Conditions of real estate business in Vietnam

by BichNgoc

Currently, the real estate business is taking place very actively. Then, this activity brings huge profits, investors flock to this market. LSX Lawfirm will give you an article about: “Conditions of real estate business in Vietnam”, as follows:

The Land law 2013

Law on real estate trading 2014

Law on investment 2020

What does real estate business means?

Real estate business is capital investment in building; purchasing; and receiving real estate not only for sale, but also for transfer; for lease; for sublease; or for lease purchase; then provision of real estate brokerage services, real estate trading floor services, real estate counseling services or real estate management for profit purposes.

Related article: Is the foreign organization a land user?

Prohibited acts in real estate business

Conditions of real estate business in Vietnam

Accordingly, any organizations or individuals wish to conduct real estate trading shall set up enterprises or cooperatives (hereinafter referred to as enterprises); excluding cases prescribed as: Any organizations, households and individuals who conduct small-scale or irregular transactions of real estate sale; transfer; lease-out; and lease purchase; competent authority shall not require to set up enterprises, but they shall make tax declaration as prescribed.

Thus, organizations and individuals trading real estate must establish enterprises or cooperatives (hereinafter referred to as enterprises), except for cases where organizations; households or individuals sell, transfer; If you rent, lease-purchase real estate on a small or irregular basis; the law does not require to set up an enterprise but must declare and pay tax in accordance with law.

In addition, the Investment Law 2020 also amends regulations on the authority to allow the transfer of all or part of real estate projects related to issue: Conditions of real estate business in Vietnam, specifically:

– Firstly, for real estate projects approved by investors or granted an Investment Registration Certificate in accordance with the Law on Investment, the authority and procedures for transferring the whole or a part of the project shall comply with the provisions of the Law on Investment. provisions of the Investment Law.

– Secondly, for real estate projects that do not fall into the above cases, the authority to authorize the transfer of all or part of real estate projects is as follows:

+ Firstly, Provincial-level People’s Committees decide to permit the transfer of all or part of real estate projects, for projects in which the provincial-level People’s Committees decide the investment.

+ Then the Prime Minister shall decide to permit the transfer of all or part of a real estate project, for a project whose investment the Prime Minister decided.

Related questions about “Conditions of real estate business in Vietnam”

Types of real estate to be put on the market

Existing buildings of organizations or individuals.
Off-the-plan buildings of organizations or individuals.
Buildings which are public properties to be put on the market permitted by competent agencies.
Types of lands whose land-use rights the law permitted to transfer (hereinafter referred to as land), lease, sublet .

Requirements in terms of real estate projects to be put on the market

Firstly, The law asked the real estate projects shall comply with land-use planning, urban planning, rural construction planning and follow competent agencies approved the plan approved.
Secondly, Procedures for real estate projects put on the market. It shall complied with regulations of laws on investment, land, construction, urban area, housing and corresponding regulations of law.
Finally, Real estate projects shall be carried out on schedule with quality assurance as prescribed in laws on construction.

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