Improving management efficiency, reducing trading risks
Many experts believe that the establishment of a State-managed Real Estate and Land Use Rights Trading Center is a necessary step to make transaction activities transparent, shorten procedures and reduce legal risks for people and businesses.
Talking with Lao Dong reporter, lawyer Pham Thanh Tuan - real estate legal expert - commented that currently, the real estate transaction process and land use rights in Vietnam are still complicated, going through many steps and being implemented by many different agencies. From the stage of determining legality, notarization of contracts, payment, tax payment, to granting Certificates and updating changes.
Basically, procedures are still disjointed, lacking connectivity, causing waste of time, costs and increasing legal risks for people and businesses. The main reason is that there is no unified agency to manage the entire real estate transaction process and land use rights; the data system between agencies is not connected, and procedures are still heavy on manual.
Therefore, it is necessary to standardize and electronic the transaction process, in order to reduce compliance costs, save time and increase market transparency.
According to lawyer Tuan, the 2023 Law on Real Estate Business and Decree 96/2024/ND-CP have encouraged (not mandatory) transactions through real estate trading floors.
"However, the platforms (of the business) currently only perform some support functions (legitimization checking, providing information, negotiation support, payment...), and have not yet carried out related administrative procedures in the entire transaction process" - Mr. Tuan said.
Faced with that reality, lawyer Pham Thanh Tuan said that it is necessary to establish a real estate and land use right transaction center managed by the State. This center (basically will be similar to the Stock Exchange) will help people and businesses perform transaction steps interconnectively from looking up information, establishing contracts, paying taxes, to issuing Certificates on a unified system. This model will contribute to improving the efficiency of state management, ensuring publicity, transparency and reducing transaction risks.
Of special importance to make the market transparent
Sharing with PV, Mr. Nguyen Quoc Khanh - Vice President of the Vietnam Association of Real Estate Brokers (VARS) - said that the establishment of a State-managed Real Estate Transaction and Land Use Rights Center is especially important in the process of transparency of the Vietnamese real estate market.
"The establishment of a trading floor has a very important purpose of promoting transparency in the real estate market, including the aspect of state management (issuing certificates, converting documents) and the aspect of products of investors".
According to Mr. Khanh, the exchange will be a digital environment, helping trading activities to be transparent, shortening processing time, not like a regular real estate exchange. This trading floor aims to be a securities Commission, helping to trade smoothly, shortening procedures and time - he said.
In addition to increasing market transparency, VARS Vice President said that when all real estate products are digitized, the number of transactions on the exchange may increase. "However, it will depend on the quality of the goods (real estate products) put on the market. Digitization and control of transactions will help make information transparent, thereby creating more favorable conditions for buyers to find suitable products" - Mr. Khanh added.
