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MOC: RULES FOR CONDOTELS, OFFICETELS COMING THIS YEAR
Minister of Construction Pham Hong Ha 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 Ly Thiet Hanh, Minister Ha 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 Viet 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 Nguyen Xuan Phuc 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 Nguyen Trong 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 Viet Nam National Administration of Tourism (VNAT).
U.S. News & World Report has just released the ranking of the best economies to invest in this year, showing large changes, with three new faces among the top five. In particular, Vietnam surpassed its Southeast Asian neighbours including Malaysia, Indonesia, and Singapore to rank eighth, massively boosting its 23rd position last year.
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Under the draft, tourism; culture and sports; telecommunications infrastructure; infrastructure for science and technology development; infrastructure at industrial parks, economic zones, industrial clusters, and high-tech parks; and infrastructure for rural areas and agriculture would be banned from running PPP projects.
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