Even with the amendment of the four current law provisions, it still can not synchronize with the current legal system because there is still Civil Law, Enterprise Law.
Previously, Pham Hong Ha, Minister of Construction strongly proposed amendments and supplements to the Land Law in the direction of allowing commercial tourism services land to be used for long-term stability and paid the same fees as residential land.
Without specific laws regulating condotel, the use, purchase and sale of land for some new real estate types such as condotel, officetel, shophouse remain a problematic matter.
Condotel is a hybrid of a condominium and hotel even though the units are individually owned.
There are two types of land that condotel is built on, including firstly the land planned as residential land, and secondly, commercial lands. The regulation is very clear for the first one.
Condotel built on this land type will receive a red book without any matter according to regulation.
The second type remains a controversial matter as this type of land is not planned to form residential units as it only allows investors to lease for certain use time i.e 50 years to 70 years.
Nevertheless, investors still built condotel and sold it to customers as normal apartments in the market, which has become an issue as a real estate project is always accompanied by living space and infrastructure.
Recognizing the land for business services as residential land and issuing long-term red books to condotels will cause huge social impacts, overloaded infrastructure and disruption to the general planning of the area.
There is no specific reason for why the proposal of the revision of the four laws is not included in the work program of National Assembly in this session. However, it is likely that National Assembly will need more time to further study this issue.