What are the regulations on housing and real estate market information system in Vietnam?

What are the regulations on housing and real estate market information system in Vietnam? (Internet image) 

Regarding this issue, LawNet would like to answer as follows:

1. What are the regulations on housing and real estate market information system in Vietnam? 

According to Article 71 of the Law on Real Estate Business 2023, the regulations on housing and real estate market information system are as follows:

- The housing and real estate marketing information system is developed in a centralized and uniform manner on a nationwide scale; must be capable of connecting and sharing data with the national land database and databases of Ministries, central-government authorities, local governments and other relevant authorities for updating, sharing and using information on housing and real estate market, and developing the system of national databases as the basis for development of e-Government.

- The housing and real estate marketing information system is composed of the following elements:

+ IT infrastructure system;

+ Software system serving management and operation of the information system, and use of information on housing and real estate market contained therein; and

+ Housing and real estate market database.

2. What are the regulations on operation of housing and real estate market information system in Vietnam?

Pursuant to Article 75 of the Law on Real Estate Business 2023, regulations on operation of housing and real estate market information system are as follows:

- Access to and use of information on housing and real estate market must comply with the provisions of this Law, the Law on Access to Information, and relevant laws.

- Information contained in the housing and real estate market database shall be used in the following cases:

+ Authorities, organizations and individuals are allowed to access and use information disclosed or made publicly available on the housing and real estate market information system;

+ Specialized database managing authorities, regulatory authorities, political organizations, and socio-political organizations are allowed to use information contained in the housing and real estate market database within the ambit of their assigned functions, tasks and powers;

+ Use of information contained in the housing and real estate market database in cases other than those specified in points a and b of this clause shall comply with the Government’s regulations.

3. Funding for development, management and operation of housing and real estate market information system

- Funding for developing and upgrading IT infrastructure system, software system serving management and operation of the housing and real estate market information system, surveys and collection of information, database development and maintenance of regular operation of the housing and real estate market information system shall be allocated by the state budget in accordance with regulations of the Law on State Budget, the Law on Public Investment, and other funding sources in accordance with regulations of law.

- Qualified organizations and individuals are encouraged to make investment in construction and provision of IT infrastructure system services; provide application software to serve the development of the housing and real estate market database and use of information/data.

- The Minister of Finance of Vietnam shall provide specific regulations on use funding for development, surveys and collection of information, updating, maintenance and operation of housing and real estate market information system and database; guidelines for determination of prices of housing and real estate market information/data services in accordance with regulations of the Pricing Law; guidelines for management and use of revenues earned from provision of housing and real estate market information/data services.

(Article 76 of the Law on Real Estate Business 2023)

Nguyen Ngoc Que Anh

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