The real estate market is congested because of legal problems
At the second annual Spring Real Estate Forum in Hanoi recently, Dr. Vu Tien Loc, President of the Vietnam International Arbitration Center (VIAC), said that the legal system on land and real estate is currently the biggest bottleneck of the Vietnamese economy, while the exploitation of Land resources and promoting urbanization are the most important resources and driving forces of the industrialization process. However, these limitations are creating bottlenecks that we have not yet resolved.
“Specifically, amendments to the Land Law are temporarily halted, and solutions in the field of tourism real estate have not been resolved. Therefore, solving these bottlenecks is becoming an important issue. Recently, we have revised 8 Laws related to construction investment, but in reality, it is just “salt out of the sea”, has not solved much for bottlenecks related to the real estate market. like now,” said Mr. Loc.
Also according to Assoc. Dr. Nguyen Quang Tuyen, Vice Chairman of the Council of Hanoi Law University: “Institutions have not kept up with the speed of the real estate market. In the legal system, there are 82 laws related to the real estate market and Inadequacies still exist.
According to this expert, the process of amending the law needs to clearly define the story: Are the specialized laws revised according to the Land Law or the Land Law amended according to specialized laws? If not clearly defined, there are still problems.
“The current laws are revised according to their regulations, so there are conflicts with the Land Law. The lack of synchronization, updating and changes of regulations in line with market realities in the Law on Real Estate Business. Real Estate, Housing Law, Investment Law… along with a number of Decrees and related specialized documents, causing difficulties for the implementation of the National Housing Development Strategy, especially the restructuring of supply, focusing on developing low-cost commercial and social housing segments to serve the needs of the majority”, Assoc.Prof.Dr. Nguyen Quang Tuyen commented.
Assoc.Prof.Dr. Nguyen Quang Tuyen.
This expert also added, the story of identifying new real estate such as tourism real estate is also a problem. Because many condotel investors have legal problems. When regulations on land use and certification for tourist real estate are unclear, localities also become confused. For businesses that deal in the real estate segment such as condotels, shophouses are also confused.
In addition, according to Mr. Tuyen, on the issue of digital transformation, how is the legalization of digital transformation to ensure the confidentiality of customer information. This is related to other laws. What is the legal mechanism to protect the privacy of customers’ personal information? When digital transformation will create a sharing economy model or a holiday series?…
Providing solutions to solve legal problems in the real estate sector, Mr. Tuyen analyzed: “In order to improve the efficiency of State management of real estate business in general, it is necessary to review, amend and supplement the law. relevant provisions of the Land Law 2013, the Law on Housing 2014 and the Law on Real Estate Business 2014.
In particular, it is necessary to focus on solving many different groups of issues such as adding regulations on State management in the Law on Real Estate Business 2021 on real estate business in general and tourism real estate business. In particular, it represents the types of real estate investors and real estate investors who issue stocks and real estate bonds on the stock market.
In addition, another point is to add regulations on State management in the Law on Real Estate Business 2014 to closely integrate real estate investment activities in general and tourism real estate business in general. especially with regard to environmental protection. At the same time, develop criteria and green tourism real estate products; establish a synchronous and unified mechanism on preferential and incentive policies for real estate investors in creating green tourism real estate products or integrating the circular economy model in the tourism industry. tourism real estate investment.
In addition, reviewing and amending the provisions of the Law on Tourism 2014, the Law on Real Estate Business 2014, relevant laws and guiding documents on tourism real estate business, insurance. ensure consistency, compatibility, synchronism, contributing to the creation of a legal framework for smooth tourism real estate investment, healthy competition, openness, transparency and equality among stakeholders. participate in the tourism real estate market segment.
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