What are the forms of Vietnamese organization or individual to engage in real estate business in Vietnam under the Law on Real Estate 2023?
- What are the forms of Vietnamese organization or individual to engage in real estate business in Vietnam under the Law on Real Estate 2023?
- What are the prohibited acts in real estate business in Vietnam under the Law on Real Estate Business 2023?
- What are the conditions attached to real estate projects in Vietnam?
What are the forms of Vietnamese organization or individual to engage in real estate business in Vietnam under the Law on Real Estate 2023?
Pursuant to Article 10 of the Law on Real Estate 2023, it is stipulated as follows:
Forms and scope of business in housing, buildings and rights to use land that already has infrastructure within real estate projects, and transfer of real estate projects by Vietnamese organizations/individuals, overseas Vietnamese, and foreign-invested business organizations
1. A Vietnamese organization or individual is allowed to engage in real estate business in the following forms:
a) Invest in construction of housing or buildings for sale, lease or lease purchase;
b) Invest in construction of infrastructure facilities within real estate projects for transfer, lease or sublease of rights to use land that already has infrastructure;
c) Buy or enter into lease purchase of housing, buildings or their floor areas for sale, lease or offer of lease purchase;
d) Receive transfer of rights to use land that already has infrastructure within real estate projects for further transfer or lease;
dd) Lease housing, buildings or their floor areas for sublease;
e) Lease rights to use land that already has infrastructure within real estate projects for sublease;
g) Receive transfer of entire or partial real estate project for continuing construction and trading.
Thus, a Vietnamese organization or individual is allowed to engage in real estate business in the following forms:
- Invest in construction of housing or buildings for sale, lease or lease purchase;
- Invest in construction of infrastructure facilities within real estate projects for transfer, lease or sublease of rights to use land that already has infrastructure;
- Buy or enter into lease purchase of housing, buildings or their floor areas for sale, lease or offer of lease purchase;
- Receive transfer of rights to use land that already has infrastructure within real estate projects for further transfer or lease;
- Lease housing, buildings or their floor areas for sublease;
- Lease rights to use land that already has infrastructure within real estate projects for sublease;
- Receive transfer of entire or partial real estate project for continuing construction and trading.
What are the forms of Vietnamese organization or individual to engage in real estate business in Vietnam under the Law on Real Estate 2023?
What are the prohibited acts in real estate business in Vietnam under the Law on Real Estate Business 2023?
Pursuant to Article 8 of the Law on Real Estate 2023, prohibited acts in real estate business include:
- Put the real estate that does not meet the conditions set forth in this Law on the market.
- Forge documents or deliberately falsify information on the real estate or the real estate project to be put on the market.
- Fail to disclose information on the real estate or the real estate project to be put on the market as prescribed in this Law.
- Commit fraudulent or deceitful acts in real estate business.
- Receive payment for sale or lease purchase of off-plan housing, off-plan buildings or their floor areas against the provisions of this Law; use money received from buyers or tenant-buyers of off-plan housing, off-plan buildings or their floor areas against regulations of law.
- Partially fulfill or fail to fulfill financial obligations to the State.
- Issue or use practicing certificates for real estate brokers against the provisions of this Law.
- Collect, manage or use charges, fees and other amounts related to real estate business against regulations of law.
What are the conditions attached to real estate projects in Vietnam?
Pursuant to Article 11 of the Law on Real Estate 2023, it is stipulated as follows:
Conditions attached to real estate projects
1. A real estate project must be conformable with the land use plan or planning.
2. It must be conformable with the planning approved in accordance with regulations of the Construction Law and the Law on Urban Planning.
3. Procedures for investment in and construction of the real estate project shall comply with regulations of laws on planning, investment, land, construction, housing and other relevant laws.
4. The real estate project has been granted the building permit, if required.
5. The investment in and construction of the real estate project must ensure the schedule, planning, design and implementation duration approved by competent authorities.
6. In addition to the provisions of clauses 1 through 5 of this Article, a housing construction investment project shall also be required to meet relevant conditions set out in the Housing Law.
Thus, real estate projects must ensure the above requirements.
Law on Real Estate 2023 comes into force from January 1, 2025
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