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1. New rules on apartment management

On May 25th, 2008, the Ministry of Construction issued Decision No08/2008/QD-BXD regulating the management and use of apartment buildings. Apartment buildings must now issue internal rules regarding management and usage. Management expenses will be paid by the owner of the apartment building. In the case of multiple owners, operation expenses shall be covered proportionally. This requirement aims to help prevent owners from imposing high added building fees.

In addition, apartment owners in each complex will be entitled to set up a democratic management committee. Each apartment owner will have one vote per square metre. The management committee will make decisions by majority vote.

2. Legal support for enterprises

On May 28th, 2008, the Government issued Decree No 66/2008/ND-CP involving legal support for enterprises. This decree regulates in detail the content and form of legal support. It also details ministry, Government agency and People's Committee obligations to provide such support. Enterprises now have the right to ask for legal support from professional departments belonging to People's Committees of provinces and cities under the central government. Legal support will be given to every enterprise without discrimination of ownership type, organisation form, business scale or business activities. Legal support is based on the principle of co-operation between State offices and enterprise representatives. Legal support can be offered through various forms, including the construction of and access to legal databases and legal training courses.

3. Trading in real estate

On May 21, 2008, the Ministry of Construction issued Circular No 13/2008/TT-BXD, providing guidelines for implementing Decree No 153/2007/ND-CP dated October 15, 2008 on Real Estate Business Law. The Decree stipulates that real estate business must confirm they have the legal minimum of VND6 billion (US$350,000) available for legal capital. Under the circular, enterprises wishing to do business in real estate must submit documents (deposit records, asset valuation certification, audited financial reports) to affirm sufficient legal capital. The circular also regulates real estate project transfers and transactions via centres and for the issuance of brokerage real estate certificates. Investors in real estate projects may establish a real estate transaction centre by themselves or list their real estate in real estate transaction centres established by others.

Source: VNA

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