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The Ministry of Construction in Vietnam has unveiled a draft decree aimed at guiding the implementation of the recently enacted Law on Real Estate Business. With the law set to take effect from January 1, 2025, the draft decree is a crucial step towards ensuring compliance and establishing a robust legal framework for the management of real estate businesses in the country.
One of the key focal points of the draft decree revolves around regulations concerning the trading of off-plan and ready properties. To promote transparency and consumer protection, real estate businesses are mandated to disclose comprehensive, accurate, and truthful information about properties before entering into contracts.
For off-plan properties, developers are required to submit documentation regarding the eligibility for trading of their projects to provincial-level management agencies. These agencies will then have a 15-day window to review and determine whether the projects meet the criteria for trading.
Moreover, the draft decree elaborates on the operations of real estate transaction platforms, the roles and responsibilities of realtors, and the certification process. By providing clarity on these aspects, the decree aims to streamline real estate transactions and enhance professionalism within the industry.
The issuance of this draft decree underscores the government’s commitment to fostering a transparent, efficient, and well-regulated real estate market. By aligning with international best practices and addressing emerging challenges, Vietnam aims to bolster investor confidence and promote sustainable growth in the real estate sector.
The Ministry of Construction has invited stakeholders and the public to provide feedback and comments on the draft decree. This collaborative approach ensures that the final decree reflects the diverse perspectives and interests of all stakeholders involved in the real estate industry.
As Vietnam continues to experience rapid urbanization and economic development, the effective implementation of the Law on Real Estate Business and the accompanying decree will play a pivotal role in shaping the future of the country’s real estate landscape. Through proactive regulation and strategic planning, Vietnam aims to create an environment conducive to investment, innovation, and equitable development in the real estate sector.
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