Residential houses, construction works and land use rights as well as other kinds of fixed assets specified by the Prime Minister can all be freely traded on the real estate trading floor. Companies and cooperatives engaged in real estate business must have legal capital of at least VND 6 billion.
Regarding houses and works to be completed in the future, the Government Decree No. 153/2007/ND-CP of October 15, which guides the Law on Real Estate Business, requires advances for those houses or works be paid in installments. The first advance installment may be paid to construction project investors once technical infrastructure of the projects is already under construction.
Advance payers enjoy real estate purchase or transfer prices available at the time of contract signing, unless otherwise agreed upon by both sides.
Investors in new urban centers, residential housing complexes or technical infrastructure of industrial parks on a land area of 20 hectares or more must evidence they own at least 20% of total investment capital in such projects.
Foreigners and Vietnamese who possess practice certificates for real estate brokerage or appraisal which are still valid will have these certificates recognized by Vietnamese authorities and use them in practicing in Vietnam. These certificates must be translated into Vietnamese and notarized under Vietnamese law and sent to local agencies in charge of the administration of real estate businesses in localities where certificate holders practice.
All requirements on qualified personnel of real estate trading, appraisal or service organizations must be fully satisfied before January 1, 2009.-