Ho Chi Minh City’s Department of Construction Announces New Real Estate Transparency Regulations
On October 10, the Ho Chi Minh City Department of Construction issued a notice regarding compliance with legal regulations on disclosing real estate information and projects available for business within the city (applicable to real estate businesses and projects).
Source: Ho Chi Minh City Department of Construction
According to the notice, only developers are authorized to sign contracts with buyers or lease-to-buy customers. Delegating this authority to real estate agencies or individuals is considered a violation of real estate business regulations.
This regulation aims to prevent developers from delegating contract signing to brokers, which has led to legal risks for buyers. Many customers have lost deposits or faced disputes when projects stalled, while developers denied responsibility for contracts signed by third parties.
Additionally, before launching sales, lease-to-buy offers, or transfers, developers must fully disclose project details, including location, legal status, scale, progress, and business eligibility conditions. After transactions, companies must update sales and transfer information for regulatory monitoring.
The Department of Construction stated that illegal project transfers, unauthorized capital raising, or misuse of customer funds will result in fines ranging from 200 to 300 million VND and a 6–12 month suspension of operations.
The department also requires that before selling or leasing future properties, businesses must notify regulatory authorities of project eligibility for transactions. Initially, reports must be submitted in hard copy; once the national real estate data system is operational, online submissions will be mandatory for public accessibility.
The department emphasized that information disclosure is a mandatory obligation to enhance transparency, prevent fraudulent projects and illegal fundraising, and ensure developers are directly accountable to buyers. It also advised customers to sign contracts and make payments directly to developers, avoiding transactions through brokers without clear authorization.
Experts believe that disclosing project information and prohibiting delegated contract signing will increase market transparency, providing buyers with verification tools before committing funds. If strictly enforced, these measures will be crucial in restoring order and confidence in Ho Chi Minh City’s real estate market.
Previously, real estate agencies could be legally authorized by developers to sign sales, lease-to-buy, or transfer contracts with customers. However, since the 2023 Real Estate Business Law took effect on January 1, 2025, this practice has been significantly restricted, nearly eliminating broker delegation for developer contracts.
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