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Lawmakers want payments for real estate deals to be made via banks

The Saigon Times

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HCMC – Lawmakers have proposed payments for all real estate transactions be made through banks to combat tax evasion and corruption.

This proposal was floated at a National Assembly (NA) session on October 31, which discussed draft amendments to the law on real estate business.

Nguyen Manh Cuong, vice chairman of the NA Committee on Law, threw his support behind non-cash payments for real estate transactions to strengthen the corruption fight. Currently, those involved in real estate transactions are not required to settle payments via banks.

Trinh Xuan An, permanent member of the NA Committee on National Defense and Security, suggested bank transfers be applicable to all real estate transactions, not limited to those involving businesses or project investors.

Vu Hong Thanh, chairman of the NA Economic Committee, said his committee would carefully consider the proposal in the revision process. The goal is to review and potentially reshape policies governing the real estate industry, addressing the rights, responsibilities, and state oversight of the sector.

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