Specifically, amending regulations on real estate business
conditions in the Law on Real Estate Trading 2014 as follows: “Any
organizations and individuals trading in real estate must set up enterprises or
cooperatives (hereinafter referred to as an enterprise), except for the case
specified in Clause 2 of this Article. ”
Clause 1, Article 10 of the 2014 Law on Real Estate Business
stipulates that “Any organizations or individuals wish to conduct real estate
trading shall set up enterprises or cooperatives (hereinafter referred to as
enterprises) and have legal capital not smaller than VND 20 billion, excluding
cases prescribed in Clause 2 of this Article.”
In addition, the Law on Investment 2020 also amends regulations
on the competence to permit the transfer of all or a portion of real estate
projects. For real estate projects approved by investors or granted an
investment registration certificate in accordance with the Law on Investment,
the competence and procedures for the transfer of all or a portion of the
project comply with regulations of the Law on Investment. For real estate
projects not falling into the above cases, the competence to permit the
transfer of all or a portion of real estate projects is as follows: Provincial
People’s Committee decides to allow the transfer of all or a portion of the
real estate projects for projects decided by the provincial People’s Committee
to invest; The Prime Minister shall decide to permit the transfer of all or a
portion of real estate project to projects for which the investment is decided
by the Prime Minister.
In case organizations, households or individuals sell, transfer,
lease, or lease purchase real estate on a small scale, rarely, it is not
required for real estate enterprise to be set up, but they must declare and pay
taxes according to the provisions of law.
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