Directive No. 11/2007/CT-TTg On Implementing the Law on Real Estate Business

DIRECTIVE

Regarding the implementation of the Law on Real Estate Business

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The Law on Real Estate Business was passed at the ninth session of the Eleventh National Assembly and took effect from January 1, 2007. To effectively and uniformly implement the Law throughout the country, the Prime Minister requests:

1. Ministry of Construction:

a) In 2007, to take the lead and coordinate with relevant ministries, sectors, provincial and municipal people's committees under the central government to review current legal documents related to real estate business activities for amendment and supplementation or to submit to competent authorities for amendment and supplementation in accordance with the provisions of the Law on Real Estate Business;

b) By the second quarter of 2007, to issue a framework training program on knowledge about real estate brokerage, valuation, and management of real estate trading floors in accordance with the law on real estate business to serve state management work and meet social needs for real estate business activities;

c) To organize the dissemination of laws, vocational training, and education on real estate business laws; to establish a system of information on the real estate market and real estate business activities;

d) To study and submit to the Government a proposal to promote the synchronous development of the real estate market, creating a legal framework to gradually expand the rights of foreign investors to participate in the real estate market in line with the process of international economic integration;

đ) To coordinate with provincial and municipal people's committees under the central government, relevant ministries, sectors, and related agencies to inspect the implementation of real estate investment projects, promptly adjust and guide their implementation in accordance with the Law on Real Estate Business, and report to the Prime Minister;

2. The Ministry of Natural Resources and Environment:

a) To take the lead and coordinate with the Ministry of Construction to urgently review land-related legal provisions concerning the right to use land for real estate business to amend and supplement or to submit to competent authorities for amendment and supplementation in accordance with the law on real estate business;

b) To study and supplement forms of land leasing for building rental housing for domestic organizations; clearly define the area of land that does not require payment of land use fees in real estate investment projects;

3. Ministry of Finance:

a) To study and propose the issuance of policies on land use fee payments, land lease fees, taxes, and other financial obligations related to real estate business activities aimed at promoting the development of the real estate market;

b) To study and issue regulations on professional liability insurance for real estate valuation;

c) To stipulate preferential lending for projects constructing rental housing, housing for sale with lease options, and housing for sale to persons with meritorious service, the poor, low-income individuals, students, and workers in industrial zones and export processing zones;

4. The State Bank of Vietnam:

To study and issue mechanisms and guidelines for payment in real estate business transactions through banks and credit institutions operating in Vietnam to facilitate and ensure safety for all parties involved in transactions;

5. The Ministry of Culture, Sports and Tourism shall be responsible for directing mass media agencies to publicize and disseminate laws on real estate business, and direct the publication of legal publications on real estate business to widely disseminate among cadres, businesses, and the public;

6. Ministries and sectors within their assigned functions and tasks shall conduct reviews to amend, supplement, or issue new regulations within their authority or submit to competent authorities for amendment, supplementation, or issuance of new regulations related to real estate business activities in accordance with the Law on Real Estate Business;

7. Provincial and municipal people's committees under the central government:

a) By the latest in the second quarter of 2007, complete the review and revoke or amend and supplement local regulations previously issued that are no longer appropriate or contrary to the provisions of the law on real estate business;

b) Organize the publicity, dissemination, and education of laws on real estate business in their respective areas;

c) Build a team of capable officials to manage real estate business activities in their respective areas; organize the issuance of certificates and management of real estate brokerage and valuation practices in their respective areas;

8. This Directive takes effect fifteen days after its publication in the Official Gazette;

The Ministry of Construction shall take the lead and coordinate with relevant ministries, sectors, and localities to organize inspections, urge compliance, and report to the Prime Minister on the implementation of this Directive./.