Vietnam – New Directive On A Number Of Measures To Promote The Stable And Healthy Development Of The Real Estate Market.

On 23 April 2019, the Prime Minister issued the Directive No. 11/CT-TTg on a number of measures to promote the stable and healthy development of the real estate market (Directive 11).

Accordingly, the Prime Minister required the relevant authorities to issue specific pieces of legislation according to the following timeline:

1. (i)  The Ministry of Construction is required to:

   1. (a)  complete the final version of the Law amending and supplementing a number of articles of the Law on Construction, Law on Housing and Law on Real Estate Business;

   2. (b)  amend and supplement the construction standards and criteria for condominiums, condotels, resorts villa, and officetels; and

   3. (c)  issue the regulations on management for officetels within the third quarter of 2019;

2. (ii)  The Ministry of Natural Resources and Environment is required to:

   1. (a)  issue the documents providing guidance on the land use regime for certain new forms of real estate (condotels, resorts villa, officetels and other forms) within the third quarter of 2019; and

   2. (b)  complete the analysis on the amendments and supplements to the land use regime and the issuance of Land Use Right Certificates for certain new forms of real estate (condotels, resorts villa, officetels and other forms) in the Law amending and supplementing a number of articles of the Law on Land.