Issued pink book to qualified mini-apartment buyers

In case an individual wants to build a mini apartment (house with 2 floors or more, each floor has apartments, or from 2 floors and 20 apartments or more) for sale or rent, they must meet the conditions to be an investor in a housing construction project. Apartments specified in these two cases are issued with a certificate (pink book) and will be sold, rented, or lease-purchased according to the provisions of the Housing Law and the Real Estate Business Law.

There is no regulation on the period of ownership of an apartment

In accordance with the new Law on Housing 2023, there will be no time limit on using the apartment building. Specifically, There is no regulation on ownership of an apartment for a certain period of time, but only a period of use of the apartment that meets the wishes and needs of the apartment owners.

The investor of a commercial housing project must be a real estate business

To ensure the consistency and compatibility of the legal system between the Housing Law and the Land Law, the new Housing Law stipulates that the investor of a commercial housing construction investment project must be a real estate business enterprise and has its investment policy approved and at the same time approves the investor to be the project investor when the investor has land use rights through an agreement on receiving land use rights, or is have land use rights for the type of land on which the project is implemented according to the provisions of the Land Law.

Exemption from land use fees for renovation and new construction of old apartments

The new Housing Law stipulates preferential mechanisms for implementing investment projects to renovate and rebuild apartment buildings with many preferential mechanisms such as being exempted from land use fees and land rents for land areas subject to land use fees and land rents within the scope of investment projects to renovate and rebuild apartment buildings. 

General Confederation is the governing body of investment projects to build social housing 

The new housing law stipulates that the General Confederation is the governing body of investment projects to build social housing for workers and renters. The capital source for project implementation is the union financial source. The management and implementation of investment projects will be carried out by the project management unit under the Vietnam General Confederation of Labor in accordance with the provisions of law on public investment.

Removed the residency conditions for social housing buyers

At the same time, the new Housing Law has removed the residency conditions for social housing buyers, assigning the Government to regulate income conditions for those who can buy, rent and purchase social housing, or regulate determining social housing tenants, they do not have to meet housing and income conditions

Solved apartment maintenance funds

Finally, the new Housing Law stipulates that the investor of a housing construction investment project is responsible for establishing a separate account to manage maintenance funds and is not allowed to use maintenance funds for any other purpose when they haven’t hand over maintenance costs to the apartment building management board. In case the investor does not hand over maintenance costs, the Management Board shall request in writing the District People’s Committee where the apartment building is located to request the investor to hand over maintenance costs.