Key changes to real estate business in Vietnam from 1 January 2025
28 February 2024
On 28 November 2023, the Vietnam National Assembly passed the Law on Real Estate Business 2023 No. 29/2023/QH15 (“2023 Law”), which will come into effect from 1 January 2025 and replace the Law on Real Estate Business No. 66/2014/QH13. The adoption of the 2023 Law is a notable milestone in the real estate market, providing clear and strict regulations to manage this important sector and potentially provide better-functioning market.
This article discusses the key highlights of the 2023 Law, including:
- Types of properties and real estate projects which can be traded
- Scope of real estate business for investors
- Payment for sale / hire-purchase of properties to be constructed
- Payment method for real estate transactions and real estate services
- Template contracts in real estate transactions
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