Vietnam: Cases where investors may act as developers of commercial housing construction projects

Cases of selection and approval of investors to be developers of commercial housing construction projects in Draft Decree on amendments to Decree 99/2015/ND-CP dated October 20, 2015 of the Government of Vietnam on the elaboration of the Housing Law are as follows:

Vietnam: Cases where investors may act as developers of commercial housing construction projects (illustration)

- Case 1: For commercial housing construction investment projects that are eligible for land use rights auction or bidding for project developer selection according to legal regulations, investors participating in the auction or bidding must meet the conditions to be project developers as stipulated in Article 21 of the Housing Law and have the necessary conditions to be allocated land or leased land to implement the project under the provisions of the land law.

- Case 2: Organizations, households, and individuals with legal homestead land use rights and other types of land permitted by competent state agencies to change the land use purpose to homestead land, provided that they meet the conditions to be project developers as stipulated in Article 21 of the Housing Law and have the necessary conditions to be allocated land or leased land to implement the project under the provisions of the land law, shall be approved as project developers for housing construction projects.

- Case 3: For housing construction investment projects with multiple investors approved for investment policies following the legal provisions on investment, the investors must authorize one investor who meets the conditions stipulated in Article 21 of the Housing Law and has the necessary conditions to be allocated land or leased land to implement the project under the provisions of the land law as the project developer. The authorized project developer is responsible for carrying out the construction investment, and business of the project in accordance with the construction law, housing law, and real estate business law; the participating investors share the profits in cash or shares of the project according to the agreement.

More details maybe found in Draft Decree on amendments to Decree 99/2015/ND-CP.

Long Binh

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