Vietnam Law has general regulations on finance for housing development. Let’s find out this issue with Lawyer X through the following situation: “Dear Lawyer!I want to ask what are regulations on capital resources for housing development in Vietnam? What are rules for capital mobilization for housing development in Vietnam? What are Regulations on dossiers on housing?Thanks for answering my questions!”
Legal grounds
2014 Vietnam Law on Housing
Capital resources for housing development
– Capital of organizations, households or individuals.
– Loans granted by banks for social policies, credit institutions, or financial institutions running businesses in Vietnam.
– The advance payment of housing sale, lease purchase, or lease as prescribed in 2014 Vietnam Law on Housing.
– Capital resources mobilized by capital contribution, investment cooperation, business cooperation, joint business, association of organizations or individuals.
– Capital granted by the State, including central capital and local capital, which is granted to support beneficiaries of social policies in housing according to the target programs for housing and social housing construction for lease or lease purchase.
– Foreign-related capital and other lawful capital resources.
Rules for capital mobilization for housing development
– The method of capital mobilization must comply with each type of housing as prescribed in 2014 Vietnam Law on Housing. Any capital source is mobilized not in accordance with requirements pertaining to type of housing as prescribed in law on housing shall be invalidated.
– Any organization or individual must satisfy requirements pertaining to capital mobilization as prescribed in law on housing.
– Ensure publicity and transparency; protect lawful rights and interests of organizations or individuals invested in housing development.
– The organization or individual must use that capital for proper purposes, and may not use it for other projects or improper purposes.
– The capital invested in housing development and implementation of policies on social housing shall be managed as prescribed in 2014 Vietnam Law on Housing, relevant law provisions and agreement of contracting parties.
– The Government shall provide guidance on capital mobilization, content, requirements, and methods of capital mobilization for housing development.
Capital resources for commercial housing development
– Capital resources under ownership of the investor.
– Capital resources mobilized through methods of capital contribution, investment cooperation, business cooperation, joint business, association of organizations or individuals.
– The advance payment according to agreements on off-the-plan housing sale, lease, or lease purchase.
– Loans granted by credit institutions, or financial institutions running businesses in Vietnam.
Capital resources for implementation of policies on social housing
– Capital of investors or capital mobilized through methods of capital contribution, investment cooperation, business cooperation, joint business, association of organizations or individuals.
– Capital of beneficiaries of policies on social housing.
– Investment capital of the State prescribed in Clause 1 Article 53 of 2014 Vietnam Law on Housing.
– Capital provided directly to beneficiaries of policies on social housing by the State; capital provided through concessional loans by bank for social policies or the credit institutions which are appointed by the State.
– Capital from Funds and other lawful capital resources.
Capital resources for official residence development
– Government budget capital includes central budget and local budget.
– Other capital resources as prescribed.
Capital resources for housing development serving the relocation
– Capital of investors or capital resources mobilized through capital contribution, investment cooperation, business cooperation, joint business, association of organizations or individuals.
– Investment capital of the State prescribed in Clause 3 Article 36 of 2014 Vietnam Law on Housing.
– Capital from Land development funds.
– Capital from compensation for relocation when the land clearance is conducted as prescribed.
– Capital mobilized from other lawful capital resources.
Capital resources for development of housing of households or individuals
– Capital of households or individuals.
– Cooperated capital between households and individuals; capital from support of relatives and community.
– Loans granted by credit institutions, or financial institutions running businesses in Vietnam.
– Capital provided for beneficiaries of policies on housing support prescribed in Article 65 of 2014 Vietnam Law on Housing by the State.
– Other lawful capital resources.
Preferential loans granted by banks for social policies for social housing development
– The State shall grant preferential loans with low interests and long term through funding provided for banks for social policies in order to implement the target programs for housing and social housing construction.
– The bank for social policies may mobilize saving deposits from domestic households and individuals, who wish to buy, rent and buy social housing, then grant loans with preferential interests and long term after a certain period in which the saving accounts are deposited.
– The bank for social policies must manage and use the capital resources for proper purposes as prescribed in Clause 1 and Clause 2 of this Article.
– The Ministry of Construction and the Ministry of Labor, War Invalids and Social Affairs are responsible for management of capital resources and use of capital resources as prescribed in Clause 1 and Clause 2 of this Article.
– The Government shall provide guidance on this Article.
Content of management and use of housing
– Compiling, archiving and management of documents on housing.
– Home insurance.
– Management and use of housing possessing art, culture an+or history value.
– Management and use of state-owned housing.
– Housing warranty, maintenance, renovation, or demolition.
Regulations on dossiers on housing
– The homeowner, or the occupiers if it is unable to determine the homeowner, or the agency in charge of state-owned housing, shall compile and store the dossiers on housing as prescribed in Clause 2 of this Article and Article 77 of 2014 Vietnam Law on Housing.
– The dossier on housing shall include:
+ Regarding housing in rural and urban areas occupying before July 1, 2006, the dossier shall include the proven documents on lawful housing or declarations about housing as prescribed in law on housing;
+ Regarding housing in urban areas occupying from July 1, 2006, the dossier on housing shall include proven documents on lawful housing; documents on consulting organizations, construction organizations, design drawings, floor plan, site plan, as-built dossiers prescribed in law on construction (if any);
+ Regarding housing in rural areas occupying before July 1, 2006, the housing dossiers shall include documents on lawful housing and floor plan, site plan (if any);
+ Regarding projected-base housing construction, the dossier shall include documents on residential construction project and as-built dossiers as prescribed.
Policies on housing development
– The State shall provide residential land resources by granting approval for land-use planning, urban planning, particular area planning, or rural area construction planning.
– The State shall issue policies on planning, land, finance, credit, science and technology application, new building materials to invest in renovation or reconstruction of apartment buildings which are seriously damaged, in danger of collapse, or unsafe for the occupiers, and encourage organizations, households or individuals to develop housing for lease, lease purchase, or sale according to market mechanism.
– The State shall issue policies on tax exemption and reduction, exemption and reduction in land levies, land rents, long-term credit with preferential interest rate, other financial incentives and grant from capital resources of the State to carry out incentive policies on social housing.
– The State shall formulate policies on research and issuance of typical designs regarding every type of housing in conformity with every area, region; incentive policies on energy-saving housing development.
– The People’s Committees of provinces or central-affiliated cities (hereinafter referred to as provinces) and investors in commercial housing projects shall reserve residential land for social housing construction as prescribed in law on housing.
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Frequently asked questions
The method of capital mobilization must comply with each type of housing as prescribed in 2014 Vietnam Law on Housing. Any capital source is mobilized not in accordance with requirements pertaining to type of housing as prescribed in law on housing shall be invalidated.
The Government shall provide guidance on capital mobilization, content, requirements, and methods of capital mobilization for housing development.
The State shall grant preferential loans with low interests and long term through funding provided for banks for social policies in order to implement the target programs for housing and social housing construction.
Conclusion: So the above is Regulations on finance for housing development in Vietnam. Hopefully with this article can help you in life, please always follow and read our good articles on the website: lsxlawfirm.com
