A draft amendment to the Law on Real Estate Business introduces several proposals aimed at streamlining administrative procedures and expanding decentralization. One of the key proposals would transfer the authority to approve the transfer of all or part of real estate projects to provincial-level People's Committees.
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Under the draft, provincial People's Committees would be responsible for deciding on the transfer of all or part of real estate projects, including certain projects that have traditionally fallen under central-level approval.
If adopted, this proposal would represent a significant shift from the current framework, with the objective of strengthening local decision-making while shortening administrative procedures related to project transfers.
During the legislative review process, several opinions have suggested that the scope of decentralization should be carefully evaluated, particularly for projects involving multiple provinces, national defense or security considerations, or significant financial obligations.
Stakeholders have also recommended establishing clear coordination and oversight mechanisms to ensure that greater local authority is accompanied by effective supervision and consistent regulatory implementation.
In addition to the proposed changes on project transfers, the draft law also includes measures to simplify a number of business conditions in the real estate sector.
The proposed revisions cover eligibility requirements for organizations and individuals engaged in real estate business, conditions for bringing completed and off-plan properties to the market, and certain operational requirements applicable to real estate trading floors.
The draft also seeks to streamline several administrative procedures relating to housing and real estate market databases, as well as licensing procedures for real estate exchanges, with the aim of improving the overall business environment.
For the sale and lease-purchase of off-plan real estate, the draft retains the current principle that sellers may collect no more than 95% of the contract value before the buyer receives the property ownership certificate, in accordance with applicable regulations.
In addition, lawmakers are considering a proposal requiring the remaining 5% of the contract value to be deposited into a blocked bank account or secured through another mutually agreed guarantee mechanism. The proposal is intended to enhance transparency and provide additional protection for both buyers and sellers throughout the transaction process.
The draft law is currently undergoing consultation and review. Its final provisions will be determined through the legislative process before being submitted to the competent authorities for consideration.