Legal changes proposed to address issues in real estate

One of the main challenges facing Vietnam’s real estate sector is that many businesses depend on credit while there have been regulations introduced recently to tighten credit to the sector. According to Mr. Nguyen Manh Khoi, Deputy Director of the Housing and Real Estate Market Management Department at the Ministry of Construction (MoC), when capital access is tightened, real estate is affected. Under a proposal from the MoC, the government will submit amendments to the Land Law, the Law on Housing, and the Law on Real Estate Business to the National Assembly, to open up development.