The key to solving legal problems for tourism real estate is that the investor's assets are protected by law and certified

DNHN - Nguyen Van Dinh, President of the Vietnam Real Estate Brokers Association, believes so. Tourism real estate (real estate) not only helps the tourism industry, but it also helps the state budget, creates jobs, and boosts the economy. Nguyen Manh Ha, VREA Vice Chairman: Uncovering and protecting tourism real estate investors requires transparent policy.

This type of business, however, still has a lot of problems with its rules and mechanisms. As a result, many experts think that the government should soon have a clear policy mechanism in place to protect and grow the assets of people who invest in tourism real estate. Certificates should be given to them as soon as possible.

This is based on the current status of residential land in the countryside, particularly for projects that have been built, completed, and put into use- will benefit from a long-term use period (customers buying villas and resort apartments).

Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) Mr. Nguyen Manh Khoi said that the real estate market, including tourism real estate, has always been identified by the State as an important market. 

The real estate market drives nearly 40 economic sectors, and its growth drives the economy. Although the real estate market has many limitations that need to be analyzed and modified.

Currently, the state has established general and specific policies for tourism real estate. According to Mr. Khoi, many policies and mechanisms need to be revised and updated to reflect the new situation, or new contents need to be promulgated to create a legal basis for the developed market.

Second, local governments must take drastic measures to develop a healthy and stable market, such as planning for tourism real estate. A vice chairman of the Vietnam Real Estate Association said tourism real estate must "break down barriers" to develop.

Currently, mechanisms and policies for various tourism and resort real estate are unclear, particularly for condotels.

This property lacks a red book, putting companies and investors at danger. "A clear and transparent policy framework is essential to support tourism and resort real estate development while safeguarding investors and developers. Investors are protected while policies promote growth." - Officials from the Ministry of Construction's Housing and Real Estate Market Management Department agree that regulations and processes are needed to foster growth.

Deputy Director of the Department of Housing and Real Estate Market Management said that as tourism and resort real estate development evolves, so must management. Concerning the legal issues surrounding tourism real estate, Mr. Khoi stated that there are three issues that must be addressed: The first concerns tourist land use.

The Government will shortly present to the National Assembly amendments to the Land, Housing, and Real Estate Business Law. It is also preparing an update to the Decree. On the one hand, the Decree clarifies the Land Law and removes concerns such as red books.

Experts confirm that tourism real estate is important in developing the tourism industry, creating jobs, and promoting economic growth. At the same time, it attracts more secondary investors and people, generates significant revenue for the state budget, and stimulates the real estate market in general.

Although there are no specific tourist real estate rules or legislation, there are several in place. As a consequence, even within a single town, application and enforcement vary widely, significantly hurting the investment climate for tourist and resort property.

Certificates granted to secondary investors at Bai Dai - Cam Ranh, Khanh Hoa.

Both are secondary investors, but there are projects that have been granted certificates and projects that have not. 

A province and an investor agreeing to restrict rights such household registration, residential areas, hamlets, etc.. does not affect the character or origin of "residential land in rural regions."

Land management authorities must provide individual land use rights certificates for each villa when investors settle their state management obligations. Ferienwohnung/Villa A plus in attracting investment money, speeding up tourist and service growth, employment creation, and state budget income.

As a result, Cam Ranh has seen well-known brands such as Vingroup, Eurowindow Holding, Hung Thinh, Novaland, CEO Group, Golf Long Thanh, and others boldly set foot in the Northern Peninsula tourist area, investing in more than 40 projects totaling over $1 billion.

Several projects have been completed, tested, and put into operation to date, including: Vinpearl Resort & Spa Long Beach Nha Trang (Vinpearl Bai Dai Co., Ltd), Golden Bay Cam Ranh (Hung Thinh Corporation).... Secondary investors (customers) purchase resort real estate products that have been granted certificates of land use rights and assets on land.

Others are Movenpick Resort Cam Ranh, Arena Cam Ranh... In spite of the project being completed, tested for fire prevention, and being in use for a few years, the investor received a Certificate of Land Use Rights and Assets on the Land.

The "stalemate" in the issuance of tourist real estate certificates has resulted in many consequences such as disputes, prolonged lawsuits, causing significant damage to businesses and investors, but has also resulted in the real estate market suffering severely, nearly "frozen" for many years.

Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, told PV that investors always seek to protect their rights while investing. They may legally transfer assets, resulting in high liquidity. For legal reasons, many investors cannot get ownership certificates. 

As a result, Mr. Nguyen Van Dinh feels that the key to resolving the legal issues for tourist real estate in this country is determining how to legally own the investor's property... or, in other words, how to lawfully own the investor's property.

The assets of investors are legally safeguarded. As a result, Mr. Dinh proposed that in the near term, an urgent solution such as being able to issue investors a particular form of certificate that may certify the property ownership that is recognized by law for them be implemented. 

“At the moment, the Ministry of Construction and the Ministry of Natural Resources and Environment are both aiming to produce brief rules to amend,” Mr. Nguyen Van Dinh stated. Mr. Dinh, on the other hand, feels that it is vital to alter the legal requirements in the long run.

Changes to Land, Real Estate, and Tourism Laws... Mr. Dinh agreed with the professional proposal, which is legal: Certified projects for rural residential land (residential land does not form residential units). Third parties are given certificates of land use rights and properties on property based on the present situation of rural residential land (customers buy villas, resort apartments).

Mr. Nguyen Van Dinh, President of the Vietnam Real Estate Brokers Association: The key to resolving legal issues for tourist real estate in this country is how to legally hold property of investors... or, in other words, the investor's property is protected by law and is awarded a certificate by a competent State entity.

Endless possibilitiesTourist real estate, in my view, not only plays a vital part in the supporting infrastructure system for the development of the tourism sector, but it also generates more appealing business options for investors, bringing significant money to the bank.

As a result, in order to open up the tourism real estate market and create momentum for tourism development recovery, a clear and transparent policy mechanism to promote the development of tourism and resort real estate while protecting the interests of developers and investors is required as soon as possible.

Achieving a balance between the parties' interests and the state's interests requires fast action by the appropriate authorities. Reduce barriers for businesses while benefiting investors, resulting in a clear investment environment.

 Kieu Khanh