Prime Minister: High land prices have serious consequences for economic development

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• Proposal to withhold 5% of bank-held home purchase payments until buyers get red books before paying developers

  Justice Minister Hoàng Thanh Tùng presented to the National Assembly on October 22 a draft amended Law on Real Estate Business with 10 chapters and 61 articles. Under the draft, developers could not collect more than 95% of contract value until buyers receive land-use right and property ownership certificates, and the remaining 5% would sit in an account at a credit institution, going to the developer only after certification or once the buyer agrees to handle the procedures; buyers would keep any interest earned. The draft would also let provincial People's Committee chairs approve transfers of all or part of projects that the Prime Minister approved in principle. The Economic and Financial Committee asked that the law set principles for managing the 5% and handling risks, and clarify the “voluntary” element.

  CafeF·22/10, 05:36• VNINDEXreal estateregulationhousing
• Amended Law on Real Estate Business: Seven business conditions and four administrative procedures cut

  The draft amended Law on Real Estate Business submitted to the National Assembly proposes cutting 4 of 12 administrative procedures and 7 business investment conditions. The draft has 10 chapters and 61 articles, 22 fewer than the 2023 law, and adds a real estate transaction framework and a mechanism placing the remaining 5% of future-property contract value in a blocked account or as agreed by the parties. It also expands the types of transferable contracts and lets provincial People's Committees approve transfers of whole or part of projects. The Committee for Economic and Financial Affairs supports the amendment but asks for refinements, including rules for managing the 5% sum and handling risks, clarification of the “voluntary” element in buyer-led certificate applications, and consideration of project transfers when developers lack capacity.

  CafeF·22/10, 04:55▲ DXG▲ DIG▲ DXS▲ KDHreal estateregulationVietnam
• Proposal to let off-plan home buyers earn interest on final 5% payment

  The government proposes moving the final 5% payment for future-formed homes into a guarantee account, with buyers entitled to any interest it earns. Under the draft amended Law on Real Estate Business submitted to the National Assembly on 22/10, the first instalment may be up to 30% of contract value, and sellers may not collect more than 95% until buyers receive their land-title certificate. The 5% is released to the developer only after buyers receive that certificate. The draft also allows homes other than apartments to be sold earlier once construction has begun and land and building papers are in place. The Committee for Economic and Financial Affairs asks for rules on managing the 5% and handling risks, clarification of the “voluntary” element, and a distinction between deposits and fundraising.

  VnExpress·22/10, 04:53▼ DIG▼ DXG▼ NLG▼ PDRreal estatehousingVietnam
• National Assembly spends full day debating three draft laws on land, housing and real estate

  On October 22, the National Assembly spent the day in group debate on three amended laws: the Land Law, the Housing Law and the Real Estate Business Law, after ministers presented the drafts and committees reported on them. For the Land Law, the draft aims to base land valuation on scientific data and methods, refine land price tables and adjustment coefficients to prevent manipulation and “virtual” land prices, and clearly define the limited cases in which land may be recovered before compensation plans are approved. Vice Chairman Nguyễn Hồng Diên urged safeguards against interest-group capture and corruption, and a review to keep the three laws consistent. For the Real Estate Business Law, he called for a mechanism to resolve projects whose investors can no longer carry them out, consider widening the types of contracts that may be transferred, and standardise public disclosure of model contracts to reduce disputes.

  CafeF·22/10, 01:32▲ DIG▲ DXG▲ KDH▲ NLGreal estatelandhousing
• Social housing credit expands , but disbursement constrained by supplyvietnamnews.vn·19/10, 08:00• VNINDEXcredithousingreal estate
• Most important is controlling prices of social and rental housing; the high-end segment can follow market demand

  At the Group 3 session, Prime Minister Lê Minh Hưng asked National Assembly deputies to keep contributing to the draft amended Law on Property Auctions, focusing on four issues: the scope of application and selection of auction organizations; participation, bidding and deposits; online auctions and bid increments; and cancellation of auction results and protection of bona fide buyers. For auctions of land-use rights, the process must be linked to the land pricing mechanism under land law. The Prime Minister stressed that the most important goal is controlling prices of social housing, rental housing and housing for policy beneficiaries and low-income people, preventing abnormal and unreasonable price spikes. The high-end segment can develop according to market demand, while related laws must be harmonized.

  CafeF·19/10, 06:50• VNINDEXhousingreal estateauctions

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