Ministry of Construction will complete standards and regulations relating to condotel and officetel this year (Photo: dantri.com.vn) Hanoi (VNS/VNA) - Minister of ConstructionPham Hong Ha said at the meeting of the National Assembly early this week thathis ministry and the Ministry of Natural Resources would complete regulationsrelating to condotel and officetel this year.
In response to delegate Ly Thiet Hanh, Minister Ha said the Ministry ofConstruction (MoC) was responsible for revising standards and regulations relatingto condotels and officetels and also promulgating management and operationregulations for the property products.
He said this process would be completed this year. He also said the Ministry ofNatural Resources and Environment would provide guidance on land use forcondotel or condotel constructions incorporating housing.
Condotels and officetels have been built in Vietnam since 2005. Many businessesin the country have invested in these property products, despite the lackof a specific legal framework for condotels, officetels and resortvillas.
Recently, Prime Minister Nguyen Xuan Phuc issued Directive 11 on solutions topromote a stable and healthy local real estate market, of which a legal systemfor 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 productsconcentrated in coastal areas across the country.
Some 20,000 condotel apartments are expected to be sold annually in 2019-2020.
According to Nguyen Trong Ninh, Director of the MoC’s Housing and MarketManagement Department, condotels or resort villas are classified as touristaccommodation that is managed according to tourism regulations controlled bythe Ministry of Culture, Sports and Tourism.
Accordingly, organisations and individuals trading condotels andvillas must have business licences from the Vietnam NationalAdministration of Tourism (VNAT). – VNS/VNA
In response to delegate Ly Thiet Hanh, Minister Ha said the Ministry ofConstruction (MoC) was responsible for revising standards and regulations relatingto condotels and officetels and also promulgating management and operationregulations for the property products.
He said this process would be completed this year. He also said the Ministry ofNatural Resources and Environment would provide guidance on land use forcondotel or condotel constructions incorporating housing.
Condotels and officetels have been built in Vietnam since 2005. Many businessesin the country have invested in these property products, despite the lackof a specific legal framework for condotels, officetels and resortvillas.
Recently, Prime Minister Nguyen Xuan Phuc issued Directive 11 on solutions topromote a stable and healthy local real estate market, of which a legal systemfor 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 productsconcentrated in coastal areas across the country.
Some 20,000 condotel apartments are expected to be sold annually in 2019-2020.
According to Nguyen Trong Ninh, Director of the MoC’s Housing and MarketManagement Department, condotels or resort villas are classified as touristaccommodation that is managed according to tourism regulations controlled bythe Ministry of Culture, Sports and Tourism.
Accordingly, organisations and individuals trading condotels andvillas must have business licences from the Vietnam NationalAdministration of Tourism (VNAT). – VNS/VNA
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