Do real estate companies have to disclose to customers the restrictions of real estate when doing business in Vietnam?

Do real estate companies have to disclose to customers the restrictions of real estate when doing business in Vietnam?

In Clause 2, Article 6 of the Law on Real Estate Business 2014, there are regulations on disclosure of real estate to be put on the market as follows:

2. Information about real estate contains:

a) Type of the real estate;

b) Location of the real estate;

c) Information about planning related to the real estate;

d) Scale of the real estate;

dd) Characteristics, utilities and quality of the real estate; information about each utility and general use area if the real estate is a mixed-use building or an apartment building.

e) Actual conditions of constructions or services related to the real estate;

g) Documents on ownership of buildings and land and documents related to real estate construction; guarantee agreement, written permission for off-the-plan building sale or lease purchase transactions granted by competent agencies;

h) Restrictions on ownership of or rights to use real estate (if any);

i) Real estate sold, transfer, lease, sublease, lease purchase price.

According to current regulations in Vietnam, real estate companies have to disclose to customers the restrictions of real estate when doing business such as restrictions on ownership of or rights to use real estate (if any). 

Are real estate businesses allowed to disclose information about real estate on the mass media in Vietnam?

In Clause 1, Article 6 of the Law on Real Estate Business 2014, there are regulations on disclosure of real estate to be put on the market as follows:

1. An enterprise conducting real estate trading (hereinafter referred to as real estate enterprise) shall take responsibility for disclosure of real estate according to the following forms:

a) On the website of the real estate enterprise;

b) At the Head office of Project management board regarding investment project on real estate trading;

c) On the real estate trading floors regarding real estate trading through trading floors.

According to this Article, real estate enterprises are entitled to disclose project information in the forms listed above. Therefore, disclosure on the mass media is not a form of disclosing real estate information in Vietnam.

Best Regards!