Real estate developments in downtown HCM City. HCM City requires property firms to disclose project data via VNeID, Việt Nam’s national digital identity app. — VNS Photo Bồ Xuân Hiệp

HCM CITY — HCM City is requiring real estate developers and property trading platforms to use the VNeID national digital identity app to provide project information, as the city moves to improve transparency in its property market.

The city’s Department of Construction has asked developers and real estate trading platforms to create electronic accounts on the housing and real estate market information system and link them to their businesses’ electronic identities.

Users will log into the system through VNeID using their registered identification codes.

Each developer and property trading platform will be provided with two accounts, while developers with multiple projects may receive additional accounts.

Companies engaged solely in real estate brokerage, consultancy and management will receive one account.

Developers must provide key legal documents for their projects, including land allocation decisions, detailed planning documents, construction permits and documents confirming eligibility to sell homes to be built in the future.

The information will be used to create and update a centralised database of housing and real estate projects, allowing authorities to monitor projects and the public to access information on their legal status.

The move is part of a broader national effort to build a unified housing and real estate market information system and improve the reliability of property data.

HCM City has been implementing a system for assigning identification codes to real estate properties and projects under Government Decree 357/2025, which took effect on March 1. The system covers housing, construction works and real estate projects.

Stiff fines

Developers that fail to disclose required project information or provide inaccurate information could face fines of VNĐ300 million to VNĐ400 million (US$11,400-$15,200), while real estate trading platforms that fail to submit required reports or display valid project documents could be fined VNĐ60 million to VNĐ80 million.

The requirements come as Việt Nam’s largest economic hub seeks to address longstanding concerns over incomplete or inconsistent information about property projects, particularly their legal status and eligibility for sale.

For buyers, the database is expected to provide an official source for checking project information before making property purchases, reducing reliance on information provided solely by developers and brokers.

The system will also give authorities a more comprehensive picture of property projects and allow information to be updated as projects progress.

The move follows the expansion of HCM City after its administrative merger with Bình Dương and Bà Rịa-Vũng Tàu, which has increased the scale of the property market under the city’s management. — VNS