The Bill on real estate business is being elaborated by the Construction Ministry and expected to be submitted to the National Assembly in 2005, according to Mr. Pham Gia Yen, director of the Construction Ministry’s Legal Department.
The main purposes of the Bill are to regulate the secondary real estate market, namely the trading between individuals and individuals and between individuals and organizations, and to put real estate brokerage and consultancy activities into order.
Under the Bill, organizations and individuals must adhere to the following basic principles if they wish to deal in real estates:
Firstly, they must have business registration certificates and pay tax according to law provisions. Secondly, real estates they trade in must be of lawful origin. Finally, they should conduct real estate transactions in an open, fair and lawful manner.
Real estates permitted for trading include:
- Construction works, including: dwelling houses, dormitories, civil construction works, public works for commercial purposes such as hostels, trade and service works; hotels, inns, hospitals, schools, tennis courses, golf courses; production and business establishments such as factories, mines, mineral-exploiting fields, industrial parks; technical infrastructure such as bridges, roads, ports, stations, airports;