The market is waiting for a legal framework for tourism real estate

According to the Vietnam Real Estate Association, the country currently has 239 projects tourism real estate resort, with a value of up to 30 billion USD, in the popular form of villas or tourist apartments, resorts. However, many projects are facing difficulties because of the lack of a uniform legal framework.

Many suggestions were made at the Workshop “Vietnam tourism real estate market – Legal bottlenecks, practices and solutions” held on May 6, organized by the Vietnam Bar Association. organization.

Only for the last holidays of April 30 and May 1, a series of resorts have sold out, making a significant contribution to the local economy, showing the role of the resort real estate segment. However, the most prominent problem of this segment is the legal issue, specifically the issue of separate ownership certificates for each investor. This issue was once again raised at the association held in Khanh Hoa province.

(Illustration image – Photo: Dan Tri)

In Khanh Hoa province, a few years ago, to attract investment, the locality introduced the concept of “residential land not forming residential units”, ie resort villas with long-term ownership certificates. but not registered for household registration, do not form residential areas, neighbors, but only serve the purpose of business services, tourism and resort.

However, the current legal regulations do not yet specify what type of land is “residential land without forming residential units”, leading to the suspension of the certificates for investors. Particularly in the North Cam Ranh peninsula tourist area, with more than 40 projects, half of them are facing this problem.

Although the basic tourist real estate business has a general legal framework to adjust with about 13 documents including laws and sub-law documents, these regulations are still incomplete and have not kept up with reality.

Opinions from the workshop said that, if the legal bottlenecks can be solved, it will help to remove tens of thousands of billions of VND that are stagnant in unfinished tourism projects, helping to recover the economy later. 2 years affected by the pandemic COVID-19 epidemic.

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