Regulations on regulation of real estate market from August 1, 2024

Regulations on regulation of real estate market from August 1, 2024 (Image from the internet)

Regulations on regulation of real estate market from August 1, 2024

According to the provisions outlined in Chapter VI of Decree 96/2024/ND-CP, the regulations on regulation of real estate market from August 1, 2024, are as follows:

(1) Regulations on assessing the real estate market situation as a basis for proposing regulation of real estate market

- The Ministry of Construction acts under the directive of the Government of Vietnam or bases on price indexes, real estate transaction volume indexes, and other economic-social statistics relevant to the real estate market to assess the real estate market situation and propose market regulation measures.

- The research and synthesis of assessment reports and the proposal of regulation of real estate market measures are conducted when the real estate transaction price index fluctuates by more than 20% within 3 months; or when other market fluctuations impact economic-social stability.

(Article 34 of Decree 96/2024/ND-CP)

(2) Regulations on proposing regulation of real estate market measures

- According to Clause 2, Article 34 of Decree 96/2024/ND-CP, within 15 days, the Ministry of Construction coordinates with various ministries, ministerial-level agencies, and provincial People's Committees to compile assessment reports and propose regulation of real estate market measures to submit to the Government of Vietnam for consideration, including the contents specified in Clauses 2, 3, 4, 5, 6, and 7 of Article 35 of Decree 96/2024/ND-CP.

- The Ministry of Construction proposes regulatory measures related to legislation on urban planning, construction, housing, and real estate business; urban, housing, and real estate development programs and plans; and real estate product structure.

- The Ministry of Planning and Investment proposes regulatory measures related to legislation on investment and bidding.

- The Ministry of Natural Resources and Environment proposes regulatory measures related to land legislation.

- The Ministry of Finance of Vietnam proposes regulatory measures related to tax, finance, securities, and corporate bonds.

- The State Bank of Vietnam proposes regulatory measures related to credit legislation.

- Provincial People's Committees review the implementation of local real estate projects and propose regulation of real estate market measures within their jurisdictions.

(Article 35 of Decree 96/2024/ND-CP)

(3) Submit competent agencies for the decision on regulation of real estate market measures

- The Ministry of Construction compiles assessment reports and proposals for regulation of real estate market measures for submission to the Government of Vietnam for consideration and decision-making.

- In cases where the regulation of real estate market measures exceed the authority of the Government of Vietnam, the Ministry of Construction of Vietnam reports to the Government of Vietnam for submission to the National Assembly or the National Assembly Standing Committee for consideration and decision-making.

(Article 36 of Decree 96/2024/ND-CP)

(4) Implement regulation of real estate market

- The Ministry of Construction, in collaboration with various ministries, ministerial-level agencies, and provincial People's Committees, implements regulation of real estate market measures as per the content of the decisions made by the competent agencies according to Clauses 2 and 3, Article 79 of the Law on Real Estate Business 2023.

- regulation of real estate market to ensure supply-demand balance and appropriate product structure for each market phase is conducted through the planning, submission, approval, and implementation of land use planning, construction planning, urban development programs, and housing development plans.

For more details, refer to Decree 96/2024/ND-CP, which comes into force in Vietnam from August 1, 2024.

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