| THE GOVERNMENT ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------- |
| No. 153/2007/ND-CP | Hanoi, October 15, 2007 |
DECREE
PROVIDING DETAILED REGULATIONS AND GUIDELINES FOR IMPLEMENTATION OF THE LAW ON REAL ESTATE BUSINESS
THE GOVERNMENT
Pursuant to the Law on Organization of the Government dated 25 December 2001;
Pursuant to the Law on Real Estate Business dated 29 June 2006;
Having considered the proposal of the Minister of Construction;
DECREES:
Chapter I
GENERAL PROVISIONS
Article 1 Governing scope
This Decree provides detailed regulations and guidelines for implementation of the Law on Real Estate Business regarding types of real estate permitted to be made available for trading; the legal capital requirements applicable in order for an organization or individual to conduct real estate business; purchase and sale of houses and buildings1 in the form of advance payment; financial capability conditions applicable to investors of real estate projects; the assignment of entire new urban zone, residential zone or industrial zone technical infrastructure projects; training of, and issuance of certificates to real estate brokers, valuers, and managers and operators of real estate trading floors; and State administration of real estate business activities.
Article 2 Types of real estate permitted to be made available for trading
1. Houses and buildings as defined in the law on construction shall be permitted to be made available for trading, and comprise civil works, industrial works, road traffic works, irrigation works, and technical infrastructure works; but not civil servants' residences, headquarters of State bodies, State secret works, national defence and security works, works which are recognized historical and cultural sites or scenic sites owned by the State, and other buildings and works which [other] laws prohibit to be traded.
2. Land use rights shall be permitted to participate in the real estate market pursuant to the law on land.
3. Real estate being the houses and buildings, and the land use rights stipulated in clauses 1 and 2 respectively of this article must first satisfy all the conditions stipulated in article 7 of the Law on Real Estate Business before being made available for trading.
4. Based on the socio-economic developmental and real estate market status, the Prime Minister of the Government may amend and add to the types of real estate permitted to be made available for trading and to the other types of real estate stipulated in article 6.1(c) of the Law on Real Estate Business, in order to comply with the actual situation.
Chapter II
REAL ESTATE BUSINESS
Article 3 Legal capital requirements for an enterprise or co-operative to conduct real estate business
1. An enterprise or co-operative must have legal capital in order to conduct real estate business.
2. Certification of the legal capital of any enterprise or co-operative shall be implemented in accordance with the laws on enterprises, on co-operatives and on business registration.
Article 4 Purchase and sale in the form of advance payment of houses and buildings to be formed in the future
