Cases of exploiting the information system on housing and real estate market in Vietnam

Cases of exploiting the information system on housing and real estate market in Vietnam​ (Image from the Internet)

1. Cases of exploiting the information system on housing and real estate market in Vietnam

According to Clause 2, Article 75 of the Real Estate Business Law 2023, the exploiting the information system on housing and real estate market database includes the following cases:

- Agencies, organizations, and individuals are granted access to expoit publicly announced information in the housing and real estate market information system;

- Agencies managing sectoral databases, state agencies, political organizations, socio-political organizations are authorized to use information in the housing and real estate market database within the scope of their functions, duties, and powers;

- Exploiting the information system on housing and real estate market database not specified in points a and b of Clause 2, Article 75 of Real Estate Business Law 2023 shall be implemented according to the Government's regulations.

2. Regulations on development, management, and operation of information systems on housing and real estate market in Vietnam

The development, management, and operation of information systems on housing and real estate market, according to Article 74 of the Real Estate Business Law 2023, are as follows:

- Information in the housing and real estate market database has the same legal value as paper documents when electronically authenticated by competent state agencies according to the Electronic Transactions Law 2023.

- Ministries, ministerial agencies, sectors, localities, and related organizations shall establish interconnection of their sectoral databases, including national land databases, notarial databases, and other related sources to update, share, expoit, and use information with the housing and real estate market database. The interconnection must ensure effectiveness, safety, and alignment with their functions, duties, and powers as stipulated by the Real Estate Business Law 2023 and relevant laws.

- The Ministry of Construction has the following responsibilities:

+ Organize the development, management, and operation of IT infrastructure systems and software for the management and operation of housing and real estate market information;

+ Develop, update, manage, and expoit the housing and real estate market database nationwide;

+ Connect and share information from the housing and real estate market database with information systems and databases of ministries, agencies, localities, and provide information to organizations and individuals;

+ Publicly announce information about housing and the real estate market nationwide within the information system on housing and the real estate market.

- Ministries, ministerial agencies, and relevant bodies have the responsibility to connect and share data, investigation results, and information related to the housing and real estate sector with the Ministry of Construction for updating and supplementing into the housing and real estate market database, including:

+ Information and data on foreign direct investment in the real estate business sector;

+ Information and data on credit outstanding balance for business activities in the real estate sector;

+ Information and data on bond issuance related to the real estate business sector;

+ Information and data on taxes related to real estate business activities;

+ Information and data on land for the issuance of land use rights certificates, asset ownership rights associated with land according to land law;

+ Information and data on the number of transactions, value of real estate transactions that have been notarized, certified;

+ Information and data from national housing survey, statistical programs.

- Provincial People's Committees have the following responsibilities:

+ Organize the development, update, management, and utilization of the housing and real estate market database within the locality;

+ Publicly announce and be responsible for information on housing and the real estate market within the locality as part of the housing and real estate market information system;

+ Connect, share, and provide information and data on housing and real estate market within the locality to relevant agencies and organizations.

- Related organizations and individuals have the responsibility to provide complete, accurate, and timely information and data on housing and the real estate market as required.

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