(English – Tiếng Anh)

DECREE 96/2024/ND-CP

July 24, 2024

Detailing a number articles of the Law on Real Estate Business

Pursuant to the Law on Organization of the Government dated June 19, 2015; the Law Amending and Supplementing a Number Articles of the Law on Organization of the Government and the Law on Organization of Local Administration dated November 22, 2019;

Pursuant to the Law on Real Estate Business dated November 28, 2023;

Pursuant to the Law Amending and Supplementing a Number Articles of the Land Law No. 31/2024/QH15, the Housing Law No. 27/2023/QH15, the Law on Real Estate Business No. 29/2023/QH15, and the Law on Credit Institutions No. 32/2024/QH15 dated June 29, 2024;

At the proposal of the Minister of Construction;

The Government promulgates this Decree detailing a number Articles of the Law on Real Estate Business.

Chapter I. GENERAL PROVISIONS

Article 1. Scope of regulation

This Decree details a number Articles of the Law on Real Estate Business dated November 28, 2023 (hereinafter referred to as the Law on Real Estate Business), including:

1. Clause 2 and Clause 3 Article 5 on construction works functioning as office buildings, construction works functioning as educational, health, sports, cultural, trade, service, tourist, accommodation, or industrial facilities, and mixed-use construction works; on the floor area in construction works.

2. Article 6 on disclosing information on real estate and real estate projects put into business.

3. Points b and c Clause 2, Clause 3, and Clause 4 Article 9 on the debt-to-equity and corporate bond-to-equity ratios of real estate enterprises; equity of real estate enterprises; small-scale real estate business.

4. Clause 4 Article 24 on notifying the provincial state management agency in charge of real estate business of houses eligible for sale or lease-purchase by project owners.

5. Clause 7 Article 31 on notifying the provincial state management agency in charge of real estate business of land use rights with technical infrastructure in projects eligible for transfer by project owners.

6. Article 42 on procedures for the transfer of all or part of real estate projects.

7. Clause 1 Article 44 on model contracts in real estate business.

8. Article 52 on order, procedures and dossiers for transfer of real estate business contracts.

9. Clause 3 Article 54 on real estate trading floors submitting dossiers to the provincial state management agency in charge of real estate business where the head office of the real estate trading floor is located for a license to operate before commencing operations.

10. Article 55 on operational conditions of real estate trading floors.

11. Article 56 on the scope of operations of real estate trading floors.

12. Article 60 on the management of real estate trading floor operations.

13. Point b Clause 1 Article 61 on the physical and technical facilities that organizations and individuals providing real estate brokerage services must meet.

14. Clause 3 Article 70 on the organization of examinations and the issuance of real estate brokerage practice certificates.

15. Clause 1 Article 79 on the Ministry of Construction assuming the prime responsibility for, and coordinating with ministries, ministerial-level agencies, and provincial People’s Committees in, researching and proposing regulatory measures for real estate market as prescribed in Article 78 of the Law on Real Estate Business.

16. Foreign organizations, foreign individuals, and Overseas Vietnamese who are not Vietnamese citizens may lease housing in accordance with the law on housing.

Article 2. Subjects of application

1. Organizations and individuals engaged in real estate business in Vietnam.

2. Agencies, organizations, and individuals involved in real estate business in Vietnam.

Chapter II. BUSINESS OF EXISTING REAL ESTATE AND FUTURE-FORMED REAL ESTATE

Article 3. Types of construction works and floor areas in construction works put into business

1. Existing construction works and future-formed construction works that are put into business as prescribed in Clause 2 Article 5 of the Law on Real Estate Business shall be classified in accordance with the law on construction.

2. Floor areas within construction works put into business shall include:

a) Floor areas with functions serving commercial purposes, including: commercial spaces, commercial lots, and other floor areas with functions serving commercial purposes under different names;

b) Floor areas with functions serving office purposes, including: office spaces, office spaces combined with accommodation, and other floor areas with functions serving office purposes under different names;

c) Floor areas with functions serving tourism and accommodation purposes, including: tourist apartments, serviced apartments, and other floor areas with functions serving tourism and accommodation purposes under different names;

d) Floor areas with mixed functions and floor areas with other functions within construction works as prescribed in Clause 2 Article 5 of the Law on Real Estate Business.

Article 4. Disclosing of information on real estate and real estate projects put into business

1. Timing of disclosing: Before signing a contract for the sale, transfer, lease, lease-purchase of real estate, or transfer of a real estate project, real estate enterprises shall be responsible for disclosing all information as prescribed in Article 6 of the Law on Real Estate Business.

2. The disclosed information shall comply with the provisions of Clauses 2, 3, 4, and 5 Article 6 of the Law on Real Estate Business; the information specified at Point c Clause 2 and Points b and d Clause 3 Article 6 of the Law on Real Estate Business shall be the following documents:

a) The decision on approval of the detailed planning or the decision on approval of the general site planning of the real estate project by the competent state agency in accordance with the law on construction and urban planning;

b) The notification of the results of the appraisal of the feasibility study report for construction investment or the notification of the results of the appraisal of the basic design by the competent state agency in accordance with the law on construction;

c) The commitment document to issue a guarantee as prescribed in Clause 2 Article 26 of the Law on Real Estate Business by a domestic commercial bank or a foreign bank branch operating legally in Vietnam.

3. Methods and forms of disclosure: Real estate enterprises must disclose information fully, truthfully, and accurately on the housing and real estate market information system as prescribed by the law on real estate business and on the enterprise’s website.

4. The disclosure of information on the housing and real estate market information system shall comply with the provisions of the Decree detailing a number articles of the Law on Real Estate Business regarding development and management of the housing and real estate market information system and database.

5. Real estate enterprises shall be responsible for updating disclosed information within 05 working days from the date of any change in the information.

Article 5. Debt-to-equity and corporate bond-to-equity ratios of real estate enterprises

1. Real estate enterprises shall, based on their equity, investment plan, and business plan, decide on borrowing from credit institutions, issuing corporate bonds, as well as the debt-to-equity and corporate bond-to-equity ratios of the enterprise, ensuring:

a) Meeting the financial safety ratios of the enterprise; complying with the law on credit and the law on corporate bonds;

b) In case a real estate enterprise borrows from a credit institution or issues corporate bonds to implement a real estate project that has been approved by a competent state agency as the project owner, the total outstanding loan balance from credit institutions, outstanding corporate bonds, and equity for each project shall not exceed 100% of the total investment capital of that project;

c) The total ratio of outstanding loan balance from credit institutions and outstanding corporate bonds for project implementation shall not exceed 4 times the equity of the enterprise for each real estate project with a land use scale of fewer than 20 hectares and shall not exceed 5.67 times the equity of the enterprise for each real estate project with a land use scale of 20 hectares or more.

2. The equity of real estate enterprises shall be determined in accordance with the provisions in Clause 1, Article 6 of this Decree.

Article 6. Equity of real estate enterprises and total investment capital of real estate projects

1. The equity of real estate enterprises, in the case of real estate enterprises selected by competent state agencies as investors or selected as project owners to implement real estate projects in accordance with the law on investment, the law on auction, the law on bidding, the law on housing, the law on urban development; recognized as project owners of housing projects in accordance with the law on housing, shall be determined based on:

a) The audited financial statements or the audited equity section of the financial statements for the year; in the absence of audited financial statements or the audited equity section of the financial statements for the year, the audited financial statements or the audited equity section of the financial statements of the previous year shall be used in accordance with the law on enterprises, auditing, and accounting;

b) For enterprises established and operating for fewer than 12 months, equity shall be determined based on the contributed charter capital in accordance with the law on enterprises.

2. The total investment capital for real estate projects shall be determined in accordance with the law on investment.

Article 7. Small-scale real estate business; not for business purposes and below small scale

1. Individuals engaged in small-scale real estate business must meet the following requirements:

a) Not subject to the requirement of establishing an investment project in accordance with the law on construction and housing;

b) The transaction value not exceeding VND 300 billion per contract and the number of transactions not exceeding 10 times in a year. In the case of one transaction in a year, the value shall not be counted.

2. Organizations and individuals selling houses, construction works, or floor areas in construction works not for business purposes, or selling, leasing, or lease-purchasing houses, construction works, or floor areas in construction works below the small scale, including:

a) Individuals not subject to the requirement of establishing an investment project in accordance with the law on construction and housing;

b) Organizations with transaction value not exceeding VND 300 billion per contract and the number of transactions not exceeding 10 times in a year. In the case of one transaction in a year, the value shall not be counted.

Article 8. Procedures for notifying future-formed house’s eligibility for sale or lease-purchase

1. Before signing a contract for sale or lease-purchase of future-formed house, the project owner must send a written notification to the provincial state management agency in charge of real estate business where the project is located, stating that the future-formed house is eligible for sale or lease-purchase, accompanied by 01 dossier as prescribed in Clause 2 of this Article.

The written notification from the project owner to the provincial state management agency in charge of real estate business regarding the house eligible for sale or lease-purchase must contain the contents specified in Appendix XV to this Decree.

2. The dossier shall include copies and originals for comparison, or legally valid electronic copies, or certified copies of the following documents:

a) Documents as prescribed in Clause 2 and at Points a, b, Clause 3 Article 24 of the Law on Real Estate Business;

b) Minutes of acceptance of construction completion of the project’s technical infrastructure corresponding to the progress of the project approved in accordance with the law on construction.

In the case of apartment buildings or mixed-use buildings with apartments, there must be minutes of acceptance of foundation construction completion in accordance with the law on construction.

3. In case the project owner has mortgaged future-formed house or a part of the project or the whole project, the determination of house that have been released from mortgage shall be carried out in accordance with Clause 2, Article 183 of the Housing Law No. 27/2023/QH15.

4. Within 15 days from the date of receiving the written notification accompanied by the dossier as prescribed in Clauses 1 and 2 of this Article, the provincial state management agency in charge of real estate business shall be responsible for checking the conditions of the future-formed house of the real estate project put into business in accordance with the Law on Real Estate Business and replying in writing to the project owner about the house’s eligibility for sale or lease-purchase. In case the house is ineligible for sale or lease-purchase, the agency must clearly state the reasons; and at the same time, post the written reply on the housing and real estate market information portal. The written reply from the provincial state management agency in charge of real estate business to the project owner regarding the house’s eligibility for sale or lease-purchase must contain the contents specified in Appendix XVI to this Decree.

In case the provincial state management agency in charge of real estate business does not reply within the prescribed time limit, the enterprise has the right to initiate a lawsuit or complaint in accordance with the law.

Article 9. Procedures for notifying that land with technical infrastructure in a real estate project is eligible for transfer to individuals for self-construction of houses

1. Before signing a contract for the transfer of land use rights with technical infrastructure in a real estate project to individuals for self-construction of houses, the project owner must send a written notification to the provincial state management agency in charge of real estate business where the project is located, stating that the land with technical infrastructure in the real estate project is eligible for transfer of land use rights to individuals for self-construction of houses, accompanied by the dossier as prescribed in Clause 2 of this Article.

2. The dossier shall include copies and originals for comparison, or certified copies, or legally valid electronic copies of the following documents:

a) Decision on investment policy or approval of investment policy or investment approval of the real estate project by the competent state agency in accordance with the law on investment, construction, and housing;

b) Decision on approval of detailed planning or general site planning of the real estate project by the competent state agency in accordance with the law on construction and urban planning;

c) Construction permit in case a construction permit is required by the competent state agency in accordance with the law on construction;

d) Notification of appraisal results of the feasibility study report on construction investment or the notification of appraisal results of the basic design by the competent state agency in accordance with the law on construction;

dd) Documents on acceptance of investment and construction completion of technical infrastructure works in accordance with the law on construction;

e) Contracts for the provision of electricity, water supply, drainage, waste collection, and wastewater treatment services;

g) Land use right certificate for the land area with technical infrastructure in the real estate project to be transferred to individuals for self-construction of houses in accordance with the land law.

3. Within 15 days from the date of receiving the written notification accompanied by the dossier as prescribed in Clauses 1 and 2 of this Article, the provincial state management agency in charge of real estate business shall be responsible for checking the eligibility of land with technical infrastructure in the real estate project for the transfer of land use rights to individuals for self-construction of houses in accordance with the Law on Real Estate Business and replying in writing to the project owner about the eligibility for transfer of the land with technical infrastructure in the real estate project. In case the land is ineligible for transfer, the agency must clearly state the reasons; and at the same time, post the written reply on the housing and real estate market information portal for public disclosure.

In case the provincial state management agency in charge of real estate business does not reply within the prescribed time limit, the enterprise has the right to initiate a lawsuit or complaint in accordance with the law.

Chapter III. PROCEDURES FOR TRANSFERRING REAL ESTATE PROJECTS

Article 10. Procedures for transferring all or part of a real estate project under the decision-making authority to permit the transfer of the Prime Minister

1. The transfer of all or part of a real estate project under the decision-making authority to permit the transfer of the Prime Minister shall be carried out in accordance with Clause 1, Article 42 of the Law on Real Estate Business.

2. The project owner of the real estate project shall submit 01 dossier including the documents (copies and originals for comparison, or certified copies, or legally valid electronic copies) specified in Clauses 3 and 4 of this Article to the provincial People’s Committee or the provincial state management agency in charge of real estate business where the project is located, which has been authorized by the provincial People’s Committee.

3. Documents of the project owner transferring the project shall include:

a) A written request from the project owner for permission to transfer all or part of the real estate project in the form specified in Appendix XII to this Decree;

b) Decision on investment policy, or approval of investment policy, or investment approval of the real estate project issued by the competent state agency in accordance with the law on investment, construction, and housing;

c) Documents from the competent state agency on the selection of investors or project owners in accordance with the law on investment, auction, bidding, housing, and urban development; decision or document recognizing the project owner in case the project must undergo procedures for recognizing the project owner in accordance with the law on construction and housing;

d) Decision approving the detailed planning or general site planning of the real estate project by the competent state agency in accordance with the law on construction and urban planning;

dd) Documents on land, including: Decision on land allocation, land lease, or permission to change the land use purpose for project implementation by the competent state agency in accordance with the land law. Minutes of land handover for project implementation on the field by the competent state agency to the project owner in accordance with the land law;

e) In case the project or part of the real estate project is mortgaged, there must be documents showing that the mortgage has been released in accordance with the law;

g) Documents of acceptance in accordance with the law on construction on the investment and construction completion of technical infrastructure works corresponding to the approved progress, design, detailed planning, and project content in the case of transferring the entire infrastructure construction investment project;

h) Confirmation from the tax authority that the project owner has fulfilled the financial obligations regarding the project’s land to the State and documents showing that the project owner has paid fees and charges related to the land (if any) as prescribed in Clause 3, Article 40 of the Law on Real Estate Business;

i) In the case of a state-owned enterprise transferring all or part of a real estate project, there must be documents proving compliance with the law on management and use of state capital invested in production and business at the enterprise;

k) A report on the progress of the real estate project up to the time of transfer in the form specified in Appendix XIII to this Decree;

l) Agreement on the transfer of all or part of the real estate project between the transferor and the transferee (if any).

4. Documents of the project transferee shall include:

a) Certificate of Business Registration or Investment Registration Certificate or documents proving the establishment of the organization in accordance with the law on enterprises and the law on investment;

b) Financial statements as prescribed at Point a, Clause 1, Article 6 of this Decree;

c) Written commitment to continue implementing investment, construction, and business in accordance with the approved project content;

d) Documents proving compliance with the conditions prescribed in Clause 5, Article 40 of the Law on Real Estate Business.

5. Within 45 days from the date of receiving complete and valid dossiers, the provincial People’s Committee shall be responsible for obtaining opinions from the Ministry of Construction and related ministries, sectors, and agencies, and organizing the appraisal of the transfer dossiers as prescribed in Clause 9 of this Article, submitting them to the Prime Minister for consideration and decision. The form of the decision to permit the transfer shall be made according to the form in Appendix XIV to this Decree.

In case the Prime Minister delegates authority to the provincial People’s Committee, the provincial People’s Committee shall base on the opinions of the ministries and sectors to consider and decide to permit the transfer of a part of the project.

6. Within a maximum period of 60 days from the date of the decision to permit the transfer of the project or part of the real estate project by the competent authority, the transferor and the transferee shall be responsible for completing:

a) Signing the transfer contract according to the form in Appendix IX or Appendix X to this Decree. The contract for the transfer of the project or part of the project is also the contract for the transfer of land use rights of the transferred project or part of the project, except in the case of land lease with annual land rental payment, the transfer of land use rights shall be implemented in accordance with the land law;

b) Handing over the project or part of the project being transferred and the entire project dossier or the dossier of the transferred part, from the transferor to the transferee; the handover between the transferor and the transferee must be made in writing.

After the above-mentioned time limit, if the parties fail to fulfil the provisions in this Clause and are not granted an extension of the implementation period by the authority competent to permit the transfer of the project or part of the real estate project, this decision shall become invalid.

7. The project transferee shall continue to implement the project or part of the project after receiving the handover of the project or part of the real estate project and fulfilling the obligation to pay taxes, fees, and charges (if any).

8. The transferor and the transferee of the project or part of the real estate project shall be responsible for carrying out land registration procedures in accordance with the land law.

9. Within 15 days from the date of receiving the document and dossier for opinions from the provincial People’s Committee, the consulted agencies shall provide opinions on the contents within the scope of state management assigned to them, pertaining to the provisions prescribed in Article 4, Article 39, and Article 40 of the Law on Real Estate Business.

In case the transferee is a foreign-invested economic organization as prescribed in Clause 4, Article 10 of the Law on Real Estate Business, and has the project or part of the real estate project being transferred that is located in areas such as: islands; border communes, wards, and townships; coastal communes, wards, and towns; and other areas affecting national defense and security as prescribed by the law on national defense and security, the provincial People’s Committee where the project is located must obtain opinions from the Ministry of National Defense and the Ministry of Public Security on ensuring national defense and security.

Article 11. Procedures for transferring all or part of a real estate project under the decision-making authority to approve of the provincial People’s Committee

1. The transfer of all or part of a real estate project under the decision-making authority to approve the transfer of the provincial People’s Committee shall be carried out in accordance with Clause 2, Article 42 of the Law on Real Estate Business.

2. The project owner of the real estate project shall send 01 dossier including the documents (copies and originals for comparison or certified copies or legally valid electronic copies) specified in Clause 3 and Clause 4, Article 10 of this Decree to the provincial People’s Committee or the provincial state management agency in charge of real estate business authorized by the provincial People’s Committee.

3. Within 30 days from the date of receiving complete and valid dossiers, the provincial People’s Committee shall be responsible for obtaining opinions from related local agencies and organizing the appraisal of the transfer dossiers as prescribed in Clause 5 of this Article, and consider and decide. The form of the decision to permit the transfer shall be made according to the form in Appendix XIV to this Decree.

In case the provincial state management agency in charge of real estate business is authorized by the provincial People’s Committee, within 30 days from the date of receiving valid dossiers, the provincial state management agency in charge of real estate business shall be responsible for obtaining opinions from related local agencies and organizing the appraisal of the transfer dossiers as prescribed in Clause 5 of this Article, and submit them to the provincial People’s Committee for consideration and decision.

4. The process of obtaining opinions, appraising dossiers, and deciding on permitting the transfer of all or part of a real estate project shall be carried out in accordance with Clause 3 of this Article.

5. Within 15 days from the date of receiving the document and dossier for opinions from the provincial People’s Committee or the provincial state management agency in charge of real estate business, the consulted agencies shall provide opinions on contents within the scope of state management assigned to them, pertaining to the provisions prescribed in Article 4, Article 39, and Article 40 of the Law on Real Estate Business.

In case the transferee is a foreign-invested economic organization as prescribed in Clause 4, Article 10 of the Law on Real Estate Business, having the project or part of the real estate project being transferred that is located in areas such as: islands; border communes, wards, and towns; coastal communes, wards, and towns; and other areas affecting national defense and security as prescribed by the law on national defense and security, the provincial People’s Committee where the project is located must obtain opinions from the Ministry of National Defense and the Ministry of Public Security on ensuring national defense and security.

6. After obtaining the decision permitting the transfer of all or part of the real estate project from the provincial People’s Committee, the parties shall be responsible for implementing the provisions of Clauses 6, 7, and 8 Article 10 of this Decree.

Chapter IV. REAL ESTATE BUSINESS CONTRACTS

Article 12. Types of real estate business contracts

1. The types of real estate business contracts prescribed in Clause 1, Article 44 of the Law on Real Estate Business must be established and signed in compliance with the provisions Clause 2 and Clause 3 of this Article.

2. Standard contracts in real estate business as prescribed in this Decree shall include:

a) Housing sale and purchase contracts, housing lease-purchase contracts made according to the form in Appendix I to this Decree;

b) Housing lease contracts made according to the form in Appendix II to this Decree;

c) Construction works sale and purchase contracts, construction works lease-purchase contracts; sale and purchase contracts, lease-purchase contracts for floor areas in construction works with functions serving tourism and accommodation purposes made according to the form in Appendix III to this Decree;

d) Construction works lease contracts, lease contracts for floor areas in construction works with functions serving tourism and accommodation purposes made according to the form in Appendix IV to this Decree;

dd) Construction works sale and purchase contracts, construction works lease-purchase contracts; sale and purchase contracts, lease-purchase contracts for floor areas in construction works with functions serving education, healthcare, sports, culture, office, commerce, service, industry, and mixed-use construction works made according to the form in Appendix V to this Decree;

e) Construction works lease contracts, lease contracts for floor areas in construction works with functions serving education, healthcare, sports, culture, office, commerce, service, industry, and mixed-use construction works made according to the form in Appendix VI to this Decree;

g) Contracts for the transfer of land use rights with technical infrastructure in real estate projects made according to the form in Appendix VII to this Decree;

h) Contracts for lease, sublease of land use rights with technical infrastructure in real estate projects made according to the form in Appendix VIII to this Decree;

i) Contracts for the transfer of the entire real estate project made according to the form in Appendix IX to this Decree;

k) Contracts for the transfer of part of a real estate project made according to the form in Appendix X to this Decree;

l) Contracts for the transfer of sale and purchase contracts, lease-purchase contracts for houses and construction works made according to the form in Appendix XI to this Decree.

3. Real estate enterprises, when establishing, signing, and executing standard contracts in real estate business, must comply with the following principles:

a) Real estate business contracts may only be used for signing after they have been disclosed in accordance with Article 6 of the Law on Real Estate Business.

b) Complying with and abiding by the check and supervision activities of the competent agency in charge of real estate business management regarding the implementation of regulations and principles on disclosure, use, establishment, signing, and execution of standard contracts in real estate business in accordance with the law on real estate business;

c) Real estate enterprises are obligated to strictly comply with and not change the contents of the real estate business contracts issued together with the forms in the Appendices prescribed in Clause 2 of this Article. In case the standard contracts contain provisions allowing real estate enterprises to supplement content, the addition of contract content must ensure compliance with the principle of not violating prohibitions of law, not contrary to social ethics, not changing or contradicting the existing contents in the standard contract;

d) In case of amending or supplementing a real estate business contract that has been disclosed, the real estate enterprise shall be responsible for simultaneously disclosing the amended or supplemented contract as prescribed in Article 4 of this Decree before using it for signing contracts;

dd) In case the real estate business contract used by the enterprise for signing with customers has content that is contrary to the standard contract’s contents, or the disclosed standard contract as prescribed in this Decree, or incompliant with the principles prescribed in Clause 3 of this Article, the enterprise shall be handled in accordance with relevant laws and shall be responsible for compensating for any damages incurred to customers who have signed contracts due to its violations. In case of disputes, the related parties shall base on the provisions of the Civil Code and relevant laws for resolution.

4. The signing of real estate business contracts under the law on real estate business through electronic transactions and digital signatures shall comply with the Law on E-Transactions.

Article 13. Order, procedures, and dossiers for the transfer of real estate business contracts

1. The transfer of real estate business contracts shall be carried out in accordance with the Law on Real Estate Business and this Decree.

2. The order, procedures, and dossiers for the transfer of real estate business contracts shall be carried out as follows:

a) The transferor and the transferee of the contract shall agree to establish a contract transfer contract made according to the form in Appendix XI to this Decree.

The contract transfer contract must be made in 08 originals (02 originals kept by the project owner, 01 original submitted to the tax authority, 01 original submitted to the agency receiving the dossier for issuing the Certificate, 02 originals kept by the contract transferor, 02 originals kept by the contract transferee); in case of notarization of the contract transfer contract, there must be an additional original to be kept at the notarization practice organization;

b) One of the parties shall submit a dossier requesting a notarization practice organization headquartered in the province or centrally-run city where the real estate is located to notarize the contract transfer contract. The dossier requesting notarization shall include: the originals of the contract transfer contract; the original of the contract initially signed with the project owner, in case of transferring one or multiple houses or construction works out of the total number of houses or construction works purchased or lease-purchased under the contract, the original contract or contract appendix showing the transferred houses or construction works signed with the project owner must be submitted; documents proving the amount of money the contract transferor has paid to the project owner; the original or certified copy of the minutes of houses or construction works handover (if any) and other documents (if any) as prescribed by the law on notarization and authentication.

In case where the contract transferor is an enterprise with a real estate business line, it is not required to notarize the contract transfer contract as prescribed at this Point; unless the parties have a need for notarization;

c) After notarization (except in case notarization is not performed) as prescribed at Point b of this Clause, the contract transferors shall be responsible for paying taxes, fees, and charges related to the contract transfer in accordance with the law on taxes, fees, and charges;

d) After implementing the provisions at Point c of this Clause, one of the parties shall submit a dossier to the real estate project owner to request the project owner to confirm the contract transfer; the documents in the dossier shall include: 08 originals of the contract transfer contract together with the original contract; in case of transferring one or multiple houses or construction works out of the total number of houses or construction works purchased or lease-purchased under the contract, the original contract or contract appendix showing the transferred houses or construction works signed with the project owner must be submitted; documents proving that taxes have been paid or are exempt or reduced in accordance with the tax law;

dd) Within 05 working days from the date of receiving all documents specified at Point d of this Clause, the real estate project owner shall be responsible for checking and confirming the contract transfer contract and shall not collect any fees. After confirming the contract transfer contract, the project owner shall keep 02 originals of the contract transfer contract and return 06 contract transfer contracts to the party submitting the documents together with the received documents as prescribed at Point d of this Clause;

e) From the date the contract transfer contract is confirmed by the project owner, the contract transferee shall continue to exercise the rights and obligations of the purchaser or lease-purchaser with the project owner according to the signed contract and the contract transfer contract;

g) Cases of contract transfer from the second time onwards shall be carried out according to the procedures prescribed in this Article, the transferor must submit all dossiers of previous transfers when carrying out the transfer procedures;

h) The transferee in the last signed contract transfer contract under this Article shall be issued a Certificate by the competent state agency in accordance with the land law.

Chapter V. REAL ESTATE SERVICES BUSINESS

Section 1.  REAL ESTATE TRADING FLOORS

Article 14. Registration of real estate trading floor operations

1. Organizations or individuals establishing a real estate trading floor shall submit a dossier as prescribed in Clause 2 of this Article to the provincial state management agency in charge of real estate business where the head office of the real estate trading floor is located (submitting the dossier directly or sending the dossier via the postal system or submitting the dossier online) for an operation license.

2. The dossier of registration for operation shall include:

a) An application for operation of the real estate trading floor (according to the form in Appendix XVII);

b) Certificate of Business Registration as prescribed in Clause 5, Article 9 of the Law on Real Estate Business;

c) Documents proving the right to use the premises of the real estate trading floor;

d) A copy of the certificate of completion of the real estate trading floor management and operation course of the executive manager of the real estate trading floor;

dd) A list of real estate brokers who have been issued real estate brokerage practice certificates.

3. Within 15 working days from the date of receiving complete dossiers, the provincial state management agency in charge of real estate business shall be responsible for checking the dossiers and issuing an Operation License to the real estate trading floor (according to the form in Appendix XVIII); in case of refusal, it must notify in writing and clearly state the reasons. After issuing the Operation License, the provincial state management agency in charge of real estate business shall report to the Ministry of Construction to post the information of the real estate trading floor on the website of the Ministry of Construction. Information of the real estate trading floor shall include: Name of the real estate trading floor; name of the enterprise establishing the real estate trading floor; full name of the executive manager of the real estate trading floor; address and contact phone number of the real estate trading floor.

In case of any changes in the name, head office address, legal representative, or other contents in the registration dossier, within 10 working days from the date of the decision to change, the real estate trading floor must send a document to the provincial state management agency in charge of real estate business where the real estate trading floor is registered for establishment and operation to be re-issued an Operation License. The provincial state management agency in charge of real estate business shall report to the Ministry of Construction for management and posting of information.

Article 15. Operational conditions of real estate trading floors

1. Real estate trading floors must meet all conditions specified in Article 55 of the Law on Real Estate Business.

2. The legal representative of the enterprise and the executive manager of the real estate trading floor shall take responsibility for the operations of the real estate trading floor. The legal representative of the real estate trading floor may concurrently act as the executive manager of the real estate trading floor.

3. The real estate trading floor must have a name, a stable transaction address for over 12 months, and technical equipment that meets the requirements of the real estate trading floor’s scope of operations.

4. The real estate trading floor shall be responsible for implementing anti-money laundering measures and reporting on anti-money laundering in accordance with the law on anti-money laundering.

Article 16. Scope of operations of real estate trading floors

1. Real estate trading floors shall operate in accordance with the content prescribed in Article 56 of the Law on Real Estate Business.

2. The confirmation of real estate transactions shall be carried out as follows:

a) Real estate transactions conducted directly shall be confirmed in writing. In case of real estate transactions conducted electronically, electronic confirmation shall be carried out in accordance with the Law on E-Transactions, the law on electronic commerce, and relevant legal regulations;

b) The written confirmation of real estate transactions must have the full signatures of the enterprise representative who is the project owner or the owner of the real estate, the representative of the real estate trading floor, the individual broker, and the seal of the enterprise corresponding to the transaction forms.

Article 17. Management of real estate trading floor operations

1. The provincial state management agency in charge of real estate business shall be responsible for managing, supervising, and checking the operations of real estate trading floors in accordance with Point a, Clause 1, Article 60 of the Law on Real Estate Business.

2. The issuance of Operation Licenses shall be carried out in accordance with Article 14 of this Decree.

3. Re-issuance of Operation Licenses for Real Estate Trading Floors

a) The provincial state management agency in charge of real estate business shall re-issue the Operation License in case the License is lost, torn, burnt, or destroyed in any other form upon the request of the real estate trading floor or in case of changes in the information of the floor as prescribed in Clause 3, Article 14 of this Decree.

b) The real estate trading floor must submit a dossier to the provincial state management agency in charge of real estate business where the operation license was issued (submitting the dossier directly or sending the dossier via the postal system or submitting the dossier online) to be re-issued an operation license. The dossier for re-issuance of the operation license shall include: An application for re-issuance of the operation license (according to the form in Appendix XIX); the Operation License (in case of damage).

c) The provincial state management agency in charge of real estate business, after receiving a complete and valid dossier, shall be responsible for checking the dossier and re-issuing the operation license (according to the form in Appendix XX) within 05 working days. The re-issued Operation License shall retain the same license number as the previously issued license to maintain linkage with the dossier and data.

In case of refusal to re-issue, the provincial state management agency in charge of real estate business must notify in writing and clearly state the reasons for refusal.

4. Revocation of Licenses and termination of real estate trading floor operations

The provincial state management agency in charge of real estate business shall issue a decision to revoke the License and terminate the operations of the real estate trading floor in the following cases:

a) In case the real estate trading floor violates the provisions of Article 8 of the Law on Real Estate Business and other relevant laws. Within 07 working days from the date of revocation of the Operation License, the provincial state management agency in charge of real estate business shall be responsible for sending a written notification to the Ministry of Construction and the local tax authority where the operation is registered about the revocation of the Operation License of the real estate trading floor.

Within 60 days from the date of revocation of the Operation License, the real estate trading floor must pay all outstanding taxes; settle all other debts; complete the procedures for terminating contracts signed with employees; for service contracts signed with customers but not yet completed, it must negotiate with customers on the implementation of such service contracts.

b) In case the real estate trading floor voluntarily terminates its operations, at least 30 days before the expected termination date, the real estate trading floor must notify in writing the provincial state management agency in charge of real estate business and the tax authority where the operation is registered. Within 07 days from the date of receiving the written notification of termination of operations of the real estate trading floor, the provincial state management agency in charge of real estate business shall be responsible for sending a written notification to the Ministry of Construction.

Before the termination date, the real estate trading floor must pay all outstanding taxes; settle all other debts; complete the procedures for terminating contracts signed with employees of the real estate trading floor; and complete all service contracts signed with customers. In case it is not possible to complete the service contracts signed with customers, it must negotiate with customers on the implementation of such service contracts.

5. Suspension of real estate trading floor operations

a) The provincial state management agency in charge of real estate business shall issue a decision to suspend the operations of the real estate trading floor in case the real estate trading floor does not meet the operational conditions as prescribed by law or the floor voluntarily suspends its operations.

b) In case the real estate trading floor voluntarily suspends its operations, it must report in writing on the suspension and resumption of operations to the provincial state management agency in charge of real estate business, the tax authority, and the statistics agency in the locality where the operation is registered and where the head office of the real estate trading floor is located, no later than 10 working days before the date of suspension or resumption of operations. The suspension period shall not exceed two years.

c) Within 07 days from the date of issuing the decision to suspend the operations of the real estate trading floor, the provincial state management agency in charge of real estate business shall be responsible for sending a written notification to the Ministry of Construction and the local tax authority where the operation is registered about the suspension of operations of the real estate trading floor.

d) The report on the suspension of operations shall include the following main contents: Name of the real estate trading floor; number, date, month, and year of issuance of the Operation License; head office address; suspension period, start date, and end date of the suspension period; reasons for suspension; report on debt settlement, resolution of service contracts with customers, and contracts signed with brokers and employees working at the real estate trading floor.

dd) During the suspension period, the real estate trading floor must pay all outstanding taxes, continue to pay other debts, and complete the implementation of contracts signed with brokers and employees, unless otherwise agreed.

For service contracts signed with customers but not yet completed, it must negotiate with customers on the implementation of such service contracts.

Section 2.  REGULATIONS ON REAL ESTATE BROKERAGE AND ISSUANCE OF REAL ESTATE BROKERAGE PRACTICE CERTIFICATES

Article 18. Conditions on physical and technical facilities for real estate brokerage service enterprises

Real estate brokerage service enterprises must have physical and technical facilities suitable for scope of operations of real estate service enterprises.

1. Physical facilities include the location and headquarters of the enterprise, with a stable name and transaction address for over 12 months.

2. Technical facilities include the system of machinery and equipment serving the enterprise’s operations.

Article 19. Organization of examinations and issuance of real estate brokerage practice certificates

1. The People’s Committees of provinces and centrally-run cities (hereinafter referred to as provincial People’s Committees) shall be responsible for organizing examinations and issuing certificates.

2. The provincial state management agency in charge of real estate business shall receive applications for examination registration from candidates (according to the form in Appendix XXI to this Decree) and send a written request for participation in the examination to the provincial People’s Committee. The provincial People’s Committee shall base on the number of registered candidates and the actual situation to organize the examination.

3. Each year, the provincial People’s Committee shall be responsible for organizing at least 01 examination, depending on the number of candidates registered for the examination (a minimum of 10 candidates per examination).

In case there are not enough candidates to organize the examination (fewer than 10 candidates) and the candidates who have submitted dossiers request to take the examination at the Examination Council of another locality, the provincial People’s Committee shall send an official dispatch to that candidate to the People’s Committee of another province or city to take the examination.

4. At least 30 days before the examination date, the provincial People’s Committee shall be responsible for announcing on its website the examination plan, conditions, registration dossiers, time, location, and other necessary information related to the examination.

5. Examination fees:

a) Candidates must pay the examination fees to the provincial People’s Committee or as announced by the provincial People’s Committee.

b) The examination fee level shall be determined by the Chairperson of the provincial People’s Committee for each examination depending on the number of candidates registered for the examination to cover the costs of organizing the examination, based on the proposal of the Chairman of the Examination Council.

c) The Examination Council may use the examination fees to cover the costs of organizing the examination and remuneration for the members of the Examination Council. The settlement of examination fees must be approved by the Chairman of the Examination Council.

Article 20. Examination Council for real estate brokerage practice certificates (abbreviated as Examination Council)

1. The Examination Council shall be established under the decision of the Chairperson of the provincial People’s Committee for each examination period. The Examination Council shall have a minimum of 05 members, including:

a) The Chairperson of the Examination Council, who is a leader of the provincial People’s Committee;

b) The Vice Chairperson of the Examination Council, who is a leader of the provincial state management agency in charge of real estate business;

c) Members of the Examination Council, as proposed by the leader of the provincial state management agency in charge of real estate business, including: a representative of the provincial state management agency in charge of real estate business; a representative of the Real Estate Association (if any), a representative of the Real Estate Brokerage Association (if any), lecturers from training institutions with the function of training and fostering knowledge on real estate brokerage practice (if any); real estate brokerage experts from real estate brokerage service enterprises, real estate trading floors (if any), or other experts (if any).

2. The Examination Council shall be responsible for directing and urging the implementation of the examination organization in accordance with the plan and legal regulations.

3. Powers and responsibilities of the Chairperson of the Examination Council:

a) Submitting to the provincial People’s Committee for approval the examination organization plan, examination regulations, examination questions, and answer keys;

b) Checking the estimated budget for organizing the examination and the examination fee level collected from candidates, and submitting them to the Chairperson of the provincial People’s Committee for approval;

c) Approving the examination results, including the list of candidates who meet the requirements and the list of candidates who do not meet the requirements;

d) Reporting to the Chairperson of the provincial People’s Committee on the examination organization process;

dd) Directly directing the examination organization process and being accountable to the Chairperson of the provincial People’s Committee and the law for the results of the examination organization;

e) Approving the settlement of the examination organization expenses.

4. Members of the Examination Council must directly participate in all activities of the examination, be assigned tasks by the Chairperson of the Examination Council, receive remuneration, and being accountable to the Chairperson of the Examination Council for the assigned tasks.

Article 21. Tasks and powers of the Examination Council

1. Issuing the Examination Organization Plan, deciding on adjustments to the Plan if necessary; issuing examination regulations and documents related to the examination; organizing the compilation of examination questions and answer keys for the examination in accordance with the guidance of this Decree.

2. Preparing the estimated budget for organizing the examination and the expected examination fee level to be collected from candidates, based on the principle of ensuring sufficient expenses for the examination and the State’s policies.

3. Organizing the receipt and check of dossiers, compiling a list of candidates eligible for the examination, and a list of candidates ineligible for the examination.

4. Organizing the examination, invigilating, marking the examination papers, and re-marking the examination results as prescribed for candidates who request a re-mark under the direct direction of the Chairperson of the Examination Council according to the plan approved by the provincial People’s Committee; summarizing the examination results, including: a report on the examination organization process; a list of candidates who meet the requirements and a list of candidates who do not meet the requirements.

Article 22. Examination content and questions

1. Candidates taking the examination to be issued a certificate must take the following compulsory contents, except in the case specified in Clause 2 of this Article:

a) Basic knowledge section, including: Laws related to real estate business; laws related to land; laws on investment; civil laws related to real estate business activities; laws on notarization related to real estate business activities; laws on enterprises related to real estate business activities; laws on taxes and fees in real estate transactions; laws on anti-money laundering in real estate business; laws on handling administrative violations related to real estate business activities; general overview of the real estate market; real estate prices and real estate price consulting;

b) Specialized knowledge section, including: Overview of real estate brokerage services; real estate brokerage processes and skills; handling real-life situations.

2. Candidates who have a valid real estate brokerage certificate issued by a foreign country shall only have to take the basic knowledge section and shall not have to take the specialized knowledge section.

3. The examination questions must be in accordance with the content of the training framework program for fostering knowledge on real estate brokerage practice issued by the Ministry of Construction.

4. The examination questions must be managed under the confidential document regime.

Article 23. Format, duration, and language of the examination

1. Format and duration of the examination:

a) Basic knowledge section: Written examination, multiple-choice examination, or a combination of the two forms, with a duration of 120 minutes.

b) Specialized knowledge section: Written examination, multiple-choice examination, or a combination of the two forms, with a duration of 120 minutes.

2. Examination language: Vietnamese shall be used (in case the candidate is a foreigner, an interpreter may be used).

Article 24. Examination candidates

Examination candidates include: Vietnamese citizens, overseas Vietnamese as prescribed by the law on nationality, and foreigners who meet the conditions for taking the examination as prescribed in Article 25 and Article 26 of this Decree.

Article 25. Conditions for taking the examination

Candidates taking the examination must meet all of the following conditions:

1. Having full civil act capacity, not being under criminal investigation or serving a prison sentence.

2. Having graduated from high school or higher.

3. Having a certificate of completion of a training and further training course in real estate brokerage practice knowledge.

4. Having submitted the examination registration dossier and examination fees to the provincial People’s Committee.

Article 26. Examination registration dossier includes

1. 01 application for examination registration with a 4x6cm color photo taken within 06 months before the registration date (according to the form in Appendix XXI of this Decree).

2. 01 certified copy of the People’s Identity or Citizen Identity Card or Identity Card as prescribed by the law on citizen identification; documents proving Vietnamese nationality or a certificate of Vietnamese origin as prescribed by the nationality law or passport (or a copy with the original for comparison).

3. 01 certified copy of the Certificate of completion of a training course in real estate brokerage practice.

4. Certified copy of a high school diploma (or equivalent) or higher.

5. 02 color photos of 4x6cm size taken within 06 months before the registration date, 02 stamped envelopes clearly stating the full name, phone number, and address of the recipient.

6. Certified copy and translation of the certificate issued by a foreign country (for foreigners and Vietnamese individuals who have a valid real estate brokerage practice certificate issued by a foreign country).

Article 27. Examination registration

1. Individuals who need a certificate may register for the examination nationwide.

2. Each year, individuals who need a certificate shall submit an application for examination registration as prescribed in Clause 3, Article 19 of this Decree.

3. Before each examination, candidates shall submit directly 01 examination registration dossiers as prescribed in Article 26 and examination fees as prescribed at Point a, Clause 5, Article 19 of this Decree. The time and place for dossier submission shall be in accordance with the announcement of the provincial People’s Committee.

Article 28. Passing the examination

1. A passing examination paper shall be one that achieves the following results:

a) The basic knowledge section achieves a score of 70 or higher (out of 100);

b) The specialized knowledge section achieves a score of 70 or higher (out of 100).

2. Candidates whose examination papers meet the requirements as prescribed in Clause 1 of this Article shall be eligible to be issued a certificate.

Article 29. Approval and announcement of examination results

1. The Chairperson of the Examination Council shall base on the marking results of each examination section to approve the examination results for each examination period.

2. The examination results shall be announced at the provincial People’s Committee and on its website.

3. Within 10 days from the announcement of the examination results, if candidates have a request for re-marking, they must submit a written request to the provincial People’s Committee or as announced by the provincial People’s Committee. The Examination Council shall organize the re-marking and report to the Chairperson of the provincial People’s Committee for approval to add candidates who now meet the requirements.

4. Within 20 days from the announcement of the examination results, the provincial People’s Committee shall organize a re-examination for candidates whose examination papers do not meet the requirements. Candidates shall retake the section(s) they failed. Each examination shall only have 01 re-examination, and candidates shall not have to pay re-examination fees.

Article 30. Preservation of dossiers and documents

1. The provincial People’s Committee shall be responsible for preserving dossiers and documents related to each examination as follows:

a) The following dossiers and documents shall be preserved for a period of 05 years: Dossiers related to the organization of the examination (Decision on the establishment of the Examination Council; examination regulations; examination questions and answer keys for each subject; list of invigilators and other related documents); dossiers related to marking the examination: List of candidates taking the examination, list of examiners; examination papers of candidates; dossiers of candidates eligible for the examination; summary table of examination results, summary table of re-marking results (if any) for each subject of the candidates.

b) Dossiers of candidates who fail the examination and candidates who register but do not participate in the examination shall be preserve for a period of 03 years.

2. The provincial People’s Committee shall archive the dossiers of individuals who are issued certificates for a period of 10 years from the date of issuance of the certificate.

Article 31. Issuance of real estate brokerage practice certificates

1. Candidates who achieve the examination scores as prescribed in Article 28 and have complete dossiers as prescribed in Article 26 of this Decree shall be issued a certificate.

2. Procedures for issuing certificates:

a) The Chairperson of the Examination Council shall report to the Chairperson of the provincial People’s Committee on the examination organization process and approve the examination results.

b) Based on the report of the Chairperson of the Examination Council and the examination results approved by the Chairperson of the Examination Council, the Chairperson of the provincial People’s Committee shall approve the list of individuals to be issued certificates (according to the form in Appendix XXII of this Decree). Within 10 working days from the date of receiving complete and valid dossiers, the provincial People’s Committee shall organize the printing, signing, and issuance of the certificates.

c) The provincial People’s Committee shall be responsible for keeping the dossiers of individuals who are issued certificates as prescribed in Clause 2, Article 30 of this Decree.

3. The cost of issuing certificates shall be in accordance with the law on fees and charges, and individuals shall pay directly at the provincial People’s Committee or as announced by the provincial People’s Committee.

4. The certificate shall be valid for use nationwide for a period of 05 years from the date of issuance.

5. The form of the certificate shall be as prescribed in Appendix XXIII of this Decree.

6. The certificate shall be delivered to the individual at the provincial People’s Committee or as announced by the provincial People’s Committee. In case the certificate holder does not come to receive it in person, it shall be sent by post.

7. Certificate holders must comply with the following regulations:

a) Not to alter or erase the content of the certificate;

b) Not to lease, lend, or allow other organizations or individuals to use their name and certificate to carry out activities related to real estate brokerage practice;

c) Not to use for other purposes not prescribed by law.

8. On a quarterly basis (before the 15^th day of the first month of the quarter following the reporting quarter), the provincial People’s Committee shall be responsible for reporting to the Ministry of Construction on the situation of organizing examinations and the list of individuals issued certificates as prescribed by the Decree detailing a number articles of the Law on Real Estate Business on the development and management of the housing and real estate market information system and database. At the same time, the provincial People’s Committee shall post the list of candidates issued certificates on the website of the provincial People’s Committee (according to the form in Appendix XXVI of this Decree).

9. In case the certificate is lost, torn, burnt, or destroyed due to natural disasters or other force majeure reasons, it shall be re-issued. The certificate number shall be the old certificate number (according to the form in Appendix XXIV). The validity period of the certificate shall be 05 years from the date of the first issuance. The person applying for re-issuance of the certificate shall pay fees as prescribed by the law on fees and charges to the provincial People’s Committee to prepare for the re-issuance of the certificate. The dossier for re-issuance of the certificate shall be submitted to the provincial People’s Committee that issued the certificate, including:

a) An application for re-issuance of the certificate with a photo attached (according to the form in Appendix XXVII);

b) 02 photos of 4x6cm size taken within 06 months before the dossier submission date;

c) The old certificate (if any).

Within 10 working days from the date of receiving complete dossiers as prescribed in Clause 9 of this Article, the provincial People’s Committee that issued the certificate shall be responsible for re-checking the dossiers and re-issuing the certificate.

Article 32. Regulations for expired certificates

1. Individuals whose certificates have expired are not allowed to continue practicing real estate brokerage.

2. Individuals with expired or soon-to-expire certificates who apply to have their certificates re-issued must take the examination in accordance with the following regulations:

a) In case of re-registering for the examination in the locality that issued the certificate, they shall only have to take the basic knowledge section as prescribed in this Decree to be issued a certificate, the certificate number shall be the same as the old one, and the certificate shall clearly state on page 01 that it is the second or third issuance (according to the form in Appendix XXV of this Decree);

b) In case of registering for the examination in another locality, they must follow the examination procedures as for new certificate issuance but shall only have to take the basic knowledge section.

3. The examination registration dossier shall include:

a) The dossier as prescribed in Article 26 of this Decree;

b) The old certificate (original) in case it has expired, or a certified copy in case the certificate has not yet expired.

4. Examination registration shall be in accordance with the provisions Article 27 of this Decree.

5. Based on the actual situation, the provincial People’s Committee shall organize a separate examination for individuals whose certificates have expired or combine them with the examination for new applicants.

Article 33. Revocation of real estate brokerage certificates

1. Certificate holders shall have their certificates revoked in the following cases:

a) The certificate holder loses their civil act capacity;

b) The certificate holder provides dishonest information in the application dossier for the certificate;

c) The certificate is altered or erased;

d) The certificate holders lends or leases their certificate to others for practice;

dd) The certificate holder violates the provisions Article 8 of the Law on Real Estate Business.

2. The certificate shall be revoked by the provincial People’s Committee that issued it; in case it is revoked by another competent authority as prescribed by law, this authority must notify in writing the provincial People’s Committee that issued the certificate so that it can implement the provisions Clause 3 of this Article.

3. After the decision to revoke the certificate is issued, the provincial People’s Committee that issued the certificate shall notify the person whose certificate is revoked to return the certificate. At the same time, the provincial People’s Committee shall announce on its website the name of the person whose certificate is revoked and remove the name of the person issued the certificate from the website of the provincial People’s Committee.

Chapter VI. REAL ESTATE MARKET REGULATION

Article 34. Assessment of the real estate market situation as a basis for proposing real estate market regulation

1. The Ministry of Construction shall, under the direction of the Government or based on price indices, real estate transaction volume indices, and other statistical indices and data on socio-economic aspects of other sectors and fields related to the real estate market, assess the real estate market situation and propose the implementation of real estate market regulation.

2. The research, compilation of assessment reports, and proposals for regulatory measures for real estate market shall be conducted when the real estate transaction price indices fluctuate significantly, either increasing or decreasing by more than 20% within 03 months; or when the real estate market undergoes other fluctuations affecting socio-economic stability.

Article 35. Proposals for regulatory measures for real estate market

1. In accordance with Clause 2, Article 34, within 15 days, the Ministry of Construction shall take the lead, in coordination with Ministries, Ministerial-level agencies, and provincial People’s Committees, to compile assessment reports and to propose regulatory measures for real estate market to submit to the Government for consideration and decision, including the contents prescribed in Clauses 2, 3, 4, 5, 6, and 7 of this Article.

2. The Ministry of Construction shall propose regulatory measures for real estate market related to legal policies on urban planning, construction, housing, and real estate business; on programs and plans for urban, housing, and real estate development; and on the structure of real estate products.

3. The Ministry of Planning and Investment shall propose regulatory measures for real estate market related to legal policies on investment and bidding.

4. The Ministry of Natural Resources and Environment shall propose regulatory measures for real estate market related to legal policies on land.

5. The Ministry of Finance shall propose regulatory measures for real estate market related to legal policies on taxes, finance, securities, and corporate bonds.

6. The State Bank of Vietnam shall propose regulatory measures for real estate market related to legal policies on credit.

7. Provincial People’s Committees shall review the implementation of real estate projects in their localities and by enterprises, and propose regulatory measures for real estate market in their areas.

Article 36. Submission to the competent authority for decision on regulatory measures for real estate market

1. The Ministry of Construction shall compile assessment reports and propose regulatory measures for real estate market to submit to the Government for consideration and decision.

2. In case the regulatory measures for real estate market exceed the authority of the Government, the Ministry of Construction shall report to the Government for submission to the National Assembly or the Standing Committee of the National Assembly for consideration and decision.

Article 37. Implementation of real estate market regulation

1. The Ministry of Construction shall take the lead, in coordination with Ministries, Ministerial-level agencies, and provincial People’s Committees, to implement regulatory measures for real estate market in accordance with the content of the decision of the competent authority as prescribed in Clause 2 and Clause 3, Article 79 of the Law on Real Estate Business.

2. Real estate market regulation to ensure supply and demand, and the structure of real estate products, suitable for each stage of the market, shall also be implemented through the formulation, submission for approval, and implementation of land use planning, construction planning, and urban and housing development programs and plans.

Chapter VII. IMPLEMENTATION PROVISIONS

Article 38. Transitional provisions

1. Real estate brokerage practice certificates issued before the effective date of the Law on Real Estate Business shall continue to be used according to their validity period. In case the certificate has expired or there is a need for a new issuance by the effective date of this Decree, the provisions of this Decree shall apply.

2. For real estate projects where the provincial People’s Committee has issued a written approval or permission for the project owner to transfer land use rights with technical infrastructure in the form of subdivision and sale of land lots to individuals for self-construction of houses in accordance with the law before the effective date of the Law on Real Estate Business, these projects shall continue to be implemented in accordance with the document of the provincial People’s Committee but must satisfy the provisions of Article 28, Article 29, Clauses 1, 2, 3, 4, 5, 7, and 8 Article 31, Article 32 of the Law on Real Estate Business and Article 9 of this Decree.

In case the real estate project owner has submitted a dossier requesting permission to transfer land use rights with technical infrastructure in the form of subdivision and sale of land lots to individuals for self-construction of houses before the effective date of this Decree but has not yet received a written permission from the competent state agency, the project owner shall be responsible for supplementing the missing dossiers in accordance with the Law on Real Estate Business and this Decree (if any) for consideration by the competent state agency.

3. The provisions of Clause 1, Article 5 of this Decree shall not govern or apply to outstanding loan balance at credit institutions or outstanding corporate bonds of the project owner that arose before the effective date of this Decree. In case the outstanding loan balance at credit institutions or outstanding corporate bonds of the project owner for each real estate project that arose before the effective date of this Decree exceed the provisions of Clause 1, Article 5 of this Decree, the project owner may only mobilize capital through loans at credit institutions or corporate bonds to implement the project when complying with the provisions of Clause 1, Article 5 of this Decree.

4. The provisions of Point b, Clause 1 and Point b, Clause 2, Article 7 of this Decree shall not apply to individuals or organizations that have signed sale and purchase contracts or received the transfer of real estate, including future-formed real estate in real estate projects, before the effective date of this Decree.

5. Houses and construction works in real estate projects that have been approved by competent state agencies in accordance with the law before the effective date of the Law on Real Estate Business shall continue to be used for business purposes in accordance with the approved content and objectives of the project; the project is not required to meet the conditions for future-formed houses and construction works to be put into business as prescribed in Clause 5, Article 24 of the Law on Real Estate Business.

In case the project undergoes adjustments to the investment policy in accordance with the law after the effective date of the Law on Real Estate Business, it shall be implemented in accordance with the approved adjusted investment policy of the project.

6. Commercial housing sale and purchase contracts that have been transferred in accordance with the housing law before the effective date of the Law on Real Estate Business shall continue to be transferred, and the order and procedures for contract transfer shall comply with Article 13 of this Decree.

Article 39. Implementation responsibilities

1. The Ministry of Construction shall be responsible for:

a) Guiding, monitoring, and urging the implementation of the provisions of the Law on Real Estate Business and this Decree;

b) Assuming the prime responsibility for, and coordinating with related agencies in, researching and promulgating, within its authority, or submitting to competent authorities for promulgation, legal documents on real estate business;

c) Assuming the prime responsibility for, and coordinating with related agencies in, conducting inspections, examinations, and handling violations in the real estate business sector in accordance with the law;

d) The Ministry of Construction shall research and develop real estate transaction price indices suitable for the conditions and capabilities of collecting, statistically analyzing, and synthesizing data on housing and the real estate market in each period;

dd) Performing other tasks as prescribed in the Law on Real Estate Business, this Decree, or as assigned by the Government or the Prime Minister.

2. The Ministry of Finance shall be responsible for developing regulations and guiding the implementation of regulations on taxes, fees, and charges related to the real estate business sector.

3. Ministries and sectors shall be responsible for guiding, urging, and implementing the provisions of the Law on Real Estate Business and this Decree within their assigned scope, functions, and tasks.

4. The People’s Committees of provinces and centrally-run cities shall be responsible for:

a) Organizing and directing the implementation of the provisions of the Law on Real Estate Business and this Decree in their localities;

b) Identifying areas where real estate project owners are allowed to transfer land use rights with technical infrastructure to individuals for self-construction of houses as prescribed in Clause 6, Article 31 of the Law on Real Estate Business;

c) Deciding on permitting the transfer of all or part of a real estate project in accordance with the Law on Real Estate Business and this Decree. Taking the lead in appraising and submitting dossiers requesting the transfer of all or part of a real estate project under the decision-making authority to approve the transfer of the Prime Minister, except in case the Prime Minister delegates to the provincial People’s Committee the decision on the transfer of a part of the real estate project;

d) Organizing or directing the implementation of inspections, checks, and handling of violations in the real estate business sector within their authority and in accordance with the law;

dd) Reporting to the Ministry of Construction on the real estate market situation in their localities on a quarterly basis and as prescribed by the Decree detailing a number Articles of the Law on Real Estate Business on the development and management of the housing and real estate market information system and database, or upon ad hoc requests for the Ministry of Construction to compile and report to the Government and the Prime Minister;

e) Directing and organizing the receipt and handling of administrative procedures on the electronic environment within the local jurisdiction on the provincial Public Service Portal in compliance with the law on the implementation of administrative procedures on the electronic environment;

g) Performing other tasks as prescribed in the Law on Real Estate Business, this Decree, or as assigned by the Government or the Prime Minister.

Article 40. Effect

1. This Decree takes effect from August 01, 2024.

2. The Government’s Decree No. 02/2022/ND-CP dated January 6, 2022, detailing the implementation of a number articles of the Law on Real Estate Business shall cease to be effective from the effective date of this Decree.

3. To annul Clause 7, Article 4 of the Government’s Decree No. 11/2013/ND-CP dated January 14, 2013, on urban development investment management, as amended and supplemented under Clause 4, Article 4 of the Government’s Decree No. 35/2023/ND-CP dated June 20, 2023, amending and supplementing a number articles of decrees under the state management of the Ministry of Construction

4. The provisions in the Government’s Decrees, Decisions of the Prime Minister, and legal documents issued by Ministries, sectors, and provincial People’s Committees before the effective date of this Decree, whose contents fall within the scope of regulation of this Decree but differ from the provisions of this Decree, shall be implemented in accordance with this Decree.

5. In case Vietnamese citizens have been issued personal identification numbers and the national population database, the investment registration database, and the enterprise registration database are connected and operational, personal identification numbers may be used to replace documents related to personal identification (People’s Identity, Citizen Identity Card, Identity Card, Passport, and other personal identification documents as prescribed by related laws) when implementing procedures related to real estate business activities as prescribed by the law on real estate business.

Ministers, Heads of Ministerial-level agencies, Heads of Government-attached agencies, and Chairpersons of provincial People’s Committees shall be responsible for the implementation of this Decree.