Regulations on development of housing and real estate market information system in Vietnam​

Regulations on development of housing and real estate market information system in Vietnam​ (Image from the internet)

Regulations on development of housing and real estate market information system in Vietnam

According to Article 74 of the Law on Real Estate Business 2023 on regulations on development, management and operation of housing and real estate market information system in Vietnam:

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

- Ministries, ministerial-level agencies, central and local authorities, agencies, and related organizations shall implement the interconnection of specialized databases including: the national database on land, databases on notarization, and other related databases to update, share, exploit, and use information with the database on housing and the real estate market. The interconnection must ensure efficiency, safety, and conformity with the functions, tasks, and powers as prescribed by the Law on Real Estate Business 2023 and related laws.

- The Ministry of Construction of Vietnam is responsible for:

+ Organizing the construction, management, and operation of technological infrastructure and software serving the management, operation, and exploitation of information on housing and the real estate market;

+ Building, updating, managing, and exploiting the database on housing and the real estate market nationwide;

+ Connecting and sharing information from the database on housing and the real estate market with information systems and databases of Ministries, ministerial-level agencies, localities and providing information to organizations and individuals;

+ Publicly announcing information on housing and the real estate market nationwide that is part of the information system on housing and the real estate market.

- Ministries, ministerial-level agencies, central authorities, and related agencies are responsible for connecting, sharing data, results of basic investigations, and related information on the field of housing and the real estate market with the Ministry of Construction to update and supplement the database on housing and the real estate market, including:

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

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

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

+ Information and data on taxes for real estate business activities;

+ Information and data on land regarding the issuance of certificates of land use rights and ownership of property associated with land in accordance with the law on land;

+ Information and data on the number of transactions, value of real estate transactions that are notarized and authenticated;

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

- Provincial-level People's Committees are responsible for:

+ Organizing the construction, updating, managing, and exploiting the database on housing and the real estate market within their locality;

+ Publicly announcing and being responsible for information on housing and the real estate market within their locality that is part of the information system on housing and the real estate market;

+ Connecting, sharing, and providing information and data on housing and the real estate market within their locality to related agencies and organizations.

- Related organizations and individuals are responsible for providing complete, accurate, and timely information and data on housing and the real estate market as prescribed.

- The Government of Vietnam provides detailed regulations on Article 74 of the Law on Real Estate Business 2023.

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