New Real Estate Policies Effective from August 1, 2024

1/ Enforcement of Three Real Estate Laws: Starting August 1, 2024, three pivotal laws will come into effect: the 2024 Land Law, the 2023 Housing Law, and the 2023 Real Estate Business Law. These laws establish a new legal framework for the management, use, and business operations in the real estate sector.

2/ 2024 Land Inventory: A nationwide land inventory will be conducted to determine the current state of land use, aiming for more effective land management and planning.

3/ Recording Actual Prices in Contracts: Real estate purchase and sale contracts must accurately reflect the actual transaction price. This measure is intended to prevent tax evasion and protect the interests of all parties involved.

4/ Mandatory Bank Transfers in Certain Cases: For real estate transactions involving projects by investors or real estate business enterprises, payments must be made via bank transfer. This ensures transparency and security.

5/ Abolishment of Fixed Land Price Brackets: The old fixed land price brackets will be replaced with annually updated land price tables that reflect the true market value of land. This change aims to prevent "artificial prices" and facilitate fair compensation and clearance procedures.

6/ Taxable Income from Land Sales: Income from land sales transactions will be taxed based on the new land price tables, ensuring fairness and transparency in tax collection.

7/ New Regulations for Real Estate Brokers: Real estate brokers will no longer operate freely; they must hold a professional license and work within a registered enterprise. This regulation aims to improve service quality and protect customer rights.

Viet Australia
Viet Australia Auditing Company is an independent auditing organization licensed and established in 2007 in the Socialist Republic of Vietnam.