Stricter Fines for Real Estate Business Violations
In a bid to tighten up administrative control over Vietnam's rambunctious real estate market, the Government recently issued Decree No. 139/2017/ND-CP dated 27 November 2017 (Decree 139). Decree 139 provides new sanctions for administrative violations in construction and real estate related sectors. Decree 139 will take effect from 15 January 2018 and replaces the following:
- Decree 121/2013/ND-CP on sanctions for administrative violations in construction and real estate related sectors; and
- Decree 180/2007/ND-CP providing violations pertaining to urban construction regulations.
Decree 139 introduces some new categories of real estate violations and stricter sanctions. Specifically, the decree includes suspensions of project operations for up to 12 months for certain serious violations and significantly increases the monetary penalties for each violation.
Click here to read the full summary analysis, where we set out some of the key sanctions under Decree 139, including:
- Sanctions for Violations of Rules on Residential Presales; and
- Sanctions for Violations of Conducting Real Estate Business through an Authorized/Assigned Party.