HA NOI — The Ministry of Construction has issued a document instructing real estate trading floors to submit reports on the property transactions of both individuals and organisations.
The move was aimed at classifying property transactions and guaranteeing the "transparency" of the market, said the ministry.
Under the document, floor operators will have to submit monthly reports containing detailed information regarding all transactions, as well as six month summaries.
The information should include the transaction date; category and location of the property; total value; payment method; and ID cards of buyers and sellers.
The current law does not specify that all real estate transactions must be traded through the floors, only those conducted by property developers.
"It is essential for floor operators to report their transactions. The Ministry of Construction (MoC) will use the reports to offer appropriate policies to govern the market," said Le Viet Dung, an expert from MoC's Housing and Market Management Department.
Operators who do not submit reports or provide incomplete information will be named on www.sanbatdongsan.net.vn, and will also be subject to investigation and possible penalties.
The website, run by MoC and the Viet Nam National Real Estate Association, aims to provide property trade information quickly and transparently to help authorities form an appropriate legal framework.
According to statistics from MoC, Viet Nam had 989 floors nationwide, of which Ha Noi takes the lead with 451, followed by HCM City with 369.
Inspections have uncovered 25 floors that were violating regulations so far this year, and issued fines of up to VND250 million (US$11,905) for one floor.
Under the current law, penalties are rather light, ranging from VND10-20 million for an individual and VND30-70 million for an organisation. In more serious cases, operators may have their trading licences revoked.
Dung said that the ministry would supplement and complete more serious penalties besides the above-mentioned provisions.
Le Hoang Chau, chairman of the HCM City Real Estate Association, agreed with the request, and said that it would help make State governance of the market better and create a more professional environment in which investors and customers were protected from risks.
However, he said that the Government should encourage people to trade through the floors by cutting the time it took to grant land-use right certificates.
In reality, property trading outside the floors was common, making it difficult for authorities to collate accurate data and give exact analysis and forecasts, he added. — VNS