Vietnam: Fine for violations against regulations on real estate business shall be up to VND 300 million

Vietnam: Fine for violations against regulations on real estate business shall be up to VND 300 million
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According to Decree No. 139/2017/NĐ-CP of Vietnam’s Government, the highest fine for violations against regulations on real estate business shall be VND 300 million, in particular:

A fine ranging from VND 250,000,000 to VND 300,000,000 shall be imposed on the investor of a real estate project for one of the following violations:

- Trading real estate which fails to satisfy requirements for trading or is banned from trading as regulated;

- Failure to trade real estate within the licensed scope of business;

- Failure to ensure construction progress of the real estate trading project or the housing construction project as approved by competent authority;

- Sale or lease purchase of off-the-plan commercial buildings without financial guarantee given by a qualified commercial bank as regulated by law;

- Failure to carry out procedures for issuance of certificate of land use right, ownership of house and property on land to the buyer or tenant, or failure to provide relevant documents/papers to the buyer or tenant as regulated by law;

- Giving authorization or delegation to a party of an investment cooperation, joint venture, association, partnership or the capital contributor to sign contracts for sale, transfer or lease purchase of real estate;

- Refusal to make certification without legitimate reasons or failure to make certification on the written agreement for transfer of the contract for sale or lease purchase of the off-the-plan property;

- Transferring the contract for lease purchase of an existing house or building, or transferring the contract for sale or lease purchase of off-the-plan house or building inconsistently with regulations;

- Failure to comply with applicable regulations on prices for sale, transfer, lease and lease purchase of property.

View more details at Decree No. 139/2017/NĐ-CP of Vietnam’s Government, effective from January 15, 2018.

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