The Ho Chi Minh City Real Estate Association (HoREA) has proposed to Prime Minister Nguyen Xuan Phuc some amendments to the 2013 Land Law with a view to removing impediments to and speeding up the transparent, healthy and sustainable development of the realty market, said Chairman Le Hoang Chau.
HoREA proposes permitting investors to transfer the whole or part of their investment projects on house construction and trading as soon as the project ground clearance is completed and to regard such transfer as a normal activity in the project investment and operation process.
|Ho Chi Minh City Real Estate Association proposes amendments to Land Law__Photo: Internet|
The association said the project transfer has been only carried out between realty investors, not between the house sellers and buyers, adding “If the transferor has not completed the investment and construction procedures, the transferee will have to continue fulfilling such procedures.”
The current Land Law stipulates: “For investment projects on house construction and trading, the transfer of land use rights together with the transfer of the whole or part of the projects may be conducted upon receipt of the land use rights certificate. Those who acquire land use rights shall implement investment projects in accordance with the approved schedule.”
HoREA also proposes the Prime Minister to give green light to the mortgage of land use rights and land-attached property at overseas banks and require that land-related disputes will be settled in accordance with Vietnamese law.
The current law prescribes that economic organizations that are allocated land with land use levy or leased land with one-off rental payment for the entire lease term by the State will have the right to mortgage land use rights and land-attached property under their ownership at credit institutions licensed to operate in Vietnam.
In addition, the 2014 Housing Law permits foreigners and overseas Vietnamese that have lawfully entered Vietnam to buy and own houses in the country like local Vietnamese. In fact, they also have the need to mortgage their houses and land use rights at overseas banks.
The association’s leader expressed his hope that after the second meeting between the Prime Minister and the business community slated for April, “legal bottlenecks” in the real estate business would be untied.- (VLLF)