Organisations and individuals wanting to do business in the property sector must establish an enterprise or a co-operative with a chartered capital of at least VND50 billion ($2.37 million), according a modified draft of the Real Estate Business Law.
This regulation does not apply to organisations, households or individuals who sell, transfer, rent, re-rent properties on an infrequent basis, but such entities are also required to declare incomes and pay taxes.
The new draft also stipulates that all selling, renting or buying transactions must take place at exchanges managed by companies licensed to offer the service by the Ministry of Construction.
The modified law, which is being submitted to the National Assembly's Economic Committee for approval, also allows investors to do transactions on future properties and it also allows overseas Vietnamese to do business in the real estate market.
Thanh Nien (Young People)
Oil refinery maintenance to cost $67m
Senior officials of the Binh Son Refining and Petrochemical Company, which runs the Dung Quat Refinery, estimate its upcoming maintenance work to cost VND1,400 billion or $67 million.
The maintenance work, the second since the plant's inauguration in 2011, will start early May and take about two months. The work is expected to reduce the plant's annual output and revenues to 5.1 million tonnes and VND113.6 trillion($5.4 billion) from 6.1 million tonnes and VND150 trillion ($7.14 billion) respectively.
The company says it is trying to reduce the maintenance time to 45 days instead of two months in order to minimize the loss in revenue.
Sai Gon Giai Phong (Liberated Sai Gon )
French agency funds urban railway
The French Development Agency (AFD) will fund the Nhon–Ha Noi urban railway project with EUR110.5 million ($152.6m), including EUR0.5m in non-refundable aid.
It is also considering another loan of EUR70 million ($96.7m) for the project.
The 12.5km-long rail, estimated to cost EUR1.2 billion ($1.7b), is scheduled to open in 2018.
Dau Tu (Viet Nam Investmen Review)
MoT supervises key transport projects
The Ministry of Transport has said that it will supervise contractors to ensure key transport infrastructure projects are completed on schedule this year.
One of these projects is the Vinh Thinh bridge, being built at a cost of $137 million. The bridge, which connects Ha Noi's Son Tay town with Vinh Tuong District in Vinh Phuc Province, is expected to open to traffic on April 30 after three years of construction.
Other important projects set for completion by the end of the year include the Nhat Tan and Dong Tru bridges, T2 Terminal at the Noi Bai International Airport and the express highway that links HCM City with Long Thanh and Dau Giay.
Tin Tuc (News)