Refund guarantees for house purchase contracts in Vietnam

Under the Law on Real Estate 2014, a real estate developer must provide a bank guarantee to secure for the developer’s obligations to refund to a house buyer the advance payment that the developer has received from the buyer if the developer fails to deliver the house to the buyer on time (a developer refund guarantee). In June 2015, the State Bank of Vietnam issued Circular 7/2015 on bank guarantees which provides further guidance on a developer refund guarantee as follows:

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No further land rental exemption for suspended projects

Before 1 July 2014, a project, which encounters difficulties and has its construction or operation temporarily suspended, may be entitled to exemption from land rental subject to approval by the relevant licensing authority.

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Law on Real Estate Business 2014 – More protection for real estate buyers

The Law on Real Estate Business 2014 introduces many new measures to protect real estate buyers. These measures are intended to restore confidence of many buyers who have not been treated well by real estate developers for the last couple of years. In particular,

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Some key changes in Law on Real Estate Business 2014

The Law on Real Estate Business 2014 which will take effect from 1 July 2015 includes certain important changes as follows:

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Vietnam Business Law