New regulations on real estate business in 2022 in Vietnam, New conditions on real estate business in Vietnam, real estate business in 2022 in Vietnam, regulations on real estate business in 2022 in Vietnam

New regulations on real estate business in 2022 in Vietnam

(Vietnam) At the beginning of 2022, the Vietnamese Government has just issued Decree No. 02/2022/ND-CP detailing the implementation of several articles of the Law on Real estate trading. Decree 02/2022/ND-CP takes effect from March 1, 2022, and replaces Decree 76/2015/ND-CP.

This Decree provides details on several articles and clauses in the Law on Real estate trading, including:

  • The contents on the conditions of real estate organizations and individuals; 
  • The contents on the types of real estate business sample contracts; 
  • The contents on the transfer of housing lease, construction works are available; 
  • The contents on the assignment of the purchase and sale contract, housing purchase in the future, and the entire transfer procedure or part of the real estate project.

Accordingly, real estate business organizations and individuals (except for cases of organizations, households, individuals selling, transferring, leasing, and leasing small-scale real estate, irregular) must establish an enterprise in accordance with the law on enterprises or a cooperative in accordance with the law on cooperatives, having business lines in real estate.

New conditions on real estate business in Vietnam

According to Decree 02/2022/ND-CP, real estate business organizations and individuals must publicize on the enterprise’s website information about the enterprise (including name, head office address, contact phone number, the name of the legal representative), information about Real estate put into the business in accordance with Clause 2, Article 6 of the Law on Real Estate Business and Information on Mortgages of houses, construction works and real estate projects put into business (if any), information on the quantity and type of real estate products being put into the business, the quantity and type of real estate products sold, transferred, lease-purchased and the remaining quantity and types of products that are still being conducted in businesses.

New regulations on real estate business in 2022 in Vietnam
New regulations on real estate business in 2022 in Vietnam

This information is publicized at the project management headquarters (for real estate business investment projects), at real estate trading floors (for business cases through real estate trading floors).

If the publicized information is changed for any reason, the changes must be updated promptly.

In case the investor is selected as a real estate project investor in accordance with the law, the investor must have equal equity not lower than 20% of the total investment capital for projects with a land-use scale of fewer than 20 hectares.

It must also not be less than 15% of the total investment capital for projects with a land-use scale of 20 hectares or more.

When conducting real estate business, the project investor must satisfy the above conditions.

Note:

The determination of equity is based on the results of the most recent audited financial statements or the results of independent audit reports of the operating enterprise (made in the year or the preceding year).

In the case of a newly established enterprise, the equity capital shall be determined according to the actually contributed charter capital as prescribed by law.

ASL LAW is the top tier Real Estate law firm in Vietnam. If you need any advice, please contact us for further information or collaboration.

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