The Ministry of Construction has established a board to compile a decree guiding the implementation of the revised Law on Real Estate Business.

The board has 34 members and is chaired by Deputy Minister of Construction Nguyen Van Sinh.

The National Assembly adopted the revised law on November 28, 2023.

It regulates the real estate business, the rights and obligations of organizations and individuals in the real estate business, and State management over the field.

The law is scheduled to take effect on January 1, 2025.

Under the law, the State policy is to encourage organizations and individuals from different economic sectors to invest in the real estate business in line with the country’s socio-economic development goals in different periods and different regions.

The State offers preferential policies to organizations and individuals to invest in building social houses and real estate projects with investment incentives.

It also invests in and encourages organizations and individuals to invest in infrastructure works outside the scope of projects, as well as public works and social infrastructure.