Law does not inhibit from disturbing information on real estate market

“The current law does not prohibit organizations and businesses from providing information related to real estate market. The problem lies in the receiver who must know how to select and evaluate the reliability of the information provided”

That is the assertion of Deputy Minister of Construction Le Quang Hung on the issue that the information on real estate market is “disturbed” due to lack of formal sources, while there is too much information for reference, making home buyers feel lost in the “information matrix”.

Notably, after the scandal that this agency is quite “secret” with the media – although the government has regulated that ministries must provide information quarterly to the press in the form of press conference or in writing, for the first time in many years a press conference of Ministry of Construction has been organized on August 2 to provide information on the activities of the Ministry and fields that it takes over.

Regarding the topic on “disturbed” information on the real estate market, Director of the Department of Housing Management and Real Estate Market (Ministry of Construction) Nguyen Trong Ninh asserted that system of real estate market information is very important. Because there are many parties in need of it. Competent authorities must rely on information systems to evaluate while enterprises need it to do business.

“Monthly, the Ministry of Construction submits report to the Minister on real estate market situation, price, liquidity from the locality” Mr. Ninh said.

>>>See more information about the real estate market here: Vietnam real estate market

However, according to Mr. Ninh, the current law does not prohibit businesses from exchanging information but the users must select because of reports which are not the same and inaccurate.

In fact, the Government has issued Decree No. 117-2015 on information management system on housing and real estate market. It specifies that levels of localities must cooperate to build official database system.

The Ministry is currently building this database system which will be completed at the end of this year. In the upcoming time, the Ministry will work with the provinces to promote information connectivity from the grassroots. Legal provisions are already available but must be based on a number of other issues, including budget issues.

“At present, the Ministry of Construction still has to use manual methods gathering information from the locality” said Mr. Ninh.

Exchanging more on this topic, Deputy Minister of Construction Le Quang Hung emphasized that the Government had issued Decree 117 to clarify this issue because real estate information is related to many fields. The Department of Housing Management and Real Estate Market is officially assigned to collect and publish market-related data.

However, according to Mr. Hung, there are many channels providing information related to the real estate market, but it is impossible to prohibit because it is the market.

“In terms of state management, it is necessary to control such information to avoid distorting information, leading to market disorder,” said Mr. Hung.

According to the media, although real estate is considered an important and quite sensitive field but the information about it is too few and also mainly announced by domestic and oversea consulting business.

~~>>Update on new information on the real estate news in Vietnam here: Vietnam real estate news

Meanwhile, for management authority part, there is almost no regular update and provision of official information on the real estate market, leading to difficulty for the media and home buyers in accessing and select information.

For example, information on real estate market developments in Hanoi and Ho Chi Minh City … in a quarter is mainly provided by real estate consultants in the form of “information for reference”. Therefore, maybe due to different survey methodology as well as different purposes, consultancy units will provide different information and data about the same market.

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