Tiếng Việt| OFFICE OF THE NATIONAL ASSEMBLY | SOCIALIST REPUBLIC OF VIET NAM |
| No.: 12/VBHN-VPQH | Hanoi, July 15, 2020 |
The Law on Real Estate Business No. 66/2014/QH13 dated November 25, 2014 of the National Assembly, which comes into force from July 01, 2015, is amended by:
The Law on Investment No. 61/2020/QH14 dated June 17, 2020 of the National Assembly, which comes into force from January 01, 2021.
Pursuant to the Constitution of the Socialist Republic of Vietnam;
The National Assembly promulgates the Law on Real Estate Business [1].
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This Law deals with real estate business, rights and obligations of organizations and individuals engaged in real estate business and state management of real estate business.
1. Organizations and individuals engaged in real estate business in Vietnam.
2. Other agencies, organizations and individuals involved in real estate business in Vietnam.
For the purposes of this Law, these terms are construed as follows:
1. “real estate business” means the act of making investment in building, purchase, and receipt of transfer of real estate for sale, transfer, lease, sublease, or lease purchase, provision of real estate brokerage services, real estate trading floor services, real estate counseling services or real estate management for profit purposes.
2. “real estate brokerage” means acting as an intermediary between parties to a real estate sale, transfer, lease, sublease or lease purchase transaction.
3. “existing house or building” means a house or building which is already constructed and in use.
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5. “real estate management” means the performance of one, some or all of activities in management, operation and determination of real estate under the authorization of the house or building owner or holder of land use rights.
6. “real estate trading floor” means a place where real estate sale, transfer, lease, sublease or lease purchase transactions are conducted.
7. “lease purchase contract” means an agreement between parties whereby the tenant/buyer shall pay an option fee to the landlord/seller and is entitled to use the house or building; the remaining payments shall be considered as rental payments; the tenant/buyer shall become the owner of the house or building after making full payments as agreed.
8. “real estate counseling” means the act of providing advice or assistance in dealing with issues concerning the real estate business at the request of parties.
Article 4. Real estate business rules
1. Parties to a real estate contract have the right to equality before the law and freedom to negotiate on the basis of respect for their legitimate rights and benefits under the contract and compliance with regulations of law.
2. Real estate to be put on the market must meet the requirements set forth in this Law.
3. Real estate business must be conducted in a honest, public and transparent manner.
4. Organizations and individuals are entitled to engage in business of real estate located in areas outside the national defense and security protection zones according to the land use plans/planning approved by competent authorities.
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The following real estate types may be put on the market in accordance with this Law, including:
1. Existing houses or buildings of organizations or individuals;
2. Off-plan houses or buildings of organizations or individuals;
3. Houses or buildings which are public property and put on the market with competent authorities’ approval;
4. The rights to use land of a type which may be transferred, leased or sublet in accordance with regulations of the Law on land may be put on the market.
Article 6. Publishing of information about real estate to be put on the market
1. An enterprise that engages in real estate business shall publish information about real estate:
a) on its website;
b) at the office of the project management board in case of information about a real estate investment project; or
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2. Information about real estate to be published includes:
a) Type of the real estate;
b) Location of the real estate;
c) Information about real estate-related planning;
d) Scale of the real estate;
dd) Characteristics, uses and quality of the real estate; information about each use purpose and shared use area if the real estate is a mixed-use building or an apartment of the apartment building (hereinafter referred to as "apartment");
e) Actual status of infrastructure facilities/services related to the real estate;
g) Documents on ownership of house or building and land use rights and documents related to the construction of real estate; guarantee agreement, written permission for off-plan house sale or lease purchase transactions granted by competent authorities;
h) Restrictions on ownership of or rights to use real estate (if any);
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Article 7. State policies for real estate business
1. The State encourages organizations and individuals of all economic sectors to invest and engage in real estate in accordance with the national and local socio-economic development objectives in each period.
2. The State encourages and provides policies on exemption or reduction of taxes, land levies and rents, and concessional loans to organizations or individuals who invest in social housing and projects given investment incentives.
3. The State shall make investment and encourage organizations and individuals to make investment in technical infrastructure facilities outside fences of projects; give support for investment in technical infrastructure facilities inside fences of projects given investment incentives.
4. The State shall make investment and encourage organizations and individuals to make investment in urban public works and social infrastructure works within the scope of real estate investment projects.
5. The State shall adopt mechanisms and policies to stabilize the real estate market in case of fluctuations, thereby guaranteeing benefits of investors and clients.
1. Put the real estate that does not meet the requirements set forth in this Law on the market.
2. Make decisions on investment in real estate projects in contravention of with the plans/planning approved by competent authorities.
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4. Perform fraudulent or deceitful acts in real estate business.
5. Illegally mobilize or appropriate capital; use capital mobilized from organizations and individuals and option fees paid by buyers, lessees or tenants/buyers of off-plan property for wrong purposes.
6. Fail to fulfill or insufficiently fulfill financial obligations to the State.
7. Issue and use real estate broker license in contravention of with regulations of this Law.
8. Collect charges, fees and other amounts related to real estate business in contravention of with regulations of this Law.
Article 9. Requirements for real estate to be put on the market
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a) There is a certificate of land use rights covering the registered ownership of the house or building on land. With regard to an existing house or building in a real estate investment project, only the certificate of land use rights issued in accordance with regulations of the Law on land is required;
b) There is no dispute over the land use rights or ownership of the house or building on land;
c) The house or building is not distrained to serve the judgment enforcement.
2. Types of land over which the use rights are put on the market must meet all of the following requirements:
a) There is a valid certificate of land use rights issued in accordance with regulations of the Law on land;
b) There is no dispute over the land use rights;
c) The land use rights are not distrained to serve the judgment enforcement;
d) The land use term is not yet expired.
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2. Any organization, household or individual who conducts small-scale or occasional real estate sale, transfer, lease and lease purchase transactions shall not be required to establish an enterprise but must declare and pay taxes in accordance with regulations of law.
3. The Government shall elaborate this Article.
1. A Vietnamese organization or individual is allowed to do real estate business in the following forms:
a) Buy houses and buildings for sale, lease or lease purchase;
b) Lease houses and buildings for sublease;
c) With regard to land allocated by the State, build houses on the land for sale, lease or lease purchase; transfer the land use rights over such land after dividing it into smaller plots in accordance with regulations of the Law on land; make investment in technical infrastructure facilities of cemetery on that land and then transfer both such land and technical infrastructure facilities;
d) With regard to land leased by the State, build houses on the land for leases; build houses or non-residential buildings for sale, lease or lease purchase;
d) With regard to land over which land use rights have been recognized by the State, build houses or buildings for sale, lease or lease purchase;
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g) With regard to land leased by another organization, household or individual, build houses or buildings for lease according to land use purposes;
h) Receive transfer of part or whole of real estate project from an investor for building houses or buildings for sale, lease or lease purchase;
i) Build technical infrastructure facilities on land over which land use rights are transferred or leased from another organization, household or individual for transfer or lease of land with such existing technical infrastructure facilities.
2. An overseas Vietnamese is allowed to do real estate business in the following forms:
a) Do real estate business in the forms prescribed in Points b, d, g and h Clause 1 of this Article;
b) Build houses on the land allocated by the State for sale, lease or lease purchase;
c) Build houses or buildings on land leased or transferred in an industrial park, industrial cluster, export-processing zone, hi-tech zone or economic zone for trading according to land use purposes.
3. A foreign-invested enterprise is allowed to do real estate business in the following forms:
a) Do real estate business in the forms prescribed in Points b, d and h Clause 1, and Point b Clause 2 of this Article;
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Article 12. Requirements for projects on investment in real estate for business purposes
1. Projects on investment in real estate for business purposes must be conformable with land use plans/planning, urban planning and rural development planning, and comply with action plans approved by competent authorities.
2. Procedures for execution of projects on investment in real estate for business purposes shall be carried out in accordance with regulations of the laws on investment, land, construction, urban development and housing, and other relevant laws.
3. Execution progress and quality of real estate investment projects must be ensured in accordance with regulations of the Law on construction.
Article 13. Responsibility of investors of real estate business projects
1. Carry out construction, management and operation of real estate business projects in accordance with regulations of law.
2. Ensure financial sources for executing projects according to approved progress.
3. Transfer houses or buildings to clients when completing the construction of houses, buildings and technical infrastructure facilities, social infrastructure facilities according to the progress specified in approved projects, which must be connected to the regional technical infrastructure system; complete the construction of external parts of houses or buildings in case of transfer of rough houses or buildings.
4. Within 50 days from the date of transfer of houses or buildings to buyers or from the expiry of lease purchase term, carry out procedures for issuance of certificate of land use rights, ownership of house and other property on land to buyers or tenants/buyers, unless such procedures are completed by buyers or tenants/buyers at their request.
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1. Vietnamese organizations and individuals may buy, receive transfer, lease or lease purchase real estate of all types.
2. Overseas Vietnamese, foreign organizations and individuals may lease real estate for use; purchase, lease or lease purchase houses in accordance with regulations of the Law on housing.
Overseas Vietnamese and foreign-invested enterprises are allowed to buy or lease purchase houses and buildings for use as working offices or business/service-providing facilities according to their uses.
3. Overseas Vietnamese or foreign-invested enterprises performing real estate business are allowed to buy, receive transfer, lease or lease purchase real estate for business purposes as prescribed in Article 11 of this Law.
Article 15. Real estate selling, transfer, lease and lease purchase prices
Real estate selling, transfer, lease and lease purchase prices shall be agreed upon by the parties and specified in contracts. If the State promulgates pricing regulations, the parties must comply with such regulations.
Article 16. Payment for real estate transactions
1. Payment for a real estate transaction shall be made according to the contracting parties’ agreements specified in the signed contract and comply with regulations on payment.
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Article 17. Real estate contracts
1. Types of real estate contracts:
a) House or building sale contract;
b) House or building lease contract;
c) House or building lease purchase contract;
d) Contract for transfer, lease or sublease of land use rights;
dd) Contract for transfer of part or whole of real estate project.
2. A real estate contract must be made in writing. The notarization or certification of the contract shall be subject to the contracting parties’ agreement, except the house or building sale or lease contract or contract for transfer of land use rights between households or individuals prescribed in Clause 2 Article 10 of this Law, which must be notarized or certified.
3. The effective date of the contract shall be agreed upon by the contracting parties and specified in the contract. The effective date of a notarized or certified contract is the date of notarization or certification of that contract. If the contracting parties do not reach any agreement on the effective date of the contract or the contract is not notarized or certified, the effective date of the contract shall be the date on which it is signed.
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Article 18. Contents of a house/building sale, lease or lease purchase contract
A house/building sale, lease or lease purchase contract shall, inter alia, include the following primary contents:
1. Names and addresses of contracting parties;
2. Information about the real estate;
3. Selling, lease or lease purchase price;
4. Payment method and schedule;
5. Time limit for transfer of the real estate and relevant documents;
6. Warranty;
7. Rights and obligations of contracting parties;
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9. Penalties for breach of contract;
10. Cases in which the contract is terminated or cancelled and remedial measures;
11. Dispute settlement;
12. Effective date of the contract.
Section 2. HOUSE OR BUILDING SALE
Article 19. House or building sale rules
1. The sale of a house or building must be associated with transfer of land use rights.
2. The sale of an apartment or mixed-use building must comply with the following rules:
a) Clearly determine shared-use area, equipment and facilities, and those subject to private use of owners;
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3. The State shall consider granting certificates of land use rights, ownership of house and other property on land to buyers of houses, buildings, apartments or areas in a mixed-use building.
4. The sale of a house or building must be supported by documents about that house or building.
5. The date of transfer of house or building ownership is the date on which the seller transfers the house or building to the buyer or the buyer makes full payment to the seller, unless otherwise agreed by contracting parties.
Article 20. Warranty on houses/buildings sold
1. The seller shall provide the buyer with warranty on the sold house or building. If the house or building is under warranty, the seller is entitled to request organizations/individuals responsible for construction and providing equipment to provide warranty in accordance with regulations of the Law on construction.
2. The warranty period shall comply with regulations of the Laws on construction and housing; if the warranty period expires, the warranty shall be agreed upon by the parties.
Article 21. Rights of a house or building seller
1. Request the buyer to receive the house or building according to the schedule specified in the contract.
2. Request the buyer to make payments according to agreed payment schedule and method specified in the contract. If the contracting parties do not reach any agreement on payment, the seller may receive payment from the buyer but it does not exceed 95% of the contract value when the buyer is not yet issued with the certificate of land use rights and ownership of house and other property on land.
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4. Do not transfer the house or building before receiving full payments, unless otherwise agreed by contracting parties.
5. Request the buyer to make compensation for damage caused by the buyer.
6. Perform other rights as specified in the contract.
Article 22. Obligations of a house or building seller
1. Notify the buyer of restrictions on ownership of the house or building (if any).
2. Keep the house or building in good condition while it is not yet transferred to the buyer.
3. Carry out procedures for house or building sale in accordance with regulations of law.
4. Transfer the house or building to the buyer according to the agreed schedule, quality and conditions specified in the contract; deliver the certificate of land use rights and ownership of house and other property on land and relevant documents as agreed upon in the contract.
5. Provide warranty on the sold house or building as prescribed in Article 20 of this Law.
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7. Fulfill financial obligations to the State in accordance with regulations of law.
8. Perform other obligations specified in the contract.
Article 23. Rights of a house or building buyer
1. Request the seller to complete procedures for house or building sale according to the agreed schedule specified in the contract.
2. Request the seller to transfer the house or building according to the agreed schedule, quality and conditions specified in the contract; deliver the certificate of land use rights and ownership of house and other property on land and relevant documents as agreed upon in the contract.
3. Request the seller to provide warranty on the house or building as prescribed in Article 20 of this Law.
4. Request the seller to make compensation for damage due to failure to transfer the house or building according to the agreed schedule, quality and other commitments specified in the contract.
5. Perform other rights specified in the contract.
Article 24. Obligations of a house or building buyer
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2. Receive the house or building and certificate of land use rights and ownership of house and other property on land, and relevant documents according to the agreed schedule specified in the contract.
3. Cooperate with the seller in completing procedures for house or building sale within the agreed time limit.
4. If the purchased house or building is under a lease, ensure rights and benefits of the lessee during the lease period as agreed upon in the lease contract.
5. Make compensation for damage caused by the buyer.
6. Perform other obligations specified in the contract.
Section 3. HOUSE OR BUILDING LEASE
Article 25. House or building lease rules
Any leased house or building must meet requirements in terms of quality, safety, environmental hygiene and other necessary services for normal operation and use according to its uses, design and agreements specified in the lease contract.
Article 26. Rights of a house or building lessor
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2. Request the lessee to make full payment according to the agreed payment schedule and method specified in the lease contract.
3. Request the lessee to maintain and use the house or building according to the agreements specified in the lease contract.
4. Request the lessee to make compensation or repair damage caused by the lessee.
5. Renovate or upgrade the leased house or building with the consent of the lessee but such renovation or upgradation does not affect the use of the leased house or building of the lessee.
6. Unilaterally terminate the lease contract as prescribed in Clause 1 Article 30 of this Law.
7. Request the lessee to return the house or building upon expiry of the lease period; if the lease contract does not specify the lease period, the lessor may only take back the house or building after giving a 06 months’ prior notice to the lessee.
8. Perform other rights specified in the lease contract.
Article 27. Obligations of a house or building lessor
1. Transfer the house or building to the lessee as agreed upon in the lease contract and instruct the lessee to use the house or building according to its uses and design.
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3. Maintain and repair the house or building periodically or as agreed; if the lessor fails to maintain or repair the house or building resulting in damage caused to the lessee, the lessor shall make compensation for damage.
4. Do not unilaterally terminate the lease contract when the lessee fulfills his/her contractual obligations, unless such termination is made with the lessee’s consent.
5. Make compensation for damage caused by the lessor.
6. Fulfill financial obligations to the State in accordance with regulations of law.
7. Perform other obligations specified in the lease contract.
Article 28. Rights of a house or building lessee
1. Request the lessor to transfer the house or building as agreed upon in the lease contract.
2. Request the lessee to provide adequate and truthful information about the house or building.
3. Exchange the leasing house or building with another lessee if it is agreed in writing by the lessor.
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5. Continue the lease under terms and conditions agreed upon with the lessor in case of change of the house or building owner.
6. Request the lessor to repair the house or building in case the damage to the house or building is not caused by the lessee.
7. Request the lessor to make compensation for damage caused by the lessor.
8. Unilaterally terminate the lease contract as prescribed in Clause 2 Article 30 of this Law.
9. Perform other rights specified in the lease contract.
Article 29. Obligations of a house or building lessee
1. Maintain and use the house or building according to its uses and design, and as agreed upon in the lease contract.
2. Make full payment for the leasing house or building according to the agreed payment schedule and method specified in the lease contract.
3. Repair damage to the house or building caused by the lessee.
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5. Do not change, renovate and demolish the house or building without the lessor’s consent.
6. Make compensation for damage caused by the lessee.
7. Perform other obligations specified in the lease contract.
Article 30. Unilateral termination of a house or building lease contract
1. The lessor is entitled to unilaterally terminate the house or building lease contract if the lessee commits the following acts:
a) Make the house or building rent 03 months or more late after the payment date specified in the lease contract without the lessor’s approval;
b) Fail to use the house or building for the lease purposes;
c) Deliberately cause serious damage to the house or building;
d) Repair, renovate, upgrade, exchange or sublease the house or building without agreed upon in the lease contract or a written consent given by the lessor.
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a) Fail to repair the house or building when it is unsafe for use or threats to cause damage to the lessee;
b) Unreasonably increase the rent;
c) The right to use the house or building is limited due to a third party’s interests.
3. Any party that wants to unilaterally terminate the lease contract is required to give a 01 month's prior notice to the other unless otherwise agreed.
Section 4. HOUSE OR BUILDING LEASE PURCHASE
Article 31. House or building lease purchase rules
1. Any house or building put under a lease purchase contract must meet requirements in terms of quality, safety, environmental hygiene and other necessary services for normal operation and use according to its uses, design and agreements specified in the contract.
2. The lease purchase of a house or building must be associated with transfer of land use rights.
3. Parties to a lease purchase contract may reach an agreement on shortening of the lease purchase period before the expiry of the lease purchase period specified in the signed contract.
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1. Request the tenant/buyer to receive the house or building according to the schedule specified in the lease purchase contract.
2. Request the tenant/buyer to make payments according to the agreed payment schedule and method specified in the lease purchase contract.
3. Request the tenant/buyer to cooperate in completing lease purchase procedures within the agreed time limit specified in the lease purchase contract.
4. Request the tenant/buyer to make compensation for damage caused by the tenant/buyer.
5. Retain the ownership of the house or building when the tenant/buyer does not yet make full payments.
6. Request the tenant/buyer to maintain and use the house or building during the lease purchase period according to the agreements specified in the lease purchase contract.
7. Perform other rights specified in the lease purchase contract.
Article 33. Obligations of a house or building landlord/seller
1. Notify the tenant/buyer of restrictions on ownership of the house or building (if any).
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3. Keep the house or building in good condition while it is not yet transferred to the tenant/buyer. Maintain and/or repair the house or building periodically or as agreed upon in the lease purchase contract.
4. Transfer the house or building and relevant documents to the tenant/buyer according to the agreed upon progress, quality and conditions specified in the lease purchase contract.
5. Carry out procedures for issuance of certificate of land use rights and ownership of house and other property on land, and give it to the tenant/buyer upon expiry of the lease purchase period, unless such procedures are completed by the tenant/buyer at his/her request.
6. Provide warranty on the house or building as prescribed in Article 20 of this Law.
7. Make compensation for damage caused by the landlord/seller.
8. Fulfill financial obligations to the State in accordance with regulations of law.
9. Facilitate the tenant/buyer’s transfer of the house or building lease purchase contract.
10. Perform other obligations specified in the lease purchase contract.
Article 34. Rights of a house or building tenant/buyer
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2. Request the landlord/seller to transfer the house or building and relevant documents as agreed upon in the signed contract; carry out procedures for issuance of certificate of land use rights and ownership of house and other property on land upon expiry of the lease purchase period.
3. Sublease partial or entire house or building; transfer the house or building lease purchase contract.
4. Request the landlord/seller to repair the house or building during the lease purchase period in case the damage to the house or building is not caused by the tenant/buyer.
5. Request the landlord/seller to make compensation for damage caused by the landlord/seller.
6. Be entitled to the ownership of house or building after making full payments to the landlord/seller.
7. Perform other rights specified in the lease purchase contract.
Article 35. Obligations of a house or building tenant/buyer
1. Maintain and use the house or building for the purposes agreed upon in the lease purchase contract.
2. Make payments according to the agreed payment schedule and method specified in the lease purchase contract.
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4. Do not change, renovate and demolish the house or building without the landlord/seller’s consent.
5. Repair damage to the house or building during the lease purchase period caused by the tenant/buyer.
6. Make compensation for damage caused by the tenant/buyer.
7. Notify the landlord/seller of sublease of partial or entire house or building or transfer of the house or building lease purchase contract.
8. Perform other obligations specified in the lease purchase contract.
Article 36. Transfer of a house or building lease purchase contract
1. The tenant/buyer is entitled to transfer the house or building lease purchase contract before the application for certificate of land use rights and ownership of house and other property on land is submitted to a competent authority. The transfer of the house or building lease purchase contract must be made in writing and certified by the landlord/seller.
2. The transferee of the lease purchase contract may continue performing the tenant/buyer’s rights and obligations agreed upon with the landlord/seller. The landlord/seller shall facilitate parties’ transfer of the lease purchase contract and shall not collect any amounts related to that transfer.
3. The final transferee of the house or building lease purchase contract shall be issued with certificate of land use rights and ownership of house and other property on land in accordance with regulations of the Law on land.
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5. The Government shall elaborate this Article.
Section 5. TRANSFER, LEASE OR SUBLEASE OF LAND USE RIGHTS
Article 37. Rules for transfer, lease and sublease of land use rights
1. The transfer, lease and sublease of land use rights must meet the requirements laid down in Clause 2 Article 9 of this Law.
2. The transfer, lease and sublease of land use rights must comply with regulations of the Law on land in terms of land use purposes, land use term and land registration.
Article 38. Rights of transferor of land use rights
1. Request the transferee of land use rights to make full payment according to the agreed payment schedule and method specified in the contract for transfer of land use rights.
2. Request the transferee of land use rights to receive the land according to the agreed schedule specified in the contract for transfer of land use rights.
3. Request the transferee of land use rights to make compensation for damage caused by the transferee.
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5. Perform other rights specified in the contract for transfer of land use rights.
Article 39. Obligations of transferor of land use rights
1. Provide adequate and truthful information about the land use rights and take responsibility for provided information.
2. Transfer the land to the transferee of land use rights according to the agreed area, location and status specified in the contract for transfer of land use rights.
3. Carry out procedures for land registration in accordance with regulations of the Law on land and transfer certificate of land use rights and ownership of house and other property on land to the transferee, unless such procedures are completed by the transferee at his/her/its request.
4. Make compensation for damage caused by the transferor.
5. Fulfill financial obligations to the State in accordance with regulations of law.
6. Perform other obligations specified in the contract for transfer of land use rights.
Article 40. Rights of transferee of land use rights
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2. Request the transferor to carry out procedures for issuance and transfer certificate of land use rights and ownership of house and other property on land.
3. Request the transferor to transfer the land according to the agreed area, location and status specified in the contract for transfer of land use rights.
4. Request the transferor of land use rights to make compensation for damage caused by the transferor.
5. Obtain the land use rights from the date on which the land is transferred by the transferor.
6. Perform other rights specified in the contract for transfer of land use rights.
Article 41. Obligations of transferee of land use rights
1. Make full payments to the transferor of land use rights according to the agreed payment schedule and method specified in the contract for transfer of land use rights.
2. Ensure a third party’s rights over the transferred land.
3. Make compensation for damage caused by the transferee.
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5. Perform other obligations specified in the contract for transfer of land use rights.
Article 42. Rights of lessor of land use rights
1. Request the lessee to use the land for proper purposes according to land use planning/plan, investment projects and agreements specified in the contract for lease of land use rights.
2. Request the lessee to pay rents according to the agreed payment schedule and method specified in the contract for lease of land use rights.
3. Request the lessee to terminate the improper use of land, land destruction or land deterioration; if the lessee does not yet terminate the violation, the lessor is entitled to unilaterally terminate the contract for lease of land use rights and request the lessee to return the land and pay compensation for damage.
4. Request the lessee to return the land upon expiry of the contract for lease of land use rights.
5. Request the lessee to make compensation for damage caused by the lessee.
6. Perform other rights specified in the contract for lease of land use rights.
Article 43. Obligations of lessor of land use rights
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2. Transfer the land to the lessee according to the agreed area, location and status specified in the contract for lease of land use rights.
3. Carry out procedures for registration of lease of land use rights.
4. Inspect and warn the lessee to protect and use the land for proper purposes.
5. Fulfill financial obligations to the State in accordance with regulations of law.
6. Notify the lessee of a third party’s rights over the leased land.
7. Make compensation for damage caused by the lessor.
8. Perform other obligations specified in the contract for lease of land use rights.
Article 44. Rights of lessee of land use rights
1. Request the lessor to provide adequate and truthful information about the leased land use rights.
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3. Use the leased land during the lease period specified in the contract.
4. Use the leased land and enjoy labor and investment results on the leased land.
5. Request the lessor to make compensation for damage caused by the lessor.
6. Perform other rights specified in the contract for lease of land use rights.
Article 45. Obligations of lessee of land use rights
1. Use land according to the agreed purposes, boundaries and lease period.
2. Do not deteriorate land.
3. Fully pay rents according to the agreed payment schedule and method specified in the contract for lease of land use rights.
4. Comply with regulations on environmental protection; do not cause harm to legitimate rights and benefits of surrounding land users.
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6. Make compensation for damage caused by the lessee.
7. Perform other obligations specified in the contract for lease of land use rights.
Article 46. Rights and obligations of parties in sublease of land use rights
Rights and obligations of the sublessor and sublessee of land use rights shall comply with the regulations in Articles 42, 43, 44 and 45 of this Law.
Article 47. Contents of a contract for transfer, lease or sublease of land use rights
A contract for transfer, lease or sublease of land use rights shall, inter alia, include the following primary contents:
1. Names and addresses of contracting parties;
2. Information about type of land, area, location, sign, boundaries and status of the land plot, and property on land (if any);
3. Land use term;
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5. Payment method and schedule;
6. Time limit for transfer of land and relevant documents;
7. Rights and obligations of contracting parties;
8. A third party’s rights over the land plot (if any);
9. Liability for breach of contract;
10. Penalties for breach of contract;
11. Actions taken when the contract for lease of sublease of land use rights expires;
12. Dispute settlement;
13. Cases in which the contract is terminated or cancelled and remedial measures.
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Article 48. Rules for transfer of real estate projects in part or in full
1. The investor of a real estate project may transfer the whole or part of the real estate project to another investor for continuing business.
2. The transfer of the whole or part of the real estate project must:
a) not cause changes in the project’s objectives;
b) not cause changes in the project’s contents; and
c) ensure rights and benefits of clients and related parties.
3. The transfer of the whole or part of the real estate project requires the written consent given by the competent authority issuing investment decision. The investor receiving the transfer (hereinafter referred to as "transferee”) shall be issued with the certificate of land use rights and ownership of house and other property on land or may carry out procedures for registration of changes to the certificate issued to the investor making the transfer (hereinafter referred to as "transferor”) in accordance with regulations of the Law on land.
4. The transferee is not required to repeat procedures for the project dossier, construction planning and construction permit if there are no changes in the approval for investment guidelines or investment decision.
Article 49. Conditions for transfer of real estate projects in part or in full
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a) The project has been approved by a competent authority; the approved detailed planning of 1/500 scale or general site planning is available;
b) Compensation and land clearance tasks related to the project or part of the project to be transferred have been finished. If the entire project on construction of infrastructure facilities is transferred, the construction of corresponding technical infrastructure facilities must be finished according to the progress specified in the approved project;
c)The land use rights over the land used for executing the project are neither in any dispute nor distrained to serve the judgment enforcement or to comply an administrative decision issued by a competent authority;
d) There is no decision on project cancellation or land appropriation issued by a competent authority; if there is any violation committed during the execution of the project, the penalty imposition decision must have been completely implemented by the project investor.
2. The transferor has obtained the certificate of land use rights over the whole or part of project to be transferred.
3. The transferee must be a real estate enterprise and financially capable, and undertake to keep conducting the investment and business in accordance with regulations of law, and ensure the project's progress and contents.
Article 50. Power to approve transfer of real estate projects in part or in full[3]
1. In case of a real estate project for which the investor has been approved or to which an investment registration certificate has been issued in accordance with the Law on investment, power to approve and procedures for transfer of a part or whole of the real estate project shall comply with the Law on investment.
2. For a real estate project other than that mentioned in Clause 1 of this Article, the power to approve transfer of a part or whole of real estate project is as follows:
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b) The Prime Minister shall decide to approve transfer part or whole of the real estate project subject to investment decision by the Prime Minister.
Article 51. Procedures for transfer of real estate projects in part or in full
Procedures for transfer of part or whole of a real estate project specified in Clause 2 Article 50 of this Law are as follows: [4]
1. The investor shall send an application for approval of transfer of part or whole of real estate project to the People's Committee of province where the project is located or its authorized authority.
2. Within 30 days from the receipt of an adequate and valid application, the provincial People's Committee shall issue a decision to approve the transfer of part or whole of real estate project. If an application is refused, such refusal must be notified in writing to the investor.
With regard to a project to which investment decision is issued by the Prime Minister, within 45 days from the receipt of an adequate and valid application, the provincial People's Committee shall collect opinions from the supervisory Ministry and Ministry of Construction for reporting the Prime Minister for its decision.
3. Within 30 days from the date of issuance of decision to approve transfer of part or whole of real estate project issued by a competent authority, relevant parties shall complete the conclusion of transfer contract and transfer of project.
If the transferee is a foreign-invested enterprise, after a decision to approve transfer of part or whole of real estate project is issued by a competent authority, the transferor shall carry out procedures for returning land to the State. A competent authority shall decide to allocate or lease land to the transferee within 30 days from the receipt of an adequate and valid application.
4. The Government shall elaborate this Article.
Article 52. Rights and obligations of parties in transfer of real estate projects in part or in full
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a) Transfer his/her/its rights and obligations over the transferred part or whole of the project to the transferee for continuing the execution of real estate project, except those which have been performed and do not relate to the transferee as well as the execution of such transferred part or whole of the project;
b) Transfer relevant documents to the transferee; punctually, sufficiently and publicly notify and satisfactorily settle legitimate rights and benefits of clients and entities related to the transferred part or whole of the project;
c) Cooperate with the transferee to carry out procedures for transfer of land use rights to the transferee in accordance with regulations of the Law on land;
d) In case of transfer of a part of the real estate project, the transferor is entitled to request the transferee to continue the construction of house or building under the transferred part of project according to the progress and detailed planning of 1/500 scale or the general site planning; monitor and promptly notify competent authorities of any violations against regulations on land use and investment committed by the transferee;
dd) Fulfill financial obligations to the State in accordance with regulations of law;
e) Perform other rights and obligations specified in the transfer contract.
2. The transferee shall have the following rights and obligations:
a) Inherit and perform rights and obligations transferred from the transferor;
b) Continue construction and business according to the approved project’s progress and contents;
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d) Fulfill financial obligations to the State in accordance with regulations of law;
dd) Perform other rights and obligations specified in the transfer contract.
Article 53. Contents of a contract for transfer of part or whole of real estate project
A contract for transfer of part or whole of real estate project shall, inter alia, include the following primary contents:
1. Names and addresses of contracting parties;
2. Basic information about the approved project;
3. Detailed information about the transferred part or whole of project;
4. Transfer price;
5. Payment method and schedule;
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7. Rights and obligations of contracting parties;
8. Responsibility of the parties for completion of administrative procedures for land use rights;
9. Liability for breach of contract;
10. Penalties for breach of contract;
11. Dispute settlement;
12. Cases in which the contract is terminated and remedial measures;
13. Effective date of the contract.
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1. Investors of real estate projects are entitled to sell, lease and lease purchase off-plan houses or buildings.
2. The sale, lease and lease purchase of off-plan houses and buildings are performed in accordance with regulations in this Chapter, corresponding regulations in Chapter II and other relevant regulations of this Law.
Article 55. Requirements for off-plan real estate to be put on the market
1. Documents proving land use rights, project dossier, construction drawing approved by a competent authority, construction permit, and documents about acceptance of infrastructure facilities finished according to the project’s progress must be available. In case of an off-plan apartment or mixed-use building, the written record of acceptance of finished foundation of such building must be available.
2. Before the sale or lease purchase of off-plan houses, the investor must give a written notification to the provincial housing authority for its approval for such houses’ eligibility for sale or lease purchase.
Within 15 days from the receipt of the notification, the provincial housing authority shall give a written response to the investor. If such houses are ineligible for sale or lease purchase, reasons thereof must be given.
Article 56. Guarantees for sale and lease purchase of off-plan houses
1. Before the sale or lease purchase of off-plan houses, the real estate project’s investor must obtain a financial guarantee from a qualified commercial bank that shall perform the investor’s obligations towards his/her/its clients in case the investor fails to transfer houses according to the schedule agreed with clients.
The State Bank of Vietnam shall announce the list of commercial banks capable of giving guarantees for off-plan real estate business.
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The guarantee contract shall be valid until the house is transferred to the buyer or tenant/buyer.
3. If the investor fails to transfer the house according to the agreed upon schedule, at the request of the buyer or tenant/buyer, the guarantor shall return the option fee and other amounts to the client according to the signed house sale or lease purchase contract and guarantee contract.
4. The guarantee for sale or lease purchase of off-plan house must comply with regulations in this Article and regulations of the Law on guarantee.
Article 57. Payments for sale/lease purchase of off-plan real estate
1. Payments for sale or lease purchase of off-plan real estate shall be made in multiple times. The first payment shall not exceed 30% of the contract value. The following payments shall be made according to the construction progress provided that total payments shall not exceed 70% of the contract value before transferring the house or building to the client. If the seller or landlord/seller is a foreign-invested enterprise, total payments shall not exceed 50% of the contract value.
If the buyer or the tenant/buyer does not yet obtain the certificate of land use rights and ownership of house and other property on land, the seller or landlord/seller shall not collect more than 95% of the contract value. The payment of the remaining amount of the contract value shall be made when buyer or the tenant/buyer is issued with the certificate of land use rights and ownership of house and other property on land by a competent authority.
2. The investor shall use the option fee paid by the client for the agreed upon purposes.
Article 58. Rights and obligations of parties in sale/lease purchase of off-plan real estate
In addition to rights and obligations of parties in sale/lease purchase of real estate specified in Chapter II of this Law, the parties shall have the following rights and obligations:
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2. The seller or landlord/seller shall be obliged to provide information about the construction progress and use of option fee, and facilitate the buyer or tenant/buyer’s physical inspection of the construction works.
Article 59. Transfer of an off-plan house sale or lease purchase contract
1. The buyer or tenant/buyer is entitled to transfer the off-plan house sale or lease purchase contract before the application for certificate of land use rights and ownership of house and other property on land is submitted to a competent authority. The transfer of the off-plan house sale or lease purchase contract must be made in writing and certified by the investor.
2. The transferee of the contract shall continue performing rights and obligations of the buyer or tenant/buyer towards the investor. The investor shall facilitate parties’ transfer of contract and shall not collect any amounts related to that transfer.
3. The final transferee of the house sale or lease purchase contract shall be issued with certificate of land use rights and ownership of house and other property on land in accordance with regulations of the Law on land.
4. Regulations on transfer of contract in this Article do not apply to social housing sale or lease purchase contracts.
5. The Government shall elaborate this Article.
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Vietnamese organizations and individuals, overseas Vietnamese and foreign organizations and individuals are entitled to provide real estate brokerage services, real estate trading floor services, real estate counseling services or real estate management services in accordance with regulations of this Law.
Article 61. Real estate service contracts
1. Types of real estate service contracts:
a) Real estate brokerage service contract;
b) Real estate counseling service contract;
c) Real estate management service contract.
2. A real estate service contract must be made in writing. The notarization or certification of the contract shall be subject to the contracting parties’ agreement.
3. The effective date of the contract shall be agreed upon by the contracting parties and specified in the contract. The effective date of a notarized or certified contract is the date of notarization or certification of that contract. If the contracting parties do not reach any agreement on the effective date of the contract or the contract is not notarized or certified, the effective date of the contract shall be the date on which it is signed.
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a) Names and addresses of contracting parties;
b) Entities and contents of service;
c) Service requirements and results;
d) Time limit for service provision;
dd) Service fee, remuneration and commission;
e) Payment method and schedule;
g) Rights and obligations of contracting parties;
h) Dispute settlement;
i) Effective date of the contract.
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1. Any organization or individual providing real estate brokerage service must establish an enterprise and have at least 02 persons possessing real estate broker license, except the case specified in Clause 2 of this Article.
2. Individuals may provide independent real estate brokerage services but must possess real estate broker license and pay tax in accordance with regulations of the Law on taxation.
3. An organization or individual providing real estate brokerage service is not allowed to act as a broker and a party to the real estate business transaction at the same time.
Article 63. Real estate brokerage contents
1. Look for partners who meet requirements given by clients for negotiation and conclusion of contracts.
2. Act as authorized representative to follow procedures for real estate sale, transfer, lease, sublease or lease purchase.
3. Provide information and support parties in negotiation and conclusion of real estate sale, transfer, lease, sublease or lease purchase contracts.
Article 64. Real estate brokerage remunerations
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2. The real estate brokerage remuneration shall be agreed upon between the parties and specified in the contract regardless of the price of transaction conducted through brokerage.
Article 65. Real estate brokerage commission
1. Enterprises/individuals providing real estate brokerage service shall be entitled to brokerage commission when clients conclude real estate sale, transfer, lease, sublease or lease purchase contracts.
2. The brokerage commission shall be agreed upon by the parties and specified in the contract.
Article 66. Rights of enterprises and individuals providing real estate brokerage service
1. Provide real estate brokerage service in accordance with this Law.
2. Request clients to provide documents/information about real estate.
3. Receive brokerage remuneration and commission as agreed upon in contracts signed with clients.
4. Hire other enterprises providing real estate brokerage service or individuals providing independent real estate brokerage service to provide real estate brokerage service under the real estate brokerage service contracts signed with clients but assume responsibility before clients for brokerage results.
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Article 67. Obligations of enterprises and individuals providing real estate brokerage service
1. Perform contracts signed with clients.
2. Provide documents/information about real estate to which brokerage service is provided and assume responsibility for provided documents/information.
3. Assist parties in conducting negotiation and conclusion of real estate sale, transfer, lease, sublease or lease purchase contracts.
4. Comply with regulations on reporting and bear the inspection by competent authorities.
5. Make compensation for damage caused by their fault.
6. Fulfill tax obligations to the State in accordance with regulations of law.
7. Perform other obligations specified in contracts.
Article 68. Real estate broker license
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a) Have full legal capacity;
b) Possess upper secondary school’s graduation diploma or higher;
c) Pass the test in knowledge of real estate brokerage.
2. A real estate broker license shall be valid for 05 years.
3. The Minister of Construction shall elaborate the issuance of real estate broker license.
Section 3. REAL ESTATE TRADING FLOOR SERVICES
Article 69. Requirements for establishment of a real estate trading floor
1. An organization or individual that provides real estate trading floor services must establish an enterprise.
2. An enterprise that provides real estate trading floor services must have at least 02 employees possessing real estate broker license; the manager of the real estate trading floor must possess a real estate broker license.
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Article 70. Operations of a real estate trading floor
1. Conduct real estate sale, transfer, lease, sublease and lease purchase transactions.
2. Organize the sale, transfer, lease, sublease and lease purchase of real estate; introduce, list and publicly provide information about real estate for clients who want to conduct transactions; examine documents on real estate to ensure its eligibility for transaction; act as an intermediary between parties in negotiation and conclusion of real estate sale, transfer, lease, sublease and lease purchase contracts.
Article 71. Rights of enterprises providing real estate trading floor services
1. Request clients to provide documents/information about real estate to be traded on the floor.
2. Refuse to put real estate failing to satisfy trading requirements on the real estate trading floor.
3. Collect service fees from clients who have real estate traded on the floor.
4. Request clients to make compensation for damage caused through their fault.
5. Perform other rights specified in signed contracts.
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1. Ensure that real estate put on the floor meets all requirements for transaction.
2. Provide adequate and truthful documents/information about real estate and assume responsibility for provided documents/information.
3. Ensure material and technical facilities and operation conditions of the real estate trading floor.
4. Comply with regulations on reporting and bear the inspection by competent authorities.
5. Fulfill tax obligations to the State in accordance with regulations of law.
6. Make compensation for damage caused by its fault.
7. Perform other obligations specified in contracts.
1. Any organizations or individuals participating in the real estate trading floor shall have the following rights:
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b) Enter into contracts with the enterprise providing real estate trading floor services for sale, transfer, lease, sublease and lease purchase of real estate;
c) Request the enterprise providing real estate trading floor services to make compensation for damage caused through its fault;
d) Perform other rights specified in signed contracts.
2. Any organizations or individuals participating in the real estate trading floor shall perform the following obligations:
a) Comply with operation regulations of the real estate trading floor;
b) Pay service fees to the enterprise providing real estate trading floor services;
c) Make compensation for damage caused through their fault;
d) Perform other obligations specified in contracts.
Section 4. REAL ESTATE COUNSELING AND MANAGEMENT SERVICES
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1. An organization or individual that provides real estate counseling services must establish an enterprise.
2. Real estate counseling services include:
a) Legal counseling on real estate;
b) Counseling on real estate formation and business;
c) Counseling on real estate finance;
d) Counseling on real estate price;
dd) Counseling on real estate sale, transfer, lease and lease purchase contracts.
3. Counseling scope and contents, rights and obligations of parties, and real estate counseling service fees shall be agreed upon between the parties and specified in contract.
4. The enterprise providing real estate trading floor services shall fulfill commitments specified in the contract and make compensation for damage caused through its fault.
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1. An organization or individual that provides real estate management services must establish an enterprise. In case of provision of apartment or mixed-use building management services, requirements set forth in the Law on housing must be satisfied.
2. Real estate management services include:
a) Sale, transfer, lease, sublease and lease purchase of real estate with authorization of house or building owners and holders of land use rights;
b) Provision of services to ensure normal operation of the real estate;
c) Provision of maintenance and repair of real estate;
d) Management and supervision of operation and use of real estate by clients under signed contracts;
dd) Performance of rights and obligations towards clients and State with authorization of house or building owners and holders of land use rights.
3. Contents, duration and scope of real estate management, rights and obligations of parties and real estate management service fees shall be agreed upon between the parties and specified in the contract.
4. The enterprise providing real estate management services shall fulfill commitments specified in the contract and make compensation for damage caused through its fault.
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STATE MANAGEMENT OF REAL ESTATE BUSINESS
Article 76. Contents of state management of real estate business
1. Promulgate and organize the implementation of legislative documents on real estate business.
2. Formulate and promulgate strategies for development of real estate market and plans for execution of real estate projects.
3. Formulate and announce real estate market indicators.
4. Develop real estate market information system.
5. Inspect the compliance with regulations of law on real estate business and execution of real estate projects.
6. Disseminate and educate about the law on real estate business.
7. Settle complaints, denunciations and violations against regulations on real estate business.
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1. The Government shall assume responsibility for consistent state management of real estate business.
2. The Ministry of Construction shall assume responsibility before the Government for the performance of state management of real estate business nationwide, and perform the following tasks and powers:
a) Request competent authorities to promulgate or directly promulgate, according to its competence, legislative documents on real estate business;
b) Request the Prime Minister to promulgate and direct the implementation of real estate market development strategies;
c) Take charge and cooperate with relevant Ministries, ministerial agencies and provincial People's Committees in implementation and management of real estate business;
d) Promulgate regulations on issuance of real estate broker license; provide guidelines on training in real estate brokerage and management of real estate trading floors; promulgate regulations on establishment and operation of real estate trading floors;
dd) Establish and manage operation of national real estate market information system; establish and announce real estate market indicators nationwide;
e) Disseminate and educate about the law on real estate business;
g) Enter into international cooperation in real estate business;
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i) Settle complaints and/or denunciations, and take actions against violations according to its competence or request competent authorities to take actions against violations as prescribed by law;
k) Submit reports to the Government on real estate business and real estate market nationwide.
3. Within the ambit of assigned functions, tasks and powers, the Ministry of Natural Resources and Environment shall:
a) Instruct the inclusion of land for real estate market development in land use planning/plans;
b) Promulgate regulations and guidelines on types of land to be placed on the real estate market in accordance with the Law on land and this Law;
c) Promulgate regulations and guidelines on issuance of certificate of land use rights and ownership of house and other property on land in real estate business.
4. The Ministry of Finance shall, within the ambit of assigned functions, tasks and powers, request competent authorities to promulgate policies on tax and other financial obligations in real estate business.
5. The State Bank of Vietnam shall, within the ambit of assigned functions, tasks and powers, provide guidelines on payment for real estate transactions, loans with collateral being real estate, and guarantee for sale and lease purchase of off-plan houses.
6. Ministries and ministerial agencies shall, within the ambit of their assigned functions, tasks and powers, cooperate with the Ministry of Construction to organize the management and inspection in the field of real estate business.
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1. Perform state management of real estate business transactions conducted in provinces.
2. Include land for development of real estate projects in local land use planning/plans.
3. Promulgate, publish and organize the implementation of plan for execution of real estate projects.
4. Manage real estate brokerage practicing, operation of real estate trading floors and other real estate services in provinces.
5. Establish the national real estate market information system, establish and announce real estate market indicators in provinces.
6. Disseminate and educate about the law on real estate business in provinces.
7. Enter into international cooperation in real estate business.
8. Inspect and settle complaints/denunciations and take actions against regulations of the Law on real estate business committed in provinces according to their competence; inspect and review local real estate projects for cancelling, suspending, adjusting, converting or transferring.
9. Submit reports to the Ministry of Construction on real estate market in provinces.
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1. Organizations and individuals violating the regulations of the Law on real estate business shall, subject to the nature and level of their violations, be disciplined, face administrative penalties or criminal prosecution, and make compensation for any damage in accordance with regulations of law.
2. Cancel real estate projects:
a) Competent authorities issuing investment decision shall decide to cancel projects and transfer them to other investors in case project investors commit violations against regulations of the Laws on investment, construction, planning and architecture but fail to take remedial measures at the request of competent authorities and where projects are subject to land appropriation decisions in accordance with regulations of the Law on land, unless a project is transferred to an investor at his/her/its request in accordance with Section 6 Chapter II of this Law;
b) The investor whose project is canceled shall settle any issues concerning the project to ensure rights and obligations of clients and other parties related to that project;
c) The authority issuing project cancellation decision shall request the investor whose project is cancelled to settle issues concerning the project; notify and organize selection of new qualified investor that shall continue to execute the project;
d) The investor whose project is canceled is not allowed to act as the investor of a new real estate business project within 02 years from the date of project cancellation.
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2. If a real estate project to which investment decision has been issued by a competent authority and land has been allocated or leased is subject to a project transfer approval or transfer, sale, lease or lease purchase contract signed before the effective date of this Law, procedures for this project must not be repeated in accordance with this Law.
3. Real estate broker licenses issued before the effective date of this Law shall remain valid for 05 years from the effective date of this Law. Over this period, holders of these real estate broker licenses must meet all of conditions as prescribed in this Law.
4. Real estate appraisal certificates issued before the effective date of this Law shall remain valid for 05 years from the effective date of this Law. Over this period, holders of these real estate appraisal certificates must meet all of requirements for a real estate appraiser in accordance with regulations of the Law on pricing.
This Law comes into force from July 01, 2015.
The Law on real estate business No. 63/2006/QH11 ceases to have effect from the effective date of this Law.
Article 82. Specific regulations
The Government and competent authorities shall elaborate articles and clauses of this Law as assigned./.
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CERTIFIED BY
CHAIRMAN
Nguyen Hanh Phuc
[1] The Law on Investment No. 61/2020/QH14 is promulgated pursuant to:
“ The Constitution of the Socialist Republic of Vietnam;”
[2] This Clause is amended according to Point a Clause 2 Article 75 of the Law on Investment No. 61/2020/QH14, coming into force from January 01, 2021.
[3] This Clause is amended according to Point b Clause 2 Article 75 of the Law on Investment No. 61/2020/QH14, coming into force from January 01, 2021.
[4] This introductory paragraph is added according to Point c Clause 2 Article 75 of the Law on Investment No. 61/2020/QH14, coming into force from January 01, 2021.
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“Article 76. Implementation
1. This Law comes into force from January 01, 2021, except the regulations in Clause 2 of this Article.
2. The regulations set out in Clause 3 Article 75 of this Law come into force from September 01, 2020.
3. The Law on Investment No. 67/2014/QH14 amended by the Law No. 90/2015/QH13, the Law No. 03/2016/QH14, the Law No. 04/2017/QH14, the Law No. 28/2018/QH14 and the Law No. 42/2019/QH14 shall cease to have effect from the effective date of this Law, except for Article 75 of the Law on Investment No. 67/2014/QH14.
4. Individuals who are Vietnamese citizens may use their personal identification numbers instead of copies of their identity cards/citizen identity cards, passports or other personal identification documents upon following administrative procedures set out in the Law on Investment and Law on Enterprises if the national population database is connected to the national investment and enterprise registration database.
5. Any legislative document that refers to regulations on project approval decisions or investment guideline decisions in accordance with the Law on Investment shall be implemented in accordance with the regulations on investment guideline approval of this Law.
Article 77. Transition
1. Investors that were issued with investment licenses, investment incentive certificates, investment certificates or investment registration certificates before the effective date of this Law shall execute their investment projects in accordance with such investment licenses, investment incentive certificates, investment certificates or investment registration certificates.
2. Investors are not required to follow procedures for approval for investment guidelines in accordance with this Law with respect to the investment projects in one of the following cases:
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b) The investors have started execution of projects that are not subject to approval for their investment guidelines, investment guideline decision or investment guideline or issuance of the investment registration certificate in accordance with regulations of laws on investment, housing, urban areas and construction before the effective date of this Law;
c) Investors won the bidding for investor selection or the land use right auction before the effective date of this Law;
d) Projects have been granted investment incentive certificates, investment licenses, investment certificates or investment registration certificates before the effective date of this Law.
3. If an investment project specified in Clause 2 of this Article is adjusted and the adjustments are subject to approval for investment guidelines in accordance with this Law, the procedures mentioned in this Law must be followed to obtain approval for investment guidelines or adjust investment guidelines.
4. Any investment project executed or approved or allowed to be executed in accordance with regulations of law before July 01, 2015 and subject to project execution security as prescribed in this Law is not required to have a deposit or a bank guarantee. If the investor adjusts the objectives or schedule for execution of the investment project or repurposes land after the effective date of this Law, the investor must pay a deposit or obtain a bank guarantee in accordance with this Law.
5. Any debt collection service contract concluded before the effective date of this Law shall cease to have effect from the effective date of this Law; and the parties to such contract may carry out activities to liquidate the contract in accordance with the civil law and other relevant regulations of law.
6. Foreign-invested business entities to which market access conditions more favorable than those prescribed in the List promulgated under Article 9 of this Law are applied may continue to apply the conditions set out in their issued investment registration certificate.
7. The regulation in Clause 3 Article 44 of this Law applies to both investment projects to which land was allocated before the effective date of this Law and projects to which land has not yet been allocated.
8. In the event that the law stipulates that documentation serving administrative procedures must consist of an investment registration certificate or written approval for investment guidelines but the investment project is not subject to issuance of an investment registration certificate or written approval for investment guidelines as prescribed in this Law, the investor is not required to submit an investment registration certificate or written approval for investment guidelines.
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After adjustment of the planning, the land area for development of residential housing, service facilities and public utilities for employees working in an industrial park must be outside the geographical boundary of the industrial park and must ensure an environmental safety distance in accordance with the law on construction and other relevant regulations of law.
10. Grandfather clauses on outward investment activities:
a) Regulations on the duration of outward investment projects set out in outward investment licenses and outward investment certificates issued before July 01, 2015 shall cease to have effect;
b) Any investor issued with an outward investment license or certificate or outward investment registration certificate to make outward investment in a conditional business line subject to conditional outward investment in accordance with this Law may continue to make investment according to the issued outward investment license or certificate or outward investment registration certificate.
11. From the effective date of this Law, if any document has been received and the deadline for processing thereof has expired but the results have not been returned in accordance with the Law No. 67/2014/QH14 on Investment amended by the Law No. 90/2015/QH13, the Law No. 03/2016/QH14, the Law No. 04/2017/QH14, the Law No. 28/2018/QH14 and the Law 42/2019/QH14, such document shall continue to be processed in accordance with Law 67/2014/QH14 on Investment amended by the Law No. 90/2015/QH13, the Law No. 03/2016/QH14, the Law No. 04/2017/QH14, the Law No. 28/2018/QH14 and the Law No. 42/2019/QH14.
12. The Government shall elaborate this Article.”.