Latest procedures for the transfer of real estate project with investment decided by the Provincial People's Committee in Vietnam

Latest procedures for the transfer of real estate project with investment decided by the Provincial People's Committee in Vietnam (Image from the Internet)

On October 4, 2024, the Minister of Construction issued Decision 907/QD-BXD announcing new and replaced administrative procedures in the field of real estate business within the scope of State management functions.

Latest procedures for the transfer of real estate project with investment decided by the Provincial People's Committee in Vietnam

(1) Process for implementation:

- The real estate project investor submits one set of documents requesting permission to transfer the entire or a portion of the real estate project, decided by the provincial People's Committee, to the provincial Public Administrative Center or the Reception and Return Department for administrative procedures of the Department of Construction if authorized by the provincial People's Committee.

- Within 30 days from the date of receiving a complete and valid dossier, the provincial People's Committee is responsible for soliciting opinions from relevant local agencies on the project and transferred portion and organizing the appraisal of the transfer dossier and making a decision.

In cases where the transferee entity is a foreign-invested economic organization with a project or part of the real estate project transferred in areas such as islands; commune-level towns bordering commune-level townships, and coastal commune-level town areas affecting national defense and security under national defense and security laws, the provincial People's Committee where the project is located must seek opinions from the Ministry of National Defense and the Ministry of Public Security of Vietnam on ensuring national defense and security.

Where the provincial-level state management agency for the real estate business is authorized by the provincial People's Committee, within 30 days of receiving a valid dossier, the Department of Construction is tasked with soliciting relevant local entities' opinions on the project and transferred portion, organizing the appraisal of the transfer dossier, and presenting it to the provincial People's Committee for decision-making.

- Within 15 days from the receipt of the document, the dossier to seek opinions of the provincial People's Committee or the Department of Construction, the consulted agencies must provide opinions on the content falling under the scope of State management assigned according to the provisions of Article 4, Article 39, and Article 40 of the Law on Real Estate Business.

- After the provincial People's Committee decides to allow the transfer of the entire or part of the real estate project, the parties are responsible for complying with regulations in Clauses 6, 7, 8, Article 10 of Decree 96/2024/ND-CP dated July 24, 2024, of the Government of Vietnam detailing some articles of the Law on Real Estate Business.

(2) Mode of implementation: Submit documents directly or via postal services or online.

(3) Composition of documents, number of dossiers:

* Composition of documents:

The dossier includes copies and presentation of the original for comparison or authenticated copies or electronic copies with legal value of the following documents:

** Documents of the transferring project investor include:

- Document from the project investor requesting permission to transfer the entire or a portion of the real estate project in the form specified in Appendix XII issued with Decree 96/2024/ND-CP dated July 24, 2024, of the Government of Vietnam detailing some articles of the Law on Real Estate Business;

- Investment policy decision or investment policy approval or investment approval of the real estate project by the competent state agency according to the legal regulations on investment, construction, housing;

- Document from a competent state agency on investor selection, investor selection according to the laws on investment, auction, bidding, housing, urban development; decision or document recognizing the investor in cases where the project must undergo investor recognition procedures in accordance with the laws on construction, housing;

- Decision on approval of detailed planning or general site plan of the real estate project by competent state authorities according to legal regulations on construction, urban planning;

- Land documents include: Decision on land allocation, land lease, land use purpose conversion for carrying out the project by competent state authorities according to the law on land. The land handover record to the investor at the location of the project by the competent state agency according to land laws;

- In cases where projects, parts of real estate projects are mortgaged, a document proving that the mortgage has been discharged according to the law is required;

- Documents for acceptance according to construction law stipulating the completed investment in constructing the infrastructure works consistent with the schedule, design, detailed planning, and approved project content in cases of transferring the entire infrastructure investment project;

- Confirmation from the tax authority that the project investor has completed financial obligations regarding the land with the State and certificates showing the investor has paid fees related to the land (if any), as stipulated in Clause 3, Article 40 of the Law on Real Estate Business;

- For state-owned enterprises transferring the entire or part of the real estate project, documents proving compliance with the laws on management and use of state capital investment in production and business at the enterprise are required;

- Report on the implementation process of the real estate project up to the time of transfer according to the form specified in Appendix XIII issued with Decree 96/2024/ND-CP dated July 24, 2024, of the Government of Vietnam detailing some articles of the Law on Real Estate Business;

- Agreement on transferring the entire or a part of the real estate project between the transferor and the transferee (if any).

** Documents of the transferee entity include:

- Certificate of business registration or Certificate of investment registration or documents proving the establishment of the entity in accordance with laws on enterprises, investment laws;

- Financial statements as stipulated in point a, clause 1 of Article 6 of Decree No. 96/2024/ND-CP dated July 24, 2024, of the Government of Vietnam detailing some articles of the Law on Real Estate Business;

- Commitment document to continue implementing the investment construction and business in accordance with the approved project content;

- Documents proving compliance with conditions as provided by investment laws and related legal provisions.

* Number of dossiers: 01 set

(4) Time limit for resolution: Maximum of 45 days from the date of receipt of valid dossiers.

More details can be found in Decision 907/QD-BXD, which comes into force in Vietnam from October 4, 2024.

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