Expectations for the national real estate market.

The national real estate exchange must be designed as a level playing field, with strict oversight mechanisms and clear sanctions.

Người Lao Động•09/12/2025

At the regular government meeting in November, held last weekend, Prime Minister Pham Minh Chinh requested the Ministry of Construction to urgently submit a plan for establishing a real estate transaction center and a center for land use rights managed by the State, to be completed before December 15th.

Save time and money.

Previously, the Ministry of Construction submitted to the Government a draft Resolution on piloting a model for a real estate and land use rights transaction center, expected to be implemented nationwide in the 2026-2027 period. This model aims to streamline all procedures, from providing information, legal verification, establishing electronic contracts to issuing land use right certificates, on a unified data platform. The center will also integrate data on housing, land, taxes, transactions, and collateral to support management and promote the digitalization of the real estate market.

According to Deputy Minister of Construction Nguyen Van Sinh, the establishment of a real estate and land use rights transaction center aims to innovate transaction methods, shorten administrative procedures, and save time and costs for citizens and businesses. At the same time, the model promotes the application of information technology, accelerates digital transformation, and contributes to the transparency of the real estate market. The goal is to stabilize the real estate market with a more synchronized institutional framework, and to promptly address cases of manipulation, speculation, and price inflation in the real estate sector.

Expectations for a national real estate exchange to increase transparency in the real estate market - Image 1.

The establishment of a real estate and land use rights transaction center aims to innovate transaction methods, shorten administrative procedures, and save time and costs for citizens and businesses. Photo: TAN THANH

Dr. Nguyen Van Dinh, Chairman of the Vietnam Association of Real Estate Brokers (VARS) and Vice Chairman of the Vietnam Real Estate Association, believes that building a national real estate transaction center would be a place to gather, verify, and process all information related to each property. When people need to transfer or buy/sell property, they only need to access this system. The center will automatically contact and verify the information with relevant authorities and provide results in a short time. "People only need to input property information into the system. The national data center will check, verify, and provide official results, confirming the right to legally transact. The State would then be legally responsible for that data, instead of people having to go through a series of other agencies," according to Dr. Dinh.

In reality, current procedures related to real estate transactions are cumbersome, time-consuming, and costly. People have to go through many steps such as notarization, tax payment, registration of changes, etc., with an average time of 45-60 days. When the transaction center is implemented, these procedures will be completed quickly, in just 1-3 days, helping to minimize costs and inconvenience. This center will not replace the functions of other agencies but will only play a role in connecting and processing data on a digital platform.

Ms. Hoang Thu Hang, Deputy Director of the Department of Housing and Real Estate Market Management - Ministry of Construction, also acknowledged that previously, to complete a real estate transaction, people might have to go to many places to buy, sell, and complete procedures. In addition, people faced difficulties in determining whether a product was eligible for sale. If a real estate transaction center is established, the State will manage and be responsible for bringing eligible real estate properties to the market. Ms. Hang stated that the Ministry of Construction has completed the drafting and submission of a proposal and a draft resolution to the Government on piloting this model.

Transaction classification, no additional procedures.

From the perspective of businesses participating in the market, Mr. Vo Hong Thang, Deputy General Director of DKRA Group, suggested that when real estate transactions are conducted through official platforms, information must be accurate, brokers must provide correct data, minimize discrepancies, thereby reducing risks for buyers and increasing transparency.

This necessitates that the national real estate exchange be designed as a level playing field, with strict oversight mechanisms and clear sanctions. "If businesses do not meet standards or comply with transparency regulations, they will be eliminated. However, for fairness, the oversight and violation handling mechanisms need to be transparent, avoiding a situation where some companies are listed while others are not," he said.

A real estate expert believes that the exchange model still needs time to take shape. According to this expert, if it's simply a data listing platform without interfering with selling prices or buyers/sellers, the model would greatly assist the government in data management, reducing duplication and facilitating easy access. In particular, citizens expect convenience and transparency, not increased procedures or concentrated penalties. "Simply integrating real estate QR codes into citizen identification cards would suffice for transactions," this expert suggested.

From a policy perspective, Dr. Can Van Luc, a member of the Prime Minister 's Advisory Council, also emphasized that real estate transaction centers, when established, must adhere to two principles: transparency and openness, and avoiding the creation of additional procedures or costs.

According to him, the pilot period should only last 2-3 years to assess effectiveness before widespread implementation. At the same time, it is necessary to clearly categorize which types of transactions are mandatory to be listed on the exchange and which only require data updates. For example, large-value commercial transfers must go through the exchange; while gifts and inheritances within the family may only require notification for data updating.

Dr. Can Van Luc also suggested issuing criteria for participation in the exchange, as not all real estate businesses meet the requirements. It is necessary to limit participation to groups with clearly defined functions such as: brokerage, valuation, project development, asset management units… At the same time, a public-private partnership (PPP) mechanism could be applied to leverage technology, surveys, and operations from the private sector while the State maintains a guiding and controlling role.

Another requirement emphasized by Dr. Luc is that transaction fees must be kept to a minimum, avoiding the exchange becoming a barrier. In addition, the data collection and sharing system must be built synchronously, avoiding the current "data disruption" situation.

Furthermore, Dr. Luc also warned of the risk of creating "two markets" if the process is designed too complicatedly - one official and one "black market" for clandestine transactions to circumvent procedures. To avoid this, real estate transaction centers must demonstrate tangible benefits: faster processing times, clearer information, and lower costs.

"Regarding the operating model, we can refer to the trading models of stock exchanges, e-commerce platforms, or commodity exchanges; they are not overly complex. Most importantly, the system design should be simple, easy to operate, and avoid creating a cumbersome organizational structure. We can utilize existing personnel, and if experts are needed, we should boldly recruit them to ensure efficient operation from the outset," suggested Dr. Can Van Luc.

Establish sufficiently strong legal tools.

The Ho Chi Minh City Real Estate Association (HoREA) proposes that instead of creating an additional layer of procedures, the management agency should simply issue regulations requiring investors to fully disclose the legal status, sales conditions, and product information (existing housing, housing under construction, land use rights with infrastructure, etc.) on the housing and real estate market data system of the Ministry of Construction, provincial People's Committees, and on the company's website for monitoring by the management agency.

At the same time, HoREA proposed adding regulations to severely punish acts of disclosing false information, delaying public disclosure, or putting products on the market that do not meet the conditions for transaction. Simultaneously, it is necessary to urgently amend the Law on Real Estate Business, establishing sufficiently strong legal tools to ensure a transparent and healthy market, limit speculation, and protect the rights of buyers.

Source: https://nld.com.vn/ky-vong-san-bat-dong-san-quoc-gia-196251208221835449.htm