Real estate sector has many ‘best regulation’ in 2016

Of the 30 best regulations in 2016, the business community voted 7 regulations in the field of real estate.

The selection of legal regulations in 2016 by the Chamber of Commerce and Industry of Vietnam (VCCI) recently selected the list of 30 best regulations. These are advances in legal reforms that have been achieved by ministries and agencies over recent years such as the abolition of illicit trade; Deregulation of the ceiling of 15% for advertising, marketing, promotion and support activities; Deregulation must be granted to domestic investors, etc.

Legal changes have helped the real estate market develop well in the past

Notably, in the list of 30 best regulations there are seven regulations in the real estate sector. This reflects the concern and efforts of the Government in promoting the development of

Real estate business has seen impressive growth in the last two years

The list of 7 good rules was voted:

1. To remove the regulation: “Organizations and individuals dealing in real estate must sell their houses or buildings through real estate trading floors.” in the Law on Real Estate Business 2014;
2. Conditions for dealing in real estate with legal capital proved by charter capital and enterprises are not required to register for determination of the legal capital level in Decree No. 76/2015 / ND-CP of the Government dated May 10. / 2015 detailing the implementation of some articles of the Law on Real Estate Business in 2014;
3. Permit foreigners to have house ownership rights such as Vietnamese citizens under the Housing Act 2014;

Expansion of the scope of real estate business of overseas Vietnamese and foreign-invested enterprises in the Law on Real Estate Business in 2014;

5. Expansion of beneficiaries of social support policies, including those who are laborers working in enterprises inside and outside industrial parks; Family households and individuals subject to land recovery and dismantlement under the provisions of law but not yet compensated by the State with dwelling houses and residential land under the Housing Law 2014;
6. Extending the permission of project developers to lease or lease real estate in future in the Real Estate Business Act 2014;
7. Exemption of permits for construction of dwelling houses under urban development projects or housing development projects of less than 7 storeys and a total floor area of ​​under 500sqm with detailed planning of 1/500 already provided the Construction Law of 2014 by state agencies.

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