SALE OF RESIDENTIAL HOUSES IN VIETNAM

오광원

SALE OF RESIDENTIAL HOUSES IN VIETNAM

Journal of International Business Transactions Law
Abbr : IBT
2015, (13), pp.35-54
Publisher : The Institute for Legal Studies Dong-A University
Research Area : Social Science > Law > Private Law > International Commercial Transactions Law

오광원 ¹

¹JP Law Group Vietnam

Candidate

ABSTRACT

The positive prospect of Vietnam residential house market is attracting foreign direct investment especially to Hanoi and HCMC's real estate market. However, the law and regulations related to the real estate business has many kinds of typical aspects because of the characteristic of the socialist system of Vietnam. In addition, the new Residential Housing Law and new Real Estate Law adopted many kinds of new requirements for the real estate developer to protect residential house buyers. Thus the investors in the area of real estate need to focus on the legal elements required by the Vietnamese law and related regulations. This article only reviewed the sales period in the residential house development project such as Deposit Agreement, Capital Contribution Contract, requirements for the Sale and Purchase of houses and issuance of Land Use Right Certificate. Thus before starting the residential housing investment in Vietnam, the foreign company also needs to review the first stage of investment such as obtaining Investment License, permission for the construction together with the second stage such as the compensation for the land and the attached assets, clearance of the land and so on. The investor also needs to consider the difficulties in clarifying the requirements for the real estate business because the law and regulations are not clear and the ruling of courts have not been opened to the public in Vietnam. In addition, it is difficult to find a appropriate textbook or thesis clearly explaining the law and regulations related to the real estate business in Vietnam. Lastly I want to add that it is difficult to contact officials of Ministry of Construction and Department of Construction to get the answers for the vague parts of real estate areas. In conclusion, to secure success of investment in Vietnamese real estate business market, the investor needs to carefully review the law and regulations, consider the unclear requirements in the law and consult the real estate business law specialists to get their experience together with the principles in law.

KEYWORDS

Vietnam Residential Housing Law, Vietnam Real Estate Law, Capital Contribution Contract, Sale and Purchase of Residential House, LURC.

Citation status

* References for papers published after 2023 are currently being built.

[other] / Civil Code dated 14 June 2005 (“Civil Code”)

[other] / Law on Investment dated 29 November 2005 (“Investment Law”) and guiding legal documents

[other] / Law on Enterprises dated 29 November 2005(“Enterprises Law”) and guiding legal documents

[other] / Law on Land dated 29 November 2013 (“Land Law”) and guiding legal documents

[other] / Law on Construction dated 26 November 2003 (“Construction Law”) and guiding legal documents

[other] / Law on Residential Housing dated 29November 2005 and Law No.34/2009/QH12 dated 18 June 2009 on Amendment to Article 126 of the Law on Residential Housing and Article 121 of the Land Law (“Residential Housing Law”) and guiding legal documents

[other] / Law on Real Estate Business dated 29 June 2006(“Real Estate Business Law”) and guiding legal documents

[other] / Regulations on New Urban Areas; Regulations of Hanoi People’s Committee on the issues relating to the New Urban Areas; New Real Estate Business Law (66/2014/QH13, “New Real Estate Law”) and the New law on Residential House (65/2014/QH13, “New Residential Housing Law”) effective from 01 July 2015

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Journal Central

Journal of International Business Transactions Law 2023 KCI Impact Factor : 0.31