Director of Housing and Real Estate Market Management Department Nguyen Trong Ninh
Meanwhile, the Land Law's amendment period has been delayed, the Construction Law is being appraised and some other laws have been slow to implement.
Nguyen Ngoc Thanh, chairman of Hai Phong Real Estate Association, said in other countries if there was only one investor that showed interest, they wouldn't hold public bids, and even when the bidding was held, the process was transparent. However, investors have to face cumbersome red tape in Vietnam.
Nguyen Quoc Hiep, chairman of GP Invest, said the adjusted 2014 Land Law used many definitions that were not used in other laws. "Because of the adjustments, the investor had to redo the procedures again. We spent three years to get an investment licence for our project," he said.
The early stage of the project depends on Construction Law. When implementing the project, investors must depend on the adjusted Investment Law. The number of approved projects since early 2019 were very few.
The Land Law will be amended in 2020 because of continued problems. Meanwhile, the Construction Law will be submitted for amendment in July. The Investment Law should also be reviewed and adjusted because of several problems. The government has asked local authorities to review and deal with overlapping projects.
Vietnam also lacks official regulations regarding condotel and officetel such as responsibilities, management and operation.
Responding to the complaints about the Ministry of Construction regulations for agencies and firms to monitor and report suspicious transactions or those that worth over VND300m. Director of Housing and Real Estate Market Management Department Nguyen Trong Ninh, said such regulation had been issued for years to prevent money laundering.
However, Nguyen Tran Nam, chairman of Vietnam Real Estate Association, opposed the regulation, saying that even social housing costs more than VND300m.
Hanoi Chairman Nguyen Duc Chung said he would gather opinions on the legal questions.
