Vietnam's parliament plans to legislate real estate payments exclusively through the country's banks

Members of Vietnam's parliament have proposed a bill that would require real estate companies and buyers to conduct all financial transactions when purchasing new properties exclusively through approved domestic banks. This is expected to be one of the main tools in the government's long-running battle against corruption and tax evasion in the sector.

The proposal was submitted to the National Assembly of Vietnam on October 31, and discussions were held on the draft of the future law. Nguyen Man Quong, Vice Chairman of the National Assembly's Legislation Committee, stressed that the regulation would specifically target non-cash payments in real estate transactions. However, it will primarily apply to businesses and investment projects.

Currently, non-cash transactions can be carried out through various methods available in the market. However, Tran Xuan An, a permanent member of the National Assembly's National Security Committee, suggested that the new standard be applied to all market transactions, not just businesses.

Vu Hong Thanh, chairman of the National Assembly's Economic Committee, noted that members of his parliamentary group would carefully study all proposals before supporting any form of the law. Nevertheless, the economic committee supports the need for changes in the management of the real estate sector.