Perfecting mechanisms and policies for development and strict management of the real estate market

5th Session, 15th National Assembly :

18:56, 23/06/2023

Continuing the 5th Session Program, on the afternoon of June 23, the National Assembly considered and voted to pass the Resolution on taking a vote of confidence and voting for confidence in people holding positions elected or approved by the National Assembly and People's Councils (amended).

As a result, 470 delegates participated in the vote in favor (accounting for 95.14%).

Next, the National Assembly held a plenary discussion in the hall on the draft Law on Real Estate Business (amended).

Speaking at the discussion session, delegates expressed their agreement with many contents of the draft Law and the Economic Committee's Review Report. The delegates said that at this 5th Session and the 6th Session, the National Assembly will consider and pass 3 closely related laws, namely: Land Law (amended), Housing Law (amended) and Real Estate Business Law (amended).

According to the delegate, one of the information that runs through these three draft laws is the information system and database. This is very important information in state management.

Working session on the afternoon of June 23. Photo: quochoi.vn

Therefore, the draft Law on Real Estate Business (amended) needs to carefully review the content of Chapter 8 on building and managing information data on housing and real estate market to synchronize with the draft Law on Land (amended).

Delegates proposed to take the database information system in the Land Law (amended) as the basis for designing, operating and managing the real estate market information system. At the same time, there should be regulations and coordination mechanisms between the natural resources and environment sector and the construction sector to operate the above two information systems, ensuring connectivity, transparency and efficiency.

In addition, the issue of public disclosure and transparency of information about real estate projects has received public attention, therefore, it is necessary to have communication and share information about these projects with state management agencies.

Delegates suggested that the draft Law should continue to review regulations to ensure full institutionalization of the Party's major policies, especially Resolution 18 and Resolution 11, to perfect the mechanism and policies for development and strict management of the real estate market and land use rights, ensuring safety, stability, and smooth operation of the real estate market and related markets such as the monetary and credit markets.

At the same time, restructure the real estate market, use resources economically and effectively, build a real estate market information system associated with land information, urban development, real estate projects associated with planning, reasonable land use plans, overcome land speculation, ensure harmony of interests of the State, enterprises and people, increase the implementation of non-cash transactions in real estate transactions...

Regarding the term of ownership of apartment building construction works according to the year, delegates proposed to be linked to the actual situation. The purchase and sale of houses must be linked to space and land. Investors must complete procedures related to real estate for buyers, ensuring the responsibility of investors. Regarding real estate trading floors, it is necessary to strictly ensure professional and safe operations.

Delegates attending the working session. Photo: quochoi.vn

Regarding regulations on real estate trading floors, delegates suggested that the Drafting Committee should review and carefully consider regulations on real estate trading floors after conducting surveys and assessing impacts to create conditions for organizations not only to facilitate the implementation of rights and obligations of real estate trading floors but also to ensure strictness as well as legal basis for organizations and individuals to participate in activities in the direction of professional and safe development and when the law is passed by the National Assembly, it ensures feasibility and effectiveness.

Regarding prohibited acts, delegates suggested that it is necessary to clarify the content of the act of “prohibiting fraud and deception in real estate business”. In particular, there should be strong enough sanctions to prevent and handle violations, and it is necessary to review and amend the Law on Handling of Administrative Violations and the Criminal Law.

Speaking on the draft law, delegates pointed out that the real estate market fluctuates and is always lurking with risks. If the state's policies do not regulate it in a timely manner and there are no effective solutions, it could lead to a financial crisis, or even an economic crisis.

Therefore, the State’s policy on the real estate market is very important, but we have not yet been able to regulate this market. Delegates hope that this amendment to the Law on Real Estate Business will eliminate the mindset that “there is nothing more profitable than trading land”…

Speaking at the meeting, Minister of Construction Nguyen Thanh Nghi thanked the National Assembly deputies for contributing many responsible opinions with high practical value to complete the draft law. The Minister stated that the opinions of the National Assembly deputies will be synthesized and fully absorbed to ensure the draft law is of good quality and receives high consensus.

Minister of Construction Nguyen Thanh Nghi gave an explanation speech. Photo: quochoi.vn

The Minister of Construction said that regarding the scope of regulation, the drafting agency will continue to review and complete the content of the draft law, clarify the scope and content of the law in the direction of ensuring that the scope of regulation of the draft law covers real estate business activities, clearly distinguishing real estate business activities and other civil transactions not for business purposes.

The Minister also stated that the drafting agency will study to synchronously regulate the contents related to housing transactions, between relevant laws to ensure that housing business is carried out in accordance with the Law on Real Estate Business; housing development policies, housing ownership, and other housing transactions are carried out in accordance with the Housing Law, ensuring consistency and no overlap with other relevant laws.

Regarding real estate put into business, the Minister said, taking into account the opinions of the delegates, the drafting agency will continue to review and complete the draft law to ensure coverage of the types of real estate included in the draft law.

Regarding the conditions for organizations and individuals doing real estate business, the Minister emphasized that the drafting agency will continue to review and supplement Clauses 1, 2, and 3 of Article 10 of the draft Law to report to the Government to fully absorb the opinions of National Assembly deputies.

However, the drafting agency recommends keeping Clause 2, Article 10 because it is necessary to ensure the scope of regulation covers all real estate business entities, including individuals doing real estate business.

In addition, the Minister also proposed to retain the main contents of Clause 3, Article 10 of the draft law, because this is the content that is legalized as stipulated in Article 5 of Decree 02/2022/ND-CP, which stipulates cases where agencies and organizations sell houses, construction works and transfer land use rights due to bankruptcy, dissolution, separation, while the merger and consolidation of enterprises basically do not generate real estate sales or transfers...

Lan Anh (synthesis)

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