According to Ms. Hanh, the Ministry of Construction is focusing on two main groups of institutional reforms: the status and role of real estate brokers and exchanges, and providing brokers and exchanges with the tools to verify the legal conditions of real estate before bringing it to the market.
These regulations are designed to determine if a real estate project meets the requirements for market entry, based on a comprehensive understanding of various legal relationships and a range of legal frameworks, beyond just the Law on Real Estate Trading, the Housing Law, or the Land Law.
Ms. Hanh emphasized the role of state management agencies in interconnecting and sharing data, especially for future real estate projects. She highlighted the importance of this process in the development of real estate projects, which heavily relies on the legal system.
Recently, the Ministry of Construction has been working with the Vietnam Real Estate Brokers Association to develop a pilot project titled “Center for Trading Real Estate and Land Use Rights Managed by the State.”.
The Center for Trading Real Estate and Land Use Rights Managed by the State is expected to commence operations soon. |
“We aim for transparent control, starting from ensuring the eligibility of real estate supply for trading, to streamlining administrative procedures during the real estate transaction process, and finally issuing certificates to the people,” said Ms. Hanh. “The Center will positively impact real estate brokers and exchanges by connecting buyers and sellers and facilitating the merger of real estate transactions.”
Additionally, Ms. Hanh mentioned that the Center for Trading Real Estate and Land Use Rights will provide support and ensure efficiency in the procedures when issuing certificates in the future.
At the beginning of 2025, the Ministry of Construction was assigned by the Prime Minister to study a model for online real estate and land transactions, similar to the stock market, to enable digital transformation and streamline land-related procedures. This would allow people to conduct real estate transactions, notarization, taxation, and transaction registration in an electronic environment.
The pilot project for the Center for Trading Real Estate and Land Use Rights is also intended to enhance transparency in the market. The Ministry’s Information Center will complete the software system, interconnect data, and ensure the security of the information system.
The Ministry of Public Security has been requested to collaborate on the National Housing Database, connecting it to the National Population Database and other databases related to notarization, land, investment, and construction. This system will provide regular updates on real estate transactions, legal status of projects, eligible real estate for trading, and inventory.
According to the Vietnam Real Estate Brokers Association, the establishment of the Center for Trading Real Estate and Land Use Rights is a correct and positive direction for the market. It will contribute to more comprehensive supervision and management of the real estate market, going beyond just future housing and land plot projects as it is currently the case. The establishment of this center will also help prevent fraud and misinformation in real estate transactions and sales of houses on paper.
Furthermore, when implementing the land use rights trading floor, combining it with the real estate trading floor will provide transaction data, serve as a basis for building data and creating a nationwide land price map.
Ngoc Mai
– 06:16 01/07/2025
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