From March 1st, according to Decree 357/2025/ND-CP, each real estate will be attached with a separate electronic identification code. This regulation is considered an important step in the process of digitizing and transparentizing the real estate market, in the context that for many years there has been a situation of buying and selling "handwritten papers", declaring "two prices" and prolonged disputes due to lack of clear information.
Talking to PV of Lao Dong Newspaper, lawyer Pham Thanh Tuan - Hanoi Bar Association - said that in fact, the management of land plots and registration of changes has been carried out through the data system of the natural resources and environment sector, in which each land plot has its own code.
The new point of Decree 357 is to build an information system and database on housing and the real estate market in the direction of intercommunication between construction agencies, natural resources and environment, notary public, tax and banking. The goal is to form a complete picture of the legal status and transaction history of each real estate.
In theory, when data is updated and compared on the same system, transactions that do not meet legal conditions or have not completed procedures will find it difficult to "hide" as before. This is expected to significantly contribute to narrowing the situation of buying and selling "handwritten papers" - which pose many risks for both buyers and sellers.
However, lawyer Tuan also said that it is necessary to recognize the reality: If the parties intentionally transact outside the system, without notarization, without registering changes or buying and selling assets that do not meet legal conditions (for example, have not been granted a certificate), then unofficial transactions can still arise.
The law can design a mechanism for transparency and risk prevention, but it cannot completely replace the sense of compliance of market participants. Therefore, in parallel with perfecting the data infrastructure, raising legal awareness of people is an important factor for the market to operate safely.
According to lawyer Pham Thanh Tuan, the biggest long-term impact of this regulation is to change the market management platform - from management based on paper records to management based on digital data. When each real estate has its own electronic "identity card", buyers, banks and investors can look up the full "profile" of assets before transacting, thereby reducing risks from the beginning.
Although the "two-price" situation may not be completely eliminated if actual cash flow is not tightly controlled, storing transaction price data throughout will make this behavior potentially more legally risky. In the long term, this is considered an important step to build a more transparent, safe and sustainable real estate market.
