Deputy Prime Minister Tran Hong Ha assigned ministries to carefully evaluate the legal framework and solutions to establish real estate and land use rights trading floors.
This content was stated in the conclusion announcement of Deputy Prime Minister Tran Hong Ha at the meeting on the establishment of real estate, land use rights, employment and technology trading floors.
The establishment of real estate and land use rights trading floors was proposed in the context of these markets being formed and developing strongly but only meeting a part of the demand. Currently, there is no specific and unified legal basis for the application, development and transparent management of these transactions.
To minimize risks, simplify administrative procedures, and costs for people and businesses, the Ministry of Construction and the Ministry of Natural Resources and Environment are assigned to carefully assess the legal basis, current situation, and solutions for managing real estate transactions, including land use rights. The ministries also need to propose the development of legal documents as a basis for managing these transactions. The report is required to be sent to the Prime Minister before September 8.
In early August, the Prime Minister also assigned two ministries to study the establishment of a land use rights trading floor. At the meeting of the National Assembly Standing Committee on the afternoon of August 24, Deputy Prime Minister Tran Hong Ha said that the Government will build a national real estate trading floor (in the form of an enterprise or public service unit) to control all data and transactions. This floor is chaired by the Ministry of Construction, setting out conditions for public property sales, and providing free services. Transactions on it will ensure legality, information, and protection of people's interests.
A trading floor is a place where goods are gathered, where buyers and sellers connect and trade. Currently, Vietnam has stock and commodity exchanges, and most recently, bond exchanges.
Real estate transactions are currently mainly conducted through private trading floors, brokerage companies and only focus on selling a few projects, lacking full information, and the legality of that real estate. Therefore, the revised Law on Real Estate Business is also expected to re-apply the condition of selling future real estate through brokerage floors, causing many conflicting opinions.
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