Do not leave any “gaps” when housing and real estate laws come into effect.

According to Mr. Hoang Hai, Director of the Department of Housing and Real Estate Market Management, from August 1, the Housing Law 2023 and the Real Estate Business Law 2024 will officially take effect. To meet the conditions for implementing the law, sub-law documents must also be completed and take effect from August 1, avoiding legal "gaps".

The need to meet the practical requirements of these laws is urgent with the spirit of the sooner the better. Faced with that pressure, the Ministry of Construction has participated and focused on developing 5 decrees, 2 circulars and 1 decision of the Prime Minister to specify and guide the implementation of the Law.

The draft documents have now been basically completed and submitted to the Government after the last meeting. The spirit is that they will be completed this July - Mr. Hai shared.

Specifically, the 5 relevant decrees include: Decree detailing a number of articles of the Housing Law; Decree detailing a number of articles of the Housing Law on the development and management of social housing; Decree detailing a number of articles of the Housing Law on the renovation and reconstruction of apartment buildings; Decree detailing a number of articles of the Real Estate Business Law; Decree detailing a number of articles of the Real Estate Business Law on the construction and management of information systems and databases on housing and the real estate market.

Mr. Hoang Hai affirmed that this approach is innovative and very technical. Regarding the draft Decree on renovation and reconstruction of apartment buildings, the Ministry of Construction has organized 3 more meetings with localities with a large number of old apartment buildings to collect opinions to complete the draft to ensure feasibility.

Regarding the draft Decree on the development and management of social housing, meetings were also held with the Ministry of Public Security, the Ministry of National Defense, and the Vietnam General Confederation of Labor to finalize the contents related to the development of housing for the people's armed forces and social housing for rent invested by the Vietnam General Confederation of Labor.

Regarding the draft Decree detailing a number of articles of the Law on Real Estate Business, the Ministry of Construction held a meeting with the Ministry of Finance and the State Bank of Vietnam to complete the contents of the draft decree.

On that basis, the Ministry of Finance will issue a Circular regulating the use of funds to build, investigate, collect information, update, maintain and operate the information system and database on housing and the real estate market; provide guidance on determining the price of providing information services and data on housing and the real estate market in accordance with the provisions of the law on prices; provide guidance on the management and use of the amount collected from providing information services and data on housing and the real estate market.

On the State Bank side, there is also a Circular of the Governor of the State Bank of Vietnam guiding the guarantee in the sale and lease-purchase of future housing.

The Ministry of Public Security has a Circular detailing a number of articles of the Law on Housing in the People's Public Security; the Ministry of National Defense also has a Circular stipulating the subjects and conditions for enjoying housing policies and support in the Ministry of National Defense.

Regarding localities, Director Hoang Hai said that in addition to the two telegrams of the Prime Minister, the Ministry of Construction also sent Official Dispatch 837/BXD-QLN to the People's Committees of provinces and centrally run cities on the implementation of the development of documents guiding the implementation of Housing Law No. 27/2023/QH15.

The Ministry of Construction recommends that localities focus on a number of contents. Specifically, the legal documents assigned to localities to issue under their authority include the 2023 Housing Law with 10 contents assigned to localities; the 2023 Real Estate Business Law with one content assigned to localities.

Therefore, the Ministry of Construction recommends that localities work in parallel to promptly promulgate the Laws when they come into effect; at the same time, coordinate with the Ministry of Construction to disseminate the provisions of the 2023 Housing Law and the 2023 Real Estate Business Law so that departments, branches, localities, businesses, and people in the area can know, understand, and implement them.

In response to the efforts of the State management agencies in developing and promulgating normative documents to quickly implement these laws in life, Mr. Nguyen Van Dinh, Chairman of the Vietnam Association of Real Estate Brokers (VARS), said that it is necessary to pay attention to the consistency of the legal system. Accordingly, it is necessary to note the risk of "contradictions" if the new regulations are not strict enough and fully connected with the laws or are not detailed and specific enough.

When this problem occurs, it will certainly become a barrier, reducing the positive impact of these Decrees on the recovery process of the real estate market.

VARS also expressed hope that the new laws will bring positive impacts to the real estate market but will also be a "filter" to eliminate incompetent entities from the game.

In addition to the determination to officially bring the Land Law 2024, Housing Law 2023, and Real Estate Business Law 2023 into effect from August 1, 2024, State management agencies need to quickly research and issue detailed guiding Circulars and Decrees, "pave the way" so that the laws have the opportunity to be implemented as soon as they officially come into effect. Thereby, ensuring that all relevant individuals and organizations have a correct, sufficient, and timely grasp of the new legal corridor; at the same time, improving the dissemination of legal knowledge by encouraging the organization of conferences, seminars, and programs to disseminate mechanisms and policies.

Ministries, sectors and localities need to urgently prepare carefully and closely to ensure that there are no legal "gaps" or "loopholes" in the implementation process. At the same time, it is necessary to enhance supervision and take disciplinary action against cases of intentional "avoidance" causing delays in implementation.