Deputy Minister of Construction Nguyen Van Sinh chaired a meeting at the ministry’s headquarters, connecting online with the People’s Committees of 34 provinces and centrally-governed cities, to gather feedback on the establishment of the State-run Real Estate and Land Use Rights Transaction Center (the Center).
The Ministry of Construction has proactively developed a proposal for the Center, based on a draft plan that will seek the Politburo’s opinion. Subsequently, a pilot resolution will be formulated, laying the groundwork for the implementation of the State-run Real Estate and Land Use Rights Transaction Center.
Deputy Minister Nguyen Van Sinh stated that Prime Minister has directed the acceleration of the Center’s establishment to promote a healthy and secure real estate market, particularly in controlling transactions and legal compliance. Therefore, the Ministry of Construction must promptly implement the Center in accordance with National Assembly Resolution 206 and issue a Government Resolution for immediate execution across 34 provinces and cities.
The Ministry of Construction held a conference to gather input on the establishment of the State-run Real Estate and Land Use Rights Transaction Center.
Mr. Vuong Duy Dung, Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction), announced that the Party Committee of the Ministry of Construction has issued Document No. 192 to the Government Party Committee, proposing the adoption of a pilot resolution for the State-run Real Estate and Land Use Rights Transaction Center model.
He explained that the goal is to transition to electronic transactions, enhancing management efficiency and increasing transparency in the real estate market.
First, it aims to develop a transparent and risk-reduced real estate and land use rights market, simplify administrative procedures, lower costs and time for citizens and businesses, and promote digital transformation, fostering a healthy business investment environment.
Second, it establishes an official, transparent transaction channel that safeguards the legal rights and interests of citizens and businesses, standardizes transaction processes, provides full-service online public services, and maximizes convenience for market participants. Integrating closely with digital transformation enhances state management efficiency, reduces speculation, price manipulation, and transaction risks, and prevents tax losses for the state.
Third, it drives innovation in real estate management and transactions, embraces new technologies, and contributes to the development of a smart, modern real estate market that meets international integration requirements. This is crucial for enhancing international competitiveness and fostering a sustainable, transparent market.
Mr. Dung added that the pilot program will run for 2 years, from 2026 to 2027. The Center will handle transactions for existing homes, future homes, land use rights with technical infrastructure in real estate projects, and land use rights identified by coded property designations. Transaction types include buying, selling, transferring, leasing, and lease-to-own. Applicable entities encompass individuals and organizations engaged in real estate business, real estate services, and real estate transactions.
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