Requirements for the housing repurposing in Vietnam

Requirements for the housing repurposing in Vietnam (Image from the Internet)

1. Requirements for the housing repurposing in Vietnam

The requirements for the housing repurposing in Vietnam according to Article 49 of Decree 95/2024/ND-CP are as follows:

- For housing construction investment projects that have not been completed and accepted for use but the investor wishes to adjust the investment objectives, the investment objectives of the project shall be adjusted in accordance with the investment approval policy as stipulated by the laws on investment and housing. For projects using public investment funds, the adjustment of investment approval policies shall be followed according to the laws on public investment.

- For housing that has completed the acceptance and is put into use as per the laws on construction but has not been allocated for use, the conversion of residential functionality shall be carried out in accordance with the Housing Law 2023 and Decree 95/2024/ND-CP.

- The converted residential property must comply with the provisions of Clause 2, Article 124 of the Housing Law 2023 and the provisions of Article 49 of Decree 95/2024/ND-CP.

- The repurposingy applies only to housing specified in Clause 1, Article 124 of the Housing Law 2023; for apartment buildings, partial or full conversion is permissible.

- The conversion of residential functionality must not alter the technical or social infrastructure of the area where the conversion is taking place, must meet the standards and regulations according to the construction law, and must adhere to fiscal obligations and taxes as regulated by land, housing, tax laws, and other relevant legislation.

- The residential property after conversion must have the same source of construction investment capital as before the conversion.

- For projects financed by public investment funds, the management of revenue sources from renting, rent-to-own agreements, or selling converted residential functionality shall be implemented according to Article 60 of Decree 95/2024/ND-CP.

2. Authority for Approval of housing repurposing in Vietnam

The authority for approval of housing repurposing in Vietnam according to Article 50 of Decree 95/2024/ND-CP is as follows:

- For housing constructed under a project, the authority for approval of conversion is stipulated as:

+ The Ministry of Construction approves the conversion of residential functionality for housing projects funded by the central budget or housing within projects approved by the Prime Minister of Vietnam according to the investment laws;

+ Provincial People's Committees approve the conversion of residential functionality for other projects not covered by point a, Clause 1, Article 50 of Decree 95/2024/ND-CP.

- For housing not constructed under a project, the authority for approval of conversion is as stipulated:

+ The Ministry of Construction approves the conversion of functional residential housing allocated to entities under the Ministry, equivalent bodies, the Government of Vietnam, or central agencies (collectively referred to as central agencies) and public asset housing as stipulated in point d, Clause 1, Article 13 of the Housing Law 2023 (referred to as old housing under public assets) managed by central agencies;

+ Provincial People's Committees approve the conversion for official duty housing and old housing under public assets managed by local authorities.

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