Property Identification Codes Bring Numerous Benefits
The government has issued Decree 357 on the construction and management of information systems and databases for housing and the real estate market, effective from March 1st. This decree is a crucial step in implementing the 2023 Real Estate Business Law, while also establishing a foundational database for market management and transparency.
Notably, each house, apartment, or property within a project will be assigned a unique electronic identification code.
Ms. Hoàng Thu Hằng, Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction), stated that this is the first regulation in Vietnam regarding the identification and coding of real estate properties.
Accordingly, the property identification code is managed from its origin, starting with the land. Each land plot will be assigned a unique code, integrated with additional codes related to the project, construction, and location identification (if applicable), as multiple locations can exist within a single land plot.
“We aim to manage from the origin, from the land acquisition to the complete development of a property and its operation in the market. This management code will be used throughout the transaction process and the issuance of land use right certificates,” Ms. Hằng explained.
According to Ms. Hằng, the introduction of electronic identification codes and the development of a real estate information system not only contribute to administrative procedure reforms but also benefit all market participants, including state management agencies, real estate businesses, and brokerage organizations and individuals.
Electronic identification codes are likened to a “citizen ID” for real estate properties. Photo: Hoàng Hà |
For state management agencies, this system will serve as a vital tool for more effective market management, as all project and transaction information is updated daily.
As per the regulations, all projects, legal documents, and real estate transactions must be updated on the system. This enables management agencies to monitor the number of licensed projects, daily transaction trends, and form a comprehensive and accurate market overview. This data-driven approach facilitates timely and targeted policy decisions and market regulation mechanisms.
“With comprehensive data, management agencies can also assess whether the supply is surplus or deficient in each segment, thereby guiding project approvals and housing development programs to focus on areas and segments in need, avoiding supply-demand imbalances.
Particularly, once the information system is complete, all real estate transactions must be fully and transparently updated with each transaction price, helping to curb price discrepancies and prevent investors from hoarding properties to drive up prices,” Ms. Hằng emphasized.
For developers, according to Ms. Hằng, having projects publicly listed on the information system will serve as a channel for easier public access and increased trust.
Regarding real estate brokerage activities, instead of just issuing practice certificates as before, the system will assign a unique identification code to each broker. This code includes the province code, the local authority issuing the practice certificate, the citizen ID number (or identification code for foreign brokers working in Vietnam), and the real estate brokerage practice certificate code.
Challenges in Implementation
Speaking with reporters, Dr. Lê Bá Chí Nhân, an economic expert, assessed that assigning electronic identification codes to each real estate property is an inevitable and necessary trend for a transparent and sustainable market. These electronic codes will function as a “citizen ID” for real estate properties.
However, he noted that the actual implementation process will face several challenges.
First is the synchronization of data across existing systems such as land, housing, construction, tax, notarization, and banking. If each sector uses different standards and platforms, the identification codes may become “useless” despite being assigned.
Second, many localities are still in the process of digitizing records, with historical data being incomplete or unstandardized, making initial data updating, cleaning, and connection time-consuming and costly.
Third is the discipline of implementation and data update responsibility. Identification codes will only be effective if all property changes are promptly and fully updated. If updates are superficial, delayed, or overly dependent on the subjective will of individual agencies, the system will struggle to achieve its goals.
To ensure the smooth implementation of real estate identification codes, the expert recommends establishing a unified national data standard, clearly defining the property identification code as the “backbone” for synchronizing systems such as land, housing, tax, notarization, and banking. The implementation process should follow the principle of “doing it well where it’s done,” avoiding situations where each sector or locality operates differently, lacking interoperability.
Initially, implementation should follow a roadmap and focus on new projects, urban areas, and commercial apartments—where records are relatively complete and easy to standardize. Simultaneously, authorities should gradually review and clean up data for older projects, avoiding rushed efforts that could lead to inaccurate and difficult-to-utilize data.
Alongside infrastructure development, Mr. Lê Bá Chí Nhân believes it’s necessary to clearly define data update responsibilities and accompanying sanctions. Any agency or stage causing changes must be obligated to update the identification code system. When data becomes a mandatory part of the management process, the system can operate sustainably.
“The government should also encourage private sector participation, especially from technology companies, real estate trading platforms, notarization organizations, and banks, in connecting and utilizing data. When market participants recognize the benefits of identification codes, implementation will be smoother and more substantive,” Mr. Nhân added.
Nguyễn Lê
– 05:45 12/01/2026
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