Thursday, December 12, 2024 4:52:30 AM - Markets closed
VN-INDEX 1,268.86 -3.21/-0.25%
HNX-INDEX 228.18 -1.06/-0.46%
UPCOM-INDEX 92.74 +0.00/+0.00%
MoC: rules for condotels, officetels coming this year
Vietnam News - 6/9/2019 4:27:32 PM
 (0 ratings. You must sign in to rate.)
Minister of Construction Phạm Hồng Hà said at the Tuesday meeting of the National Assembly that his ministry and the Ministry of Natural Resources would complete regulations relating to condotel and officetel this year.
 
In response to delegate Lý Thiết Hạnh, Minister Hà said the Ministry of Construction (MoC) was responsible for revising standards and regulations relating to condotels and officetels and also promulgating management and operation regulations for the property products.
 
The Minister said this process would be completed this year. He also said the Ministry of Natural Resources and Environment would provide guidance on land use for condotel or condotel constructions incorporating housing.
 
Condotels and officetels have been built in Việt Nam since 2005. Many businesses in the country have invested in these property products, despite the lack of a specific legal framework for condotels, officetels and resort villas. 
 
Recently, Prime Minister Nguyễn Xuân Phúc issued Directive 11 on solutions to promote a stable and healthy local real estate market, of which a legal system for condotels, officetels and resort villas is needed by the third quarter.
 
Specific regulations on those products are not available in many laws, including the Land Law, Real Estate Law, Investment Law and Housing Law. 
 
From 2014 up to now, there has been a lot of investment in condotel products concentrated in coastal areas across the country. 
 
An average of 20,000 condotel apartments are expected to be sold annually in 2019-20.
 
According to Nguyễn Trọng Ninh, Director of the MoC’s Housing and Market Management Department, condotels or resort villas are classified as tourist accommodation that is managed according to tourism regulations controlled by the Ministry of Culture, Sports and Tourism. 
 
Accordingly, organisations and individuals trading condotels and villas must have business licences from the Việt Nam National Administration of Tourism (VNAT). - VNS
 
Read original article here
Newer News
04/03 Construction on Sa Pa airport begins
08/02 HCM City in top six most preferred markets for investment: CBRE
 
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 3:05:01 PM
VN-INDEX 1,268.86 -3.21/-0.25%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.