must not exceed 50% of the contract value. The remainder shall be regarded as rental to be paid to the lessor within a certain period as agreed in the contract.

3. In case the purchaser or lessee-purchase has not been granted the certificate concerning land use rights and ownership of land-attached assets in accordance with the land law, the seller or lessor may not collect over 95% of the contract value; the remainder of the contract value shall be paid when a competent stage agency grants a certificate concerning land use rights and ownership of land-attached assets to the purchaser or lessee-purchase in accordance with the land law.

Article 26. Guarantee in sale or lease-purchase of future houses

1. Before preceeding with the sale or lease-purchase of a future house, the real estate project owner must obtain approval of a domestic commercial bank or foreign bank branch lawfully operating in Vietnam (below referred to as guarantee-providing bank) for provision of guarantee for the project owner’s financial obligations toward the purchaser or lessee-purchase in case the project owner fails to hand over the house as committed in the contract on purchase and sale or lease-purchase of future houses.

Financial obligations of the project owner toward the purchaser or lessee-purchase of the house when the project owner fails to hand over the house as committed with the purchaser or lessee-purchase in the contract on purchase and sale or lease-purchase of future houses include the money amount the project owner has received in advance from the purchaser or lessee-purchase and other amounts (if any) as agreed in the signed contract and is obliged to pay to the purchaser or lessee-purchase if failing to hand over the house as committed.

2. In case the guarantee-providing bank approves provision of guarantee for the project owner, the two parties shall sign a guarantee provision agreement with the contents specified in Clause 1 of this Article.

Based on the signed guarantee provision agreement, the guarantee-providing bank shall send to the real estate project owner a written commitment affirming its issuance of a letter of guarantee to all purchasers or lessees-purchase of houses under the project. The project owner shall send a copy of this written commitment to the purchasers or lessees-purchase when signing the contracts on purchase and sale or lease-purchase of future houses.

3. When signing a contract on purchase and sale or lease-purchase of a future house, the purchaser or lessee-purchase may choose whether or not asking for guarantee for the project owner’s financial obligations toward the purchaser or lessee-purchase. In case the purchaser or lessee-purchase chooses not asking for such guarantee, the parties are not required to implement Clauses 4, 5, 6, 7 and 8 of this Article for the purchaser or lessee-purchase that has signed the contract. The purchaser’s or lessee’s-purchase refusal of guarantee for the project owner’s financial obligations toward the purchaser or lessee-purchase shall be agreed in writing at the time of signing the contract on purchase and sale or lease-purchase of future houses.

4. Based on the contracts on purchase and sale or lease-purchase of future houses between the project owner and the purchasers or lessees-purchase provided by the project owner, the guarantee-providing bank shall issue a letter of guarantee to the purchasers or lessees-purchase that have signed the contracts in accordance with regulations on bank guarantee and send it to the project owner for provision to each purchaser or lessee-purchase that has signed the contract on purchase and sale or lease-purchase of future houses.

5. The scope of guarantee, conditions for requesting fulfilment of guarantee obligation, and guarantee contents and fee shall be agreed by the parties but must ensure the discharge of the guarantee-providing bank’s responsibilities specified in Clauses 1 and 2 of this Article, and stated in the guarantee provision agreement signed between the guarantee-providing bank and the real estate project owner.

The guarantee provision agreement signed between the guarantee-providing bank and the project owner and the guarantee-providing bank’s letter of guarantee issued to the purchaser or lessee-purchase of future houses must state their validity period.

6. The project owner shall provide a letter of guarantee to the purchaser or lessee-purchase within 10 working days after signing the contract on purchase and sale or lease-purchase of a future house or within another time limit as agreed by the parties in the contract on purchase and sale or lease-purchase of a future house. The project owner may receive payment from the purchaser or lessee-purchase under the contract on purchase and sale or lease-purchase of a future house only after it has provided the guarantee-providing bank’s letter of guarantee to the purchaser or lessee-purchase and the latter has received it.

7. In case the project owner does not hand over the house as committed in the contract on purchase and sale or lease-purchase of the house while failing to perform or fulfil financial obligations toward the purchaser or lessee-purchase as specified in Clause 1 of this Article, and the purchaser or lessee-purchase makes a request, the guarantee-providing bank shall discharge financial obligations toward the purchaser or lessee-purchase on behalf of the project owner as committed in the letter of guarantee.

8. The guarantee in sale or lease-purchase of future houses must comply with regulations on bank guarantee. This Article’s provisions on guarantee in sale or lease-purchase of future houses do not apply to sale or lease-purchase of social houses.

9. The State Bank of Vietnam shall provide guidance on guarantee in sale and lease-purchase of future houses.

Article 27. Handover of future houses and construction works

1. The handover of houses must comply with the housing law.

2. Real estate project owners shall hand over construction works or construction floor areas in construction works to the purchasers or lessees-purchase under the signed contracts, adhering to the following principles:

a/ The construction works have undergone acceptance testing and acceptance testing inspection for being put into operation and use in accordance with the construction law;

b/ The handover of the construction works or construction floor areas of construction works shall be made in writing;

c/ Conditions, order and procedures for handover of, and competence to hand over, construction works must comply with the construction law.

3. The purchasers or lessees-purchase of construction works or construction floor areas of construction works may directly receive the construction works or construction floor areas of construction works or authorize in writing their representatives to receive the construction works or construction floor areas of construction works in accordance with the Civil Code.

Chapter IV

DEALING IN THE RIGHTS TO USE LAND WITH TECHNICAL INFRASTRUCTURE IN REAL ESTATE PROJECTS

Section 1

GENERAL PROVISIONS

Article 28. Forms of dealing in the rights to use land with technical infrastructure in real estate projects

1. Project owners shall deal in the rights to use land with technical infrastructure in real estate projects in the following forms:

a/ Transferring the rights to use land with technical infrastructure in real estate projects to individuals for self-construction of houses, that is the form of division of residential land areas into plots for sale to individuals for self-construction of houses;

b/ Transferring the rights to use land with technical infrastructure in real estate projects to organizations for construction of houses or construction works;

c/ Leasing or subleasing the rights to use land with technical infrastructure in real estate projects to organizations and individuals for use according to the use purposes and contents of investment projects approved by competent state agencies.

2. Transactions of dealing in the rights to use land with technical infrastructure in real estate projects must comply with the following provisions:

a/ The rights to use land with technical infrastructure in real estate projects to be put for business must meet the conditions specified in Articles 31 and 35 of this Law;

b/ Organizations and individuals dealing in real estate shall establish transactions of transfer, lease and sublease of land use rights under contracts in accordance with Chapter VI of this Law;

c/ The parties to transactions shall prepare sufficient information and valid documents to prove that they have full legal capacity to establish transactions and sign contracts in accordance with the civil law, and meet the conditions on organizations and individuals dealing real estate in accordance with the law on real estate business;

d/ Before signing a contract, the transferor, lessor or sub-lessor of land use rights shall provide sufficient information and documents specified in Clause 5, Article 6 of this Law to clients;

dd/ After signing a contract, the contracting parties shall comply with the signed contract and discharge tax, charge and fee obligations (if any) toward the State in accordance with law;

e/ The transferor of the rights to use land with technical infrastructure in a real estate project shall carry out procedures for a competent state agency to grant a certificate concerning land use rights and ownership of land-attached assets to the transferee in accordance with the land law, unless the two parties agree in the transfer contract that the transferee volunteers to carry out procedures for application for a certificate;

g/ Competent state agencies shall grant certificates concerning land use rights and ownership of land-attached assets to transferees in accordance with the land law.

Article 29. Requirements for dealing in the rights to use land with technical infrastructure in real estate projects

1. A real estate project with the rights to use land with technical infrastructure put for business must meet the following requirements:

a/ The requirements specified in Article 11 of this Law;

b/ Having completed the construction of technical infrastructure facilities under detailed master plans and project schedule approved by competent state agencies in accordance with the laws on construction, urban planning, and investment;

c/ Ensuring provision of electricity and water supply, water drainage, waste collection, and wastewater treatment services; ensuring connection to the surrounding area’s common infrastructure system before transfer, lease or sublease of land use rights;

d/ The transfer, lease, or sublease of the rights to use land with technical infrastructure in the real estate project must comply with investment objectives and contents of the investment project approved by a competent state agency.

2. The transfer, lease and sublease of the rights to use land with technical infrastructure in real estate projects must meet the conditions specified in Articles 31 and 35 of this Law and comply with the land law’s provisions on the form, purposes, term of land use, and land registration.

Article 30. Obligations of parties in transfer, lease or sub-lease of the rights to use land with technical infrastructure in real estate projects

1. The transferor, lessor or sub-lessor of the rights to use land with technical infrastructure in a real estate project has the following obligations:

a/ To provide sufficient and truthful information about land use rights and take responsibility for such information;

b/ To hand over the land according to the requirements on area, time limit, location and boundary of land plots as agreed in the contract;

c/ To pay compensation for damage caused by itself/himeself/herself;

d/ To discharge financial obligations toward the State in accordance with law;

dd/ To carry out land registration procedures in accordance with the land law and hand over a certificate concerning land use rights and ownership of land-attached assets to the transferee in accordance with the land law, unless the transferee volunteers to carry out procedures for application for the certificate;

e/ To register the lease or sublease of land use rights in accordance with law; to check and remind the lessee or sub-lessee to protect and preserve land and use it for proper purposes; to inform the lessee or sub-lessee of the rights of the third party over the leased land;

g/ In case state enterprises transfer, lease or sub-lease the rights to use land with technical infrastructure in real estate projects, they shall also comply with the law on management and use of state capital invested in production and business at enterprises;

h/ Other obligations as stated in the contract.

2. The transferee, lessee or sub-lessee of the rights to use land with technical infrastructure in a real estate project has the following obligations:

a/ To make payment to the transferor, lessor, sub-lessor according to the payment time limit and mode agreed in the contract;

b/ To guarantee rights of a third party over the transferred, leased or sub-leased land;

c/ To pay compensation for damage caused by itself/himeself/herself;

d/ To discharge financial obligations toward the State in accordance with law;

dd/ To receive the land according to the requirements on area, time limit, location and boundary of land parcels as agreed in the contract;

e/ To use land for proper purposes and within boundaries; not to destroy land; not to infringe upon the lawful rights and interests of adjacent land users;

g/ To return the leased land according to the time limit and agreement stated in the contract;

h/ Other obligations as stated in the contract.

Section 2

TRANSFER OF THE RIGHTS TO USE LAND WITH TECHNICAL INFRASTRUCTURE IN REAL ESTATE PROJECTS TO INDIVIDUALS FOR SELF-CONSTRUCTION OF HOUSES

Article 31. Conditions for land with technical infrastructure in real estate projects to be eligible for transfer of land use rights to individuals for self-construction of houses

1. Meeting the requirements specified in Clause 1, Article 29 of this Law.

2. Being accompanied by certificates concerning land use rights and being in the land use term in accordance with the land law; being located in the project’s land area already accompanied by a certificate concerning land use rights in accordance with the land law, for use rights of the to-be-transferred land area.

3. Land use rights are not being involved in any dispute that is notified, accepted or resolved by a competent agency, or are being involved in a dispute that has been resolved by a competent agency under a legally effective judgment, decision or ruling.

4. Land use rights are not subject to distraint for judgment enforcement.

5. Land use rights are neither subject to transaction prohibition by law nor being suspended or temporarily suspended from transaction in accordance with law.

6. Not being located in wards, districts or cities of special-grade, grade-I, grade-II or grade-III urban centers; not being subject to auction of land use rights for investment in housing projects in accordance with the Land Law. For the remaining areas, provincial-level People’s Committees shall base themselves on local conditions to determine areas where project owners may transfer the rights to use land with technical infrastructure to individuals for self-construction of houses.

7. Before transferring the rights to use land with technical infrastructure in a real estate project, the project owner shall send to the provincial-level state management agency in charge of real estate business a written notice of the land use rights’ eligibility for transfer.

Within 15 days after receiving the project owner’s notice, the provincial-level state management agency in charge of real estate business shall check the eligibility of land use rights to be put for business and issue a written reply to the project owner stating whether or not the rights to use land with technical infrastructure are eligible for transfer to individuals for self-construction of houses; in case the land use rights are ineligible for transfer, such agency shall issue a written reply, clearly stating the reason.

The Government shall detail this Clause.

8. Information about the rights to use land with technical infrastructure in the real estate project to be put for business has been disclosed in accordance with Article 6 of this Law.

Article 32. Requirements on transferors of the rights to use land with technical infrastructure in real estate projects to individuals for self-construction of houses

1. Being real estate project owners.

2. Meeting the conditions specified in Clauses 1 and 2, Article 9, and Clause 2, Article 31, of this Law.

3. Having fulfilled land-related financial obligations toward the State, including land use levy, land rental and land-related taxes, charges and fees (if any) in accordance with law, for the land areas with technical infrastructure in the real estate projects to be put for business.

4. If being sanctioned for administrative violations in the field of investment, construction, land, housing, real estate business, or taxes related to land with technical infrastructure to be put for dealing in land use rights, the transferors must completely serve decisions on sanctioning of administrative violations before signing contracts to transfer the rights to use land with technical infrastructure in real estate projects.

Article 33. Rights and obligations of the transferor of the rights to use land with technical infrastructure in a real estate project to individuals for self-construction of houses

1. To discharge the obligations specified in Clause 1, Article 30 of this Law.

2. To monitor, urge, supervise and create conditions for the transferee to build houses according to the progress requirements and approved design and detailed master plan, and construction permit in case such permit is required, and as agreed in the contract on transfer of the rights to use land with technical infrastructure in the real estate project signed between the two parties in accordance with the construction law and relevant laws.

3. To request the transferee to pay compensation for damage caused by the latter to the technical infrastructure system during the house construction.

4. To repair the damage to the technical infrastructure system that is caused by the transferee during the house construction.

5. Other rights and obligations as stated in the contract.

Article 34. Rights and obligations of the transferee of the rights to use land with technical infrastructure in a real estate project to individuals for self-construction of houses

1. To discharge the obligations specified in Clause 2, Article 30 of this Law;

2. To build houses according to the progress requirements and approved design and detailed master plan, and construction permit in case such permit is required, and as agreed in the signed contract on transfer of the rights to use land with technical infrastructure in the real estate project.

3. To submit to the transferor’s supervision during the house construction as agreed in the contract and prescribed by the construction law and relevant laws.

4. To pay compensation for damage caused by itself/himself/herself to the technical infrastructure system during the house construction.

5. Other rights and obligations as stated in the contract.

Section 3

TRANSFER, LEASE OR SUBLEASE OF THE RIGHTS TO USE LAND WITH TECHNICAL INFRASTRUCTURE IN REAL ESTATE PROJECTS TO ORGANIZATIONS

Article 35. Conditions for land with technical infrastructure in real estate projects to be eligible for transfer, lease or sublease of land use rights to organizations

To be eligible for transfer, lease or sublease of land use rights to organizations, land with technical infrastructure in real estate projects must meet the conditions specified in Clauses 1, 2, 3, 4, 5 and 8, Article 31 of this Law.

Article 36. Requirements on transferors, lessors or sub-lessors of the rights to use land with technical infrastructure in real estate projects to organizations

Transferors, lessors or sub-lessors of the rights to use land with technical infrastructure in real estate projects must meet the requirements specified in Article 32 of this Law.

Article 37. Rights and obligations of the transferor, lessor or sub-lessor of the rights to use land with technical infrastructure in a real estate project to an organization

1. To discharge the obligations specified in Clause 1, Article 30 of this Law;

2. To provide sufficient legal dossiers of the project and land use rights for the transferee, lessee or sub-lessee to carry out project investment and construction procedures in accordance with the investment and construction laws and relevant laws.

3. To create conditions for the transferee, lessee or sub-lessee to carry out construction investment activities under the project approved by a competent state agency.

4. To request the transferee to pay compensation for damage caused by the latter to the technical infrastructure system during the investment.

5. Other rights and obligations as stated in the contract

Article 38. Rights and obligations of the transferee, lessee or sub-lessee of the rights to use land with technical infrastructure in a real estate project to an organization

1. To discharge the obligations specified in Clause 2, Article 30 of this Law;

2. To discharge the obligations of land users in accordance with the Land Law.

3. To implement the construction investment project in the transferred, leased or sub-leased land area with technical infrastructure in the real estate project in accordance with the investment, construction and land laws and relevant laws.

4. To implement the construction investment project in the transferred, leased or sub-leased land area, ensuring satisfaction of the following requirements:

a/ Building works in conformity with the detailed master plan and approved project implementation schedule;

b/ Building a system of technical infrastructure facilities that are synchronous and connected with the surrounding area’s infrastructure system, and conformable with the approved project implementation schedule and master plan;

c/ Ensuring the provision of project operation management services, technical and social infrastructure systems, and other services within the scope of the project;

d/ Transferring technical and social infrastructure facilities to the local administration in case the transfer is required under the approved project in accordance with law; managing, operating, and ensuring the quality of, technical and social infrastructure facilities pending the transfer.

5. Other rights and obligations as stated in the contract.

Chapter V

TRANSFER OF REAL ESTATE PROJECTS

Article 39. Principles of transfer of the whole or part of real estate projects

1. A real estate project owner may transfer the whole or part of its project to another for further construction or business during the project implementation duration approved by a competent state agency.

2. The transfer of the whole or part of a real estate project must not change the project’s master plan or objectives and must ensure lawful rights and interests of the involved parties.

3. After the transfer of the whole or part of a real estate project has been completed, the transferee shall take over the transferor’s rights and obligations and become the owner of the transferred project or part of the project. The transferee shall not be required to re-make the project dossier and construction master plan and re-apply for a construction permit for the project if there are no changes in the project’s contents. If there are changes in the project’s contents, the transferee shall carry out procedures for adjustment in accordance with law.

4. The transfer of the whole or part of a real estate project must satisfy the conditions specified in Article 40 of this Law and comply with the land law’s provisions on forms, purposes and period of land use and land registration.

Article 40. Conditions for transfer of the whole or part of real estate projects

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

a/ The project has obtained a competent state agency’s investment policy decision or investment policy approval or investment approval; the project owner has been selected or recognized in case the project is subject to procedures for recognition of the project owner;

b/ The project’s detailed master plan has been approved in accordance with the laws on construction and urban planning;

c/ The compensation and resettlement support for the to-be-transferred project or part of the project has been completed. In case of transfer of the whole of an infrastructure construction project, the construction of corresponding technical infrastructure facilities must have been completed according to the project implementation schedule, design and detailed master plan approved under the laws on construction and urban planning and the project’s contents approved under the construction law;

d/ The to-be-transferred project or part of the project is not involved in land-use rights disputes that are accepted for resolution by a competent state agency; in case of a dispute, such dispute must have been settled by a competent state agency under a legally effective judgment, decision or ruling; is not distrained for execution of a judgment; and is not suspended or temporarily suspended from transaction as prescribed by law;

dd/ The project is not subject to suspension or termination of operation or not subject to a land recovery decision issued by a competent state agency; in case the to-be-transferred project or part of the project is subject to an administrative sanction, the project owner must have completed the execution of the competent state agency’s decision on sanctioning of administrative violations in accordance with the law on handling of administrative violations;

e/ In case the project is mortgaged to secure the performance of obligations in accordance with law, the release of the mortgage shall be required;

g/ The project implementation period has not expired;

h/ In case of transfer of part of a real estate project, construction work items or the use of, and dealing in, construction works of the to-be-transferred part must be independent from other parts in the project.

2. The transferee of the whole or part of a real estate project must meet the conditions specified in Clauses 1 and 2, Article 9 of this Law and commit to further investing in construction and business according to the approved contents of the project; in case there are changes in the project’s contents, Clause 3, Article 39 of this Law shall apply.

3. The transferor of the whole or part of a real estate project must have obtained a competent state agency’s decision on land allocation, land lease or permission for repurposing of land to implement projects; and fulfilled the project’s land-related financial obligations toward the State, including land use levy, land rental and land-related taxes, charges and fees (if any), for the to-be-transferred project or part of the project but is not required to possess a certificate concerning land use rights prescribed by the land law for the to-be-transfer project or part of the project.

4. In addition to the conditions specified in Clauses 1, 2 and 3 of this Article, state enterprises that transfer the whole or part of real estate projects must also comply with the law on management and use of state capital invested in production and business at enterprises.

5. In addition to the conditions specified in Clauses 1, 2, 3 and 4 of this Article, the transfer of the whole or part of real estate projects must also meet the conditions specified in the law on investment and relevant laws.

Article 41. Competence to permit the transfer of the whole or part of real estate projects

1. For real estate projects of which the investors have been approved or which have been granted investment registration certificates in accordance with the Law on Investment, the competence and procedures for transfer of the whole or part of the projects must comply with the Law on Investment.

2. For real estate projects other than those specified in Clause 1 of this Article, the competence to permit the transfer of the whole or part of the projects is specified as follows:

a/ The Prime Minister shall decide to permit the transfer of the whole or part of real estate projects subject to the Prime Minister’s investment policy decision, investment policy approval or investment approval. In case the Prime Minister authorizes a provincial-level People’s Committee to decide on the transfer of part of a real estate project, the provincial-level People’s Committee shall decide to permit the transfer of part of such project and comply with Clause 2, Article 42 of this Law;

b/ Provincial-level People’s Committees shall decide to permit the transfer of the whole or part of real estate projects subject to investment policy decision, investment policy approval or investment approval by provincial-level People’s Committees.

Article 42. Procedures for transfer of the whole or part of real estate projects

1. Procedures for transfer of the whole or part of a real estate project under the Prime Minister’s competence to permit the transfer prescribed in Clause 2, Article 41 of this Law are as follows:

a/ The project owner shall send a dossier of application for permission for transfer of the whole or part of the real estate project to the provincial-level People’s Committee of the locality where the project is located or to the provincial-level state management agency in charge of real estate business authorized by the provincial-level People’s Committee;

b/ Within 45 days after receiving a complete and valid dossier, the provincial-level People’s Committee shall seek opinions of the Ministry of Construction and related ministries, sectors and agencies, organize appraisal, and submit the case to the Prime Minister for the latter to consider and decide whether to permit the transfer. In case the real estate project does not meet the conditions for transfer, the dossier-receiving agency shall send a written notice to the project owner, clearly stating the reason;

c/ After obtaining the Prime Minister’s decision permitting the transfer, the transferor and transferee shall conclude the transfer contract and hand over the project.

2. Procedures for transfer of the whole or part of a real estate project under the provincial-level People’s Committee’s competence to permit the transfer prescribed in Clause 2, Article 41 of this Law are as follows:

a/ The project owner shall send a dossier of application for permission for transfer of the whole or part of the real estate project to the provincial-level People’s Committee of the locality where the project is located or to the provincial-level state management agency in charge of real estate business authorized by the provincial-level People’s Committee;

b/ Within 30 days after receiving a complete and valid dossier, the provincial-level People’s Committee shall seek related agencies’ opinions, organize appraisal, and issue a decision permitting the transfer. In case the real estate project or the part of a real estate project does not meet conditions for transfer, the dossier-receiving agency shall send a written notice to the project owner, clearly stating the reason;

c/ After obtaining the provincial-level People’s Committee’s decision permitting the transfer, the transferor and transferee shall conclude the transfer contract and hand over the project.

3. In case of transfer of the whole or part of a project specified in Clause 2, Article 41 of this Law, if the transferee is a foreign-invested economic organization specified in Clause 4, Article 10 of this Law, the performance of land-related procedures after a competent state agency issues a decision permitting the transfer and the involved parties conclude the transfer contract must comply with the land law.

4. The Government shall detail this Article.

Article 43. Rights and obligations of involved parties in transfer of the whole or part of real estate projects

1. A project owner transferring the whole or part of its real estate project has the following rights and obligations:

a/ To transfer its rights and obligations in relation to the whole or part of the project to the transferee for further investing in building real estate for business, except the rights and obligations which the project owner has exercised or fulfilled and are not related to the transferee and the continued implementation of such project or part of the project;

b/ To transfer relevant dossiers to the transferee; to timely, fully and publicly notify and satisfactorily settle lawful rights and interests of the parties involved in the transferred project or part of the project;

c/ To work with the transferee in carrying out land-related procedures for the transferee in accordance with the land law;

d/ In case of transferring part of the real estate project, the transferor may request the transferee to further invest in building houses or construction works in the transferred part of the project according to the project’s approved contents, construction permit, for cases in which a construction permit is required, and detailed master plan approved in accordance with the laws on construction and urban planning; and monitor and timely inform competent state agencies of violations in land use and construction investment by the transferee;

dd/ To fulfill financial obligations toward the State in accordance with law;

e/ Other contractual rights and obligations.

2. The transferee of the whole or part of a real estate project has the following rights and obligations:

a/ To take over and exercise the rights and perform the obligations transferred from the transferor;

b/ To further invest in project construction and business according to the project’s approved contents; to comply with Clause 3, Article 39 of this Law if there are any changes in the project’s contents;

c/ In case of acquiring part of a real estate project, to comply with the transferor’s request for compliance with the project’s master plan in the course of construction investment;

d/ To fulfill financial obligations toward the State in accordance with law;

dd/ Other contractual rights and obligations.

Chapter VI

REAL ESTATE BUSINESS CONTRACTS

Section 1

TYPES OF REAL ESTATE BUSINESS CONTRACTS, USE OF REAL ESTATE BUSINESS CONTRACTS

Article 44. Contracts in real estate business

1. Types of real estate business contracts include:

a/ House purchase and sale or lease-purchase contract;

b/ House lease contract;

c/ Contract on purchase and sale or lease-purchase of construction works or construction floor areas in construction works functioning as tourism and accommodation facilities;

d/ Contract on lease of construction works or construction floor areas in construction works with functions serving tourism and accommodation purposes;

dd/ Contracts on purchase and sale or lease-purchase of construction works or construction floor areas in construction works functioning as office buildings or educational, health, sports, cultural, trade, service or industrial facilities, or mixed-use construction works;

e/ Contract on lease of construction works or construction floor areas in construction works functioning as office buildings or educational, health, sports, cultural, trade, service or industrial facilities, or mixed-use construction works;

g/ Contract on transfer of rights to use land with technical infrastructure in real estate projects;

h/ Contract on lease or sublease of rights to use land with technical infrastructure in real estate projects;

i/ Contracts on transfer of the whole of real estate projects;

k/ Contract on transfer of part of real estate projects;

l/ Contract on transfer of house or construction work purchase and sale or lease-purchase contract.

2. Types of real estate service contracts include:

a/ Real estate exchange service contract;

b/ Real estate brokerage service contract;

c/ Real estate consultancy service contract;

d/ Real estate management service contract.

3. A real estate business contract shall be concluded when the real estate fully meets the conditions for being put for business or when the real estate project fully satisfies the conditions for transfer prescribed by this Law.

4. Real estate business contracts and real estate service contracts with at least one party to the transaction being a real estate enterprise shall be notarized or certified at the request of the involved parties.

5. Contracts on purchase and sale or lease-purchase of houses or construction works or construction floor areas in construction works with all parties to the transaction being individuals shall be notarized or certified.

6. The effective time of a contract is the time the last party signs the contract or accepts the contract in another form as stated in the contract, unless otherwise agreed by the involved parties. In case the contract is notarized or certified, the effective time of the contract is the effective time of the document on the notarization or certification as prescribed by the law on notarization and certification.

7. The Government shall prescribe types of model contracts in real estate business specified in Clause 1 of this Article.

Article 45. Use of real estate business contracts

1. When establishing real estate business contracts or real estate service contracts, organizations and individuals shall comply with the law on real estate business and the Civil Code.

2. Real estate project owners and real estate enterprises shall use the model contracts specified in Article 44 of this Law and publicize real estate business contracts according to Point d, Clause 2, Article 6 of this Law before application.

3. The real estate business contracts specified in Article 44 of this Law must not apply to the sale, lease, lease-purchase and sublease of social houses.

Article 46. Principal contents of real estate business contracts

1. A house or construction work purchase and sale, lease, or lease-purchase contract must have the following principal contents:

a/ Names and addresses of involved parties;

b/ Information on the real estate;

c/ Sale, lease or lease-purchase price;

d/ Payment mode and time limit;

dd/ Bank’s guarantee for the project owner’s financial obligations, in case of sale of future houses;

e/ Deadline for handover and receipt of real estate and accompanying dossiers;

g/ Warranty;

h/ Rights and obligations of involved parties;

i/ Liability for breach of contract;

k/ Penalties for breach of contract;

l/ Cases of termination or cancellation of contract and handling measures;

m/ Dispute resolution methods;

n/ Effective time of the contract.

2. A contract on transfer or lease of rights to use land with technical infrastructure in a real estate project must have the following principal contents:

a/ Names and addresses of involved parties;

b/ Information on the land type and area, location, number, boundary and the conditions of the land plot and land-attached assets (if any);

c/ Period of land use; transfer, lease and sublease price of land use rights, inclusive of land-attached assets (if any);

d/ Payment method and deadline;

dd/ Deadline for handover of land and accompanying dossiers;

e/ Rights and obligations of involved parties;

g/ Rights of the third party over the land plot (if any);

h/ Liability for breach of contract;

i/ Penalties for breach of contract;

k/ Settlement of consequences upon the expiration of contract, in case of lease or sublease of land use rights;

l/ Cases of termination or cancellation of contract and handling measures.

m/ Methods of settlement of disputes;

n/ Effective time of the contract.

3. A contract on transfer of the whole or part of a real estate project must have the following principal contents:

a/ Names and addresses of involved parties;

b/ Basic information of the approved project;

c/ Detailed information of the transferred project or part of the project;

d/ Transfer price;

dd/ Payment method and deadline;

e/ Deadline for handover of the whole or part of the project and accompanying dossiers;

g/ Rights and obligations of involved parties;

h/ Responsibilities of involved parties in carrying out administrative procedures related to land use rights;

i/ Liability for breach of contract;

k/ Penalties for breach of contract;

l/ Cases of contract termination and handling measures;

m/ Dispute resolution methods;

n/ Effective time of the contract.

4. A real estate service contract must have the following principal contents:

a/ Names and addresses of involved parties;

b/ Objects and contents of the service;

c/ Requirements on, and results of, the service;

d/ Service provision duration;

dd/ Service charges, remuneration, commission;

e/ Payment method and deadline;

g/ Rights and obligations of involved parties;

h/ Dispute resolution methods;

i/ Effective time of the contract.

Article 47. Transaction prices in real estate business

1. The sale, transfer, lease or lease-purchase price of real estate or a real estate project put for business shall be agreed upon by the parties and stated in the contract. For cases that are subject to price regulations promulgated by the State, the involved parties shall comply with those regulations.

2. Organizations and individuals dealing in real estate shall state the exact actual transaction prices in contracts; and be held responsible if the transaction prices stated in contracts differ from the actual transaction prices.

Article 48. Payment in real estate business

1. The payment in real estate and real estate project transactions shall be agreed by the involved parties in contracts and must comply with law.

2. Project owners, real estate enterprises and real estate service enterprises shall receive payments under real estate business contracts or real estate service contracts from their customers through accounts opened at domestic credit institutions or foreign bank branches legally operating in Vietnam.

3. Fines and compensation for damage caused by delayed payment of the purchasers, transferees, lessees or lessees-purchase or behind-schedule handover of real estate by sellers, transferors or lessors shall be agreed by the involved parties and clearly written in contracts.

Section 2

TRANSFER OF REAL ESTATE BUSINESS CONTRACTS

Article 49. Transfer of house or construction work purchase and sale or lease-purchase contracts

1. House or construction work purchase and sale or lease-purchase contracts that may be transferred in accordance with this Law include:

a/ Contracts on purchase and sale of future houses;

b/ Contracts on lease-purchase of future houses;

c/ Contracts on lease-purchase of ready-built construction works.

2. Provisions on transfer of real estate business contracts in Section 2, Chapter VI of this Law shall not apply to contracts on purchase and sale or lease-purchase of social houses.

Article 50. Conditions on transfer of real estate business contracts

1. The transfer of a contract on purchase and sale or lease-purchase of a house or construction work must meet the following conditions:

a/ No dossier of application for a certificate concerning land use rights and ownership of land-attached assets has been submitted to competent state agencies in accordance with the land law;

b/ The contract is not involved in a dispute that is accepted for resolution by a competent state agency or was involved in a dispute which, however, has been resolved by a competent state agency under a legally effective judgment, decision or ruling;

c/ The house or construction work which is the subject matter of the contract is neither distrained nor mortgaged to secure the performance of law-prescribed obligations, unless the transfer is agreed by the mortgagee;

d/ The contract is established in accordance with the law on real estate business.

2. The transfer of a house or construction work purchase and sale or lease-purchase contract shall be valid for the whole contract. In case of purchase and sale or lease-purchase of more than one house or construction work under a single contract, if the involved parties wish to transfer each house or construction work, they shall modify the house or construction work purchase and sale or lease-purchase contract or sign an annex to the contract before conducting the transfer of the contract under this Law.

Article 51. Rights and obligations of parties to transfer of real estate business contracts

1. Purchasers or lessees-purchase of future houses and lessees-purchase of ready-built construction works may transfer contracts on purchase and sale or lease-purchase of future houses or contracts on lease-purchase of ready-built construction works when dossiers of application for grant of certificates concerning land use rights and ownership of land-attached assets as specified by the land law to the purchasers or lessees-purchase have not been submitted to competent state agencies.

2. Transferees shall take over so as to further exercise the rights and perform the obligations of purchasers or lessees-purchase of future houses or lessees-purchase of ready-built construction works toward project owners. Project owners shall create conditions for the involved parties in transfer of contracts and may not collect any charges relating to the transfer of contracts.

3. Transferees of contracts on purchase and sale or lease-purchase of future houses or contracts on lease-purchase of ready-built construction works shall be granted certificates concerning land use rights and ownership of land-attached assets by competent state agencies in accordance with the land law.

Article 52. Order, procedures and dossiers for transfer of real estate business contracts

The Government shall prescribe in detail the order, procedures and dossiers for transfer of real estate business contracts.

Chapter VII

PROVISION OF REAL ESTATE SERVICES, TRAINING AND FURTHER TRAINING AND GRANT OF REAL ESTATE SERVICE PRACTICE CERTIFICATES

Section 1

REAL ESTATE EXCHANGES

Article 53. Principles of organization and operation of real estate exchanges

1. Real estate exchanges must adhere to the principles specified in Article 4 of this Law.

2. Real estate exchanges must operate in a public and transparent manner according to their operation regulations and transaction processes already issued; provide real estate transaction services via the exchanges, enjoy remunerations as prescribed and agreed in contracts concluded with parties requesting service provision.

3. Information on real estate exchanges shall be publicized on the information system on housing and the real estate market.

4. When signing contracts with individual real estate brokers, the latter must satisfy the conditions specified in this Law.

5. Transactions via real estate exchanges shall be conducted in person or electronically (if possible); e-transactions must comply with this Law, the Law on E-Transactions and relevant laws.

Article 54. Establishment and registration of operation of real estate exchanges

1. Real estate exchange service providers shall establish real estate service enterprises under Clause 5, Article 9 of this Law.

2. The name of a real estate exchange service enterprise shall be selected by its founder in accordance with the Enterprise Law and must contain the phrase “real estate exchange” and be neither identical nor confusingly similar to the name of another real estate exchange service enterprise that has been registered for operation.

3. Before operation, a real estate exchange shall send a dossier of application for an operation license to the provincial-level state management agency in charge of real estate business of the locality where its headquarters are located.

4. The Government shall detail Clause 3 of this Article.

Article 55. Conditions for operation of real estate exchanges

1. Real estate exchange managers and administrators must satisfy the following conditions:

a/ Being entitled to manage enterprises in Vietnam in accordance with the Enterprise Law;

b/ Having completed training courses on management and administration of real estate exchanges and possessing a certificate of completion of such courses issued by training institutions.

2. Real estate exchanges shall be established and registered for operation under Article 54 of this Law.

3. Real estate exchanges shall issue and make public the process of real estate transaction on real estate exchanges.

4. Real estate exchanges shall register their fixed operation locations and have physical and technical foundations meeting operation requirements.

5. The Government shall detail this Article.

Article 56. Contents of operation of real estate exchanges

1. Checking the legality and conditions for being put for business of real estate to be traded on real estate exchanges; publicizing and providing information on real estate meeting conditions for being put for business in accordance with this Law.

2. Providing services, supporting and providing information for customers to seek and choose real estate.

3. Providing real estate brokerage services, supporting involved parties in negotiating on real estate transactions. Real estate brokerage activities on real estate exchanges must meet the conditions specified in and comply with provisions of Section 2 of this Chapter.

4. Providing services and supporting involved parties in preparing and concluding real estate transaction contracts.

5. Providing services and supporting involved parties in making payments, handing over dossiers, documents and real estate (if any) for transactions conducted via real estate exchanges.

6. Keeping information, dossiers and documents about real estate and real estate transactions conducted via real estate exchanges.

7. Providing services and other supports related to transactions conducted via real estate exchanges.

8. Certifying transactions conducted via real estate exchanges; providing information on transactions conducted via real estate exchanges to provincial-level state management agencies in charge of real estate business.

9. The Government shall detail this Article.

Article 57. Rights of real estate exchanges

1. To request customers to provide dossiers and information on real estate listed on real estate exchanges.

2. To refuse to put for transaction via real estate exchanges real estate that does not meet conditions for being put for business.

3. To collect service charges from customers as agreed.

4. To request customers to compensate for damage caused by customers.

5. Other rights specified in contracts.

Article 58. Obligations of real estate exchanges

1. To ensure that real estate listed on real estate exchanges meet the conditions for being put for business.

2. To publicize and provide sufficient and truthful dossiers and information on real estate and take responsibility for those dossiers and information.

3. To ensure physical and technical foundations as well as conditions for their operation.

4. To observe the law-prescribed reporting regimes and subject to inspection and examination by competent state agencies.

5. To fulfill tax obligations toward the State in accordance with law.

6. To compensate for damage caused by their faults to customers.

7. To manage brokers and employees working on real estate exchanges in compliance with law.

8. To organize annual training for their brokers to improve real estate brokerage practice knowledge.

9. To keep transaction dossiers in accordance with law.

10. Other obligations specified in contracts.

Article 59. Rights and obligations of organizations and individuals conducting real estate transactions on real estate exchanges

1. Organizations and individuals conducting real estate transactions on a real estate exchange have the following rights:

a/ To request the real estate exchange to provide dossiers and information on real estate;

b/ To conclude contracts with the real estate exchange to purchase and sell, transfer, lease, sublease or lease-purchase real estate;

c/ To request the real estate exchange to compensate for damage caused by its faults;

d/ Other rights specified in contracts.

2. Organizations and individuals conducting real estate transactions on a real estate exchange have the following obligations:

a/ To observe internal regulations of the real estate exchange;

b/ To pay service charges to the real estate exchange;

c/ To compensate for damage caused by their faults;

d/ Other obligations specified in contracts.

Article 60. Management of operation of real estate exchanges

1. Provincial-level state management agencies in charge of real estate business have the following powers and responsibilities:

a/ To manage, supervise, regularly and extraordinarily inspect the operation of real estate exchanges in their localities;

b/ To grant, re-grant or revoke operation licenses of real estate exchanges in their localities;

c/ To decide to suspend or terminate provision of real estate exchange services in their localities under regulations.

2. The Government shall detail this Article.

Section 2

REAL ESTATE BROKERAGE

Article 61. Conditions on real estate brokerage service providers

1. Real estate brokerage service providers must establish real estate service enterprises under Clause 5, Article 9 of this Law and meet the following conditions:

a/ To have regulations on real estate brokerage services;

b/ To have physical and technical foundations meeting operation requirements as prescribed by the Government;

c/ To have at least 1 individual possessing a real estate brokerage certificate;

d/ Before providing real estate brokerage services, real estate brokerage service enterprises shall send their information to the provincial-level state management agencies in charge of real estate business in the localities where they are established for the latter to publicize such information on the information system on housing and real estate market in accordance with this Law.

2. Individual real estate brokers must meet the following conditions:

a/ To possess real estate brokerage practice certificates;

b/ To practice in either a real estate exchange service enterprise or real estate brokerage service enterprise.

Article 62. Contents of real estate brokerage

1. Seeking partners meeting the conditions set by customers for negotiation and conclusion of contracts.

2. Acting as authorized representatives in performance of jobs related to real estate purchase and sale, transfer, lease, sublease or lease-purchase procedures.

3. Providing information, supporting involved parties in negotiation and conclusion of real estate purchase and sale, transfer, lease, sublease or lease-purchase contracts.

Article 63. Real estate brokerage remuneration and commission

1. Individual real estate brokers are entitled to remuneration and commission from real estate exchange service enterprises or real estate brokerage service enterprises.

2. Real estate brokerage remuneration and commission rates shall be agreed by individual real estate brokers and real estate exchange service enterprises or real estate brokerage service enterprises. Real estate remuneration rates shall not depend on the prices of transactions under brokerage.

Article 64. Rights of real estate brokerage service enterprises and individual real estate brokers

1. Real estate brokerage service enterprises have the following rights:

a/ To provide real estate brokerage in accordance with this Law;

b/ To request related organizations and individuals to provide dossiers and information on real estate put for transactions;

c/ To collect service charges from customers as agreed by the parties;

d/ To refuse to provide brokerage services for real estate unqualified for being put for business;

dd/ To request related organizations and individuals to compensate for damage caused by their faults;

e/ Other rights specified in contracts.

2. Individual real estate brokers have the following rights:

a/ The rights specified at Points a, b, d and dd, Clause 1 of this Article;

b/ To receive real estate brokerage remuneration or commission as specified in Article 63 of this Law.

Article 65. Obligations of real estate brokerage service enterprises and individual real estate brokers

1. Real estate brokerage service enterprises have the following obligations:

a/ To provide sufficient and truthful dossiers and information on real estate for which they provide brokerage services and take responsibility for those dossiers and information;

b/ To provide annual training on real estate brokerage practice knowledge to their real estate brokers;

c/ To fulfill tax obligations toward the State;

d/ To compensate for damage caused by their faults;

dd/ To observe the law-prescribed reporting regime and submit to inspection and examination by competent state agencies;

e/ Other obligations specified in contracts.

2. Individual real estate brokers have the following obligations:

a/ The obligations specified at Points a, c and d, Clause 1 of this Article;

b/ To observe operation regulations of real estate exchanges or real estate brokerage service enterprises where they work;

c/ To take part in annual training on real estate brokerage practice knowledge.

Section 3

REAL ESTATE CONSULTANCY AND MANAGEMENT

Article 66. Principles and scope of provision of real estate consultancy services and real estate management services

1. The principles of provision of real estate consultancy services and real estate management services are as follows:

a/ Real estate consultants must possess a degree or certificate in their field of expertise; 

b/ The to-be-managed real estate must be lawful real estate.

2. The scope of provision of real estate consultancy services covers:

a/ Consultancy on investment in creation of real estate and real estate business;

b/ Consultancy on real estate finance;

c/ Consultancy on real estate prices;

d/ Consultancy on real estate business contracts.

3. The scope of provision of real estate management services covers:

a/ Sale, transfer, lease, sublease and lease-purchase of real estate under the authorization of owners of houses, construction works or construction floor areas in construction works, or land use rights holders;

b/ Provision of services to maintain normal operation of real estate;

c/ Real estate maintenance and repair;

d/ Management and supervision of the exploitation and use of real estate by clients under contracts;

dd/ Exercise of rights and performance of obligations toward clients and the State under the authorization of owners of houses, construction works or construction floor areas in construction works, or land use rights holders.

Article 67. Conditions on real estate consultancy service and real estate management service providers

1. Organizations and individuals providing real estate consultancy services and real estate management services must establish real estate service enterprises under Clause 5, Article 9 of this Law. In case of providing the services of management of condominiums or mixed-use residential buildings, they must also satisfy the conditions prescribed by the housing law.

2. Before conducting their business, real estate consultancy service and real estate management service enterprises shall send their information to the provincial-level state management agencies in charge of real estate business of the localities where they are established for the latter to publish such information on the information system on housing and real estate market in accordance with this Law.

Article 68. Rights and obligations of parties engaged in real estate consultancy services and real estate management services and parties involved in real estate management services

1. Rights and obligations of parties engaged in real estate consultancy services and real estate management services and parties involved in real estate management services, real estate consultancy service charges, and real estate management service prices shall be agreed upon by the parties in the contracts but must not contravene this Law.

2. Parties engaged in real estate consultancy services and real estate management services shall perform their contractual commitments and compensate for the damage they cause.

Section 4

TRAINING AND FURTHER TRAINING IN REAL ESTATE BROKERAGE PRACTICE AND ADMINISTRATION OF REAL ESTATE EXCHANGES; AND GRANT OF REAL ESTATE BROKERAGE PRACTICE CERTIFICATES

Article 69. Requirements on establishments providing training and further training in real estate brokerage practice and administration of real estate exchanges 

1. An establishment providing training and further training in real estate brokerage practice and administration of real estate exchanges must have the legal person status and fall into one of the following cases:

a/ Being a training institution established in accordance with the Law on Vocational Education or Law on Higher Education;

b/ Being an enterprise established with the business line of professional training and further training;

c/ Being an institution established and assigned to perform the function and task of providing professional training and further training by a competent agency or organization, if not falling into the above-mentioned cases.

2. Physical foundations for training activities, lecturers, and training administration apparatuses must comply with relevant education laws.

3. Establishments providing training and further training of real estate brokerage practice and administration of real estate exchanges must have syllabuses with the contents conformable with the framework program issued by the Minister of Construction.

Article 70. Testing of real estate brokerage knowledge and grant of real estate brokerage practice certificates

1. An individual participating in a real estate brokerage knowledge test must fully satisfy the following conditions:

a/ Possessing a certificate of completion of a training and further training course in real estate brokerage practice knowledge;

b/ Possessing an upper-secondary education or higher diploma;

c/ Having submitted a test participation registration dossier and paid test fees to the test organizer.

2. To be granted a real estate brokerage practice certificate, an individual must satisfy the following conditions:

a/ Having passed a real estate brokerage knowledge test;

b/ Having full civil act capacity;

c/ Not being examined for penal liability, being kept in temporary detention, serving an imprisonment sentence, being subject to the administrative handling measure of consignment to compulsory drug rehabilitation establishments or compulsory education establishments, or being prohibited by the court from holding certain positions, practicing or doing certain jobs.

3. The Government shall provide the organization of real estate brokerage knowledge tests and grant of real estate brokerage practice certificates.

Chapter VIII

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

Article 71. Information system on housing and real estate market

1. The information system on housing and real estate market shall be built in a centralized and uniform manner nationwide, thus ensuring connection and sharing of data with the national land database and databases of ministries, sectors, localities and related agencies in order to serve the updating, sharing and exploitation of information on housing and the real estate market and building of the national database system so as to create a platform for development of e-government.

2. The information system on housing and real estate market comprises the following components:

a/ Information technology infrastructure;

b/ Software for management, operation and exploitation of information about housing and the real estate market;

c/ The housing and real estate market database.

Article 72. Information technology infrastructure and software system for management, operation and exploitation of the information system on housing and real estate market

1. The information technology infrastructure on housing and real estate market includes a set of basic equipment like computing devices, network devices, network and database security devices, storage devices, peripheral devices, auxiliary devices and local-area networks.

2. The software system for management, operation and exploitation of the information system on housing and real estate market includes an operating system, a database management system, application software, and network security software.

3. The Government shall detail this Article.

Article 73. Housing and real estate market database

1. The housing and real estate market database shall be built in conformity with the architecture framework of Vietnam’s e-government and the architectures of local e-governments, meeting database standards, standards and technical regulations on information technology, and techno-economic norms.

2. The housing and real estate market database includes:

a/ Database on legal documents on housing and the real estate market;

b/ Database on housing development programs and plans; housing support programs;

c/ Database on survey and statistical programs on housing and the real estate market, and management and use of houses and residential land;

d/ Database on housing and real estate; and housing and real estate projects;

dd/ Database on the number and value of real estate transactions and housing and real estate business contracts;

e/ Database on real estate services;

g/ Other databases in the field of housing and real estate market.

3. The Government shall detail this Article.

Article 74. Building, management and operation of the information system on housing and real estate market

1. Information in the housing and real estate market database is as legally valid as paper documents after being electronically authenticated by competent state agencies in accordance with the Law on E-Transactions.

2. Ministries, ministerial-level agencies, sectors, localities, and related agencies and organizations shall deploy inter-connection of specialized databases, including the national land database, notarization database and other relevant databases, with the housing and real estate market database for updating, sharing, exploitation and use of information. The inter-connection of databases must be deployed in an efficient and safe manner and conformable with assigned functions, tasks and powers of these agencies in accordance with this Law and other relevant laws.

3. The Ministry of Construction shall:

a/ Organize the building, management and operation of the information technology infrastructure and software for management, operation and exploitation of information on housing and the real estate market;

b/ Build, update, manage and exploit the housing and real estate market database nationwide;

c/ Connect, and share information from, the housing and real estate market database to information systems and databases of ministries, ministerial-level agencies and localities, and provide information to organizations and individuals;

d/ Publicize information on housing and the real estate market nationwide which belongs to the information system on housing and real estate market.

4. Ministries, ministerial-level agencies, sectors and related agencies shall connect and share figures and results from basic surveys of, and information relating to, housing and the real estate market with the Ministry of Construction for updating and addition to the housing and real estate market database, including:

a/ Information and data on foreign direct investment capital in the real estate sector;

b/ Information and data on outstanding loans in real estate business;

c/ Information and data on issuance of corporate bonds related to the real estate sector;

d/ Information and data on taxes from real estate business;

dd/ Land-related information and data for the grant of certificates concerning land-use rights and ownership of land-attached assets in accordance with the land law;

e/ Information and data on the number and value of notarized and certified real estate transactions;

g/ Information and data from national-level survey and statistical programs on housing.

5. Provincial-level People’s Committee shall:

a/ Organize the development, updating, management and exploitation of the housing and real estate market database in their localities;

b/ Publicize and be held responsible for information on housing and the real estate market in their localities, which belongs to the information system on housing and real estate market;

c/ Connect, share and provide information and data on housing and the real estate market in their localities with/for other agencies and organizations.

6. Related organizations and individuals shall provide information and data on housing and the real estate market in an adequate, accurate and timely manner under regulations.

7. The Government shall detail this Article.

Article 75. Exploitation of the information system on housing and real estate market

1. The exploitation and use of information on housing and the real estate market must comply with this Law, the law on access to information, and other relevant laws.

2. Cases of exploitation of information in the housing and real estate market database are as follows:

a/ Agencies, organizations and individuals may access and exploit information disclosed or made public in the information system on housing and real estate market;

b/ Specialized database-managing agencies, state agencies, political organizations and socio-political organizations may exploit information in the housing and real estate market database within the ambit of their assigned functions, tasks and powers;

c/ The exploitation of information in the housing and real estate market database in cases other than those specified at Points a and b of this Clause must comply with the Government’s regulations.

3. The Government shall detail Points a and b, Clause 2 of this Article.

Article 76. Funds for building, management, operation and exploitation of the information system on housing and real estate market

1. Funds for building and upgrading of the information technology infrastructure system; software for management, operation and exploitation; survey and collection of information; building of databases and maintenance of regular operation of the information system on housing and real estate market shall come from the state budget in accordance with the law on the state budget and the law on public investment, and other sources in accordance with law.

2. Qualified organizations and individuals are encouraged to invest in building, and providing services for, the information technology infrastructure system; supplying application software to serve the building of the database on housing and real estate market as well as the use and exploitation of information and data.

3. The Minister of Finance shall provide the use of funds for survey and collection of information and for building, updating, maintenance and operation of the information system and database on housing and real estate market; guide the determination of prices for provision of housing and real estate market information and data services in accordance with the law on price; and guide the management and use of proceeds from provision of housing and real estate market information and data services.

Chapter IX

STATE MANAGEMENT OF REAL ESTATE BUSINESS

Section 1

REGULATION OF THE REAL ESTATE MARKET

Article 77. Principles of regulation of the real estate market

1. The State shall regulate the real estate market through land-use master plans and plans, construction master plans, and urban and housing development programs and plans, ensuring the supply-demand balance and appropriate structure of real estate products in each stage of the market as well as the healthy, safe and sustainable development of the real estate market.

2. The State shall regulate the real estate market when the real estate market sees complicated developments affecting socio-economic stability but must ensure:

a/ Uniformity of the national economy;

b/ Utmost respect for market rules;

c/ Protection of interests of the State and lawful rights and interests of related organizations and individuals;

d/ Promptness, feasibility and appropriateness in terms of time and subjects of application.

Article 78. Measures for regulating the real estate market

1. To adjust land-use master plans and plans, construction master plans, and urban and housing development programs and plans for implementation of real estate projects.

2. To adjust the supply source and structure of the real estate market by adjusting the objectives, scale, progress, and product structure of real estate projects.

3. To extend tax payment for subjects operating in the real estate business facing particular difficulties in each period.

4. To support customers and real estate enterprises in accessing preferential loans, for types of real estate that need to be supported and prioritized for development.

5. To administer financial and credit policies applicable to the real estate sector in conformity with market situation in each period.

6. To administer other policies to regulate the real estate market in each period.

Article 79. Competence of regulating the real estate market

1. The Ministry of Construction shall assume the prime responsibility for, and coordinate with ministries, ministerial-level agencies and provincial-level People’s Committees in, studying and proposing the measures for regulating the real estate market specified in Article 78 of this Law according to their assigned functions and tasks.

2. Within its assigned competence, the Government shall decide on measures for regulating the real estate market through administering the implementation of policies on investment, construction, real estate business, tax, credit, land, and finance specified in Article 78 of this Law.

3. For cases falling beyond its competence, the Government shall report and submit policies and solutions for regulating the real estate market to the National Assembly and National Assembly Standing Committee for consideration and decision.

4. The Government shall detail Clause 1 of this Article.

Section 2

CONTENTS OF, RESPONSIBILITY FOR, STATE MANAGEMENT OF REAL ESTATE BUSINESS

Article 80. Contents of state management of real estate business

1. Promulgating, and organizing the implementation of, legal documents on real estate business.

2. Managing real estate business.

3. Building and managing the information system on housing and real estate market.

4. Promulgating decisions and regulations to manage and regulate the real estate market.

5. Inspecting and examining the observance of law; settling complaints and denunciations, and handling violations of the law on real estate business.

6. Carrying out dissemination of and education about, and supervise the implementation of, the law on real estate business;

Article 81. Responsibilities for state management of real estate business

1. The Government shall perform the unified state management of real estate business.

2. The Ministry of Construction, the focal agency assisting the Government in performing the unified state management of real estate business, has the following tasks and powers:

a/ To submit to competent authorities for promulgation, or promulgate according to its competence, legal documents on real estate business;

b/ To formulate schemes and policies on development and management of real estate business;

c/ To assume the prime responsibility for, and coordinate with ministries, ministerial-level agencies and provincial-level People’s Committees in, reporting measures for regulating the real estate market to competent authorities for decision;

d/ To assume the prime responsibility for, and coordinate with ministries, ministerial-level agencies and provincial-level People’s Committees in, organizing the implementation and management of real estate business;

dd/ To manage the grant of real estate brokerage practice certificates, real estate brokerage activities, and the establishment and organization of real estate exchanges;

e/ To assume the prime responsibility for, and coordinate with ministries, ministerial-level agencies and provincial-level People’s Committees in, building, managing and operating the national information system on housing and real estate; and building and publicizing real estate market assessment indexes nationwide;

g/ To carry out dissemination of and education about, and supervise the implementation of, the law on real estate business nationwide;

h/ To implement international cooperation on real estate business;

i/ To inspect and examine the observance of the law on real estate business; to coordinate with provincial-level People’s Committees in examining and reviewing real estate business so as to propose competent state agencies to suspend, halt or terminate operation or adjust, convert or transfer real estate projects;

k/ To settle complaints and denunciations and handle violations according to competence or submit them to competent authorities for settlement in accordance with law;

l/ To report to the Government on the situation of real estate business and the real estate market nationwide.

3. Ministries and ministerial-level agencies shall, within the ambit of their functions, tasks and powers, coordinate with the Ministry of Construction in performing the state management of real estate business.

4. Provincial-level People’s Committees have the following responsibilities:

a/ To perform the state management of real estate business in their localities;

b/ To manage real estate brokerage practice, the operation of real estate exchanges, real estate brokerage and other real estate services in their localities.

c/ To build, manage and operate the information system on housing and real estate market; to build and publicize real estate market assessment indexes in their localities;

d/ To carry out dissemination of and education about, and supervise the implementation of, the law on real estate business in their localities;

dd/ To coordinate with the Ministry of Construction in studying and proposing measures for regulating the real estate market in their localities;

e/ To inspect, examine, settle complaints and denunciations and handle violations of the law on real estate business in their localities according to their competence; to organize the inspection and review of real estate projects in their localities;

g/ To report to the Prime Minister and Ministry of Construction on the situation of the real estate market in their localities on a scheduled or unscheduled basis when requested.

5. District-level People’s Committees shall perform the state management of real estate business according to their competence as provided by law and as assigned by superior-level state agencies.

Chapter X

IMPLEMENTATION PROVISIONS

Article 82. Effect

1. This Law takes effect on January 1, 2025.

2. Law No. 66/2014/QH13 on Real Estate Business, which had a number of articles amended and supplemented under Law No. 61/2020/QH14 (below referred to as Law No. 66/2014/QH13), ceases to be effective on the effective date of this Law, except cases specified in Clauses 2, 3, 5, 6, 7, 9, 12 and 13, Article 83 of this Law.

Article 83. Transitional provisions

1. Within 6 months from the effective date of this Law, real estate enterprises and real estate service providers which have been operating since before the effective date of this Law but yet to fully meet the conditions specified in this Law must meet these conditions.

2. Real estate projects that have met the requirements on real estate investment projects for business under Law No. 66/2014/QH13 since before the effective date of this Law are not required to meet the requirements on real estate projects specified in Article 11 of this Law; in case real estate projects are adjusted and adjustment procedures are carried out after the effective date of this Law, such project must meet the requirements on real estate projects prescribed by this Law.

3. In case of transfer of the whole or part of real estate projects, if the transfer dossiers are valid and have been received under Law No. 66/2014/QH13 but yet to be processed by the effective date of this Law, the transfer must further comply with Law No. 66/2014/QH13; in case of re-carrying out procedures for transfer of the whole or part of real estate projects after the effective date of this Law, the transfer must comply with this Law.

4. For foreign-invested enterprises specified in Law No. 66/2014/QH13 that are carrying out procedures for acquisition of the whole or part of real estate projects but, by the effective date of this Law, have yet to complete land-related procedures for the transferred projects or part of projects, land-related procedures must comply with Clause 3, Article 42 of this Law.

5. For future houses and construction works that fully meet the conditions for being put for business under Law No. 66/2014/QH13, by the effective date of this Law, if purchase and sale or lease-purchase contracts have yet to be signed, procedures for sale or lease-purchase shall be further carried out under Law No. 66/2014/QH13 but information on real estate and real estate projects put for business must be publicized under Article 6 of this Law before purchase and sale or lease-purchase contracts are signed.

6. For sale or lease-purchase of future houses, in case real estate project owners have obtained bank guarantees for their financial obligations toward purchasers/lessees-purchase, they shall not be required to re-carry out procedures for grant of guarantee under this Law.

7. For contracts on purchase and sale or lease-purchase of future houses for which banks have issued certificates of guarantee for project owners’ financial obligations toward clients before the effective date of this Law, it is not required to carry out procedures for grant of guarantee in accordance with this Law.

8. In case contracts on purchase and sale or lease-purchase of future houses have been established under Law No. 66/2014/QH13 and guiding documents before the effective date of this Law but houses have not been handed over, Clause 3, Article 26 of this Law shall not apply.

9. Real estate business contracts established under Law No. 66/2014/QH13 before the effective date of this Law shall be further implemented under Law No. 66/2014/QH13 and guiding documents; if contracts are modified or supplemented after the effective date of this Law, contracting parties shall modify or supplement contents related to contracts in accordance with this Law.

10. Within 6 months from the effective date of this Law, real estate exchanges that have been operating since before the effective date of this Law but yet to fully meet the conditions specified in this Law must meet the conditions specified in Article 55 of this Law.

11. Within 6 months from the effective date of this Law, institutions providing training and further training in real estate brokerage practice and administration of real estate exchanges that have been operating since before the effective date of this Law but yet to fully meet the conditions specified by the Law, must meet these conditions.

12. Real estate brokerage certificates that are granted before the effective date of this Law may continue to be used until the expiration date stated thereon.

13. In case credit institutions, foreign bank branches, asset management companies of credit institutions, and the Vietnam Asset Management Company established and operating under the law on credit institutions have submitted dossiers on transfer of the whole or part of real estate projects being collaterals to competent agencies and such dossiers have been accepted by competent agencies before the effective date of this Law, they shall further comply with Law No. 66/2014/QH13 and guiding documents.

This Law was passed on November 28, 2023, by the 15^th National Assembly of the Socialist Republic of Vietnam, at its 6^th session.-

Chairman of the National Assembly
VUONG DINH HUE