The National Assembly has passed the long-expected Real Estate Trading Law, although deputies are still unsure over whether or not it will help get the stagnant property market moving. The law will tighten a legal framework full of loopholes that have caused chaos in the real estate market over the past few years, analysts said. “It is essential to have a real estate law in order to address problems in the real estate market, such as illicit transactions, speculation, and stagnancy to make the market healthier,” said Chu Van Chung, head of the legal department at the Ministry of Construction. “The law will make it legal and more convenient for individuals and economic organisations to conduct real estate transactions,” he said. The law, which will take effect in January 1 next year, provides regulations on property development and transactions, brokerage services, consultant services and state management. One controversial point in the law is whether to allow properties not yet built to be traded, said Nguyen Duc Kien, head of the NAs Budget and Economics Committee, said this practice already exists and there was no reason to change it now. He argued that most developers were not financially strong enough to…
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