Property ID cards expected to redefine Vietnam’s real estate market

Several experts highlighted the importance of granting ID cards to properties at a recent discussion with Tuoi Tre (Youth) newspaper as the government’s Decree 357 on the construction and management of a housing and real estate market database took effect on March 1.

Transparency in real estate transactions

Le Bao Long, marketing director of Batdongsan.com.vn, said that property identification and the public disclosure of transaction data would bring an end to what he describes as the long-standing practice of ‘buying in the fog.’

Sellers often know about properties more than buyers, while brokers know more than clients, and developers control most of the data about their projects.

In this chain, buyers typically bear the greatest risk.

With each property assigned a unique identification code integrated into a centralized database, buyers will be able to look up transaction histories, legal status, disputes, mortgages, and planning information.

Greater access to verified data is expected to reduce anxiety and limit buying decisions driven by rumors or fear of missing out.

Long emphasized that the change will force the entire ecosystem to adapt.

“Developers must raise their compliance and transparency standards, while brokers will need to upgrade their professional capacity to provide substantive advisory services rather than merely connecting transactions," he said.

“Buyers must actively access data and become informed consumers."

Lawyer Bui Quoc Tuan of the Ho Chi Minh City Bar Association agreed that property identification will eliminate the long-standing disadvantage faced by homebuyers.

Previously, buyers had to consult multiple sources, construction department portals for sales eligibility, agriculture and environment departments for land violations, and brokers for pricing references.

Under the new system, a single access point will consolidate this information.

Buyers intending to place deposits will be able to request official legal information via the public service portal.

If a project is found to be illegally selling units or accepting multiple deposits for the same apartment, authorities can be alerted for immediate action.

Transparency benefits all parties

Identification codes remain unchanged through successive transactions, with updates reflecting new ownership and transaction prices.

For regulators, standardized data will clarify how many properties are traded annually, the transaction frequency of specific assets, and broader market patterns, addressing long-standing inconsistencies in market statistics.

Le Hoang Chau, president of the Ho Chi Minh City Real Estate Association, said transparency benefits not only buyers but also sellers, brokers, and related service providers.

A comprehensive housing and real estate database will also enable authorities to respond more effectively to market fluctuations.

It provides a foundation for anti-speculation policies and allows regulators to distinguish between purchases for residential use, investment, and short-term flipping.

If data show an individual buying and selling multiple properties within a short period, such activity can be identified as speculative.

Integration with the national population database will further support more accurate tax policies and market interventions.

“Currently, due to the lack of a comprehensive housing and land database, market assessments are sometimes not entirely accurate,” Chau said.

Tran Quang Trung, business development director at OneHousing, noted that reliable data will allow regulators to assess when the market is overheating, when it is cooling, and which segments are most active.

Although supply and demand still drive price surges, a complete data system will enable more proactive management.

Authorities will be able to forecast five-year housing demand, assess inventory levels, and guide development planning accordingly.

Developers, in turn, can align investment decisions with market trends.

However, Trung cautioned that issuing identification codes is only the first step.

Central and local authorities will need time to collect and update comprehensive data under each property’s code.

Cleaning, enhancing land data

Nationwide, some 54 million land lots require data cleansing.

The Ministry of Agriculture and Environment has reportedly completed around 50 percent of this task.

In Ho Chi Minh City alone, more than 4.77 million land lots are undergoing data standardization.

Once cleaned, the data will be integrated into digital platforms such as VNeID and land information mini-apps, enabling citizens to access property information more easily.

A fully developed land database is expected to reduce administrative procedures and safeguard legal property rights in the digital environment.

Under Decree 278/2025, 13 national and priority sectoral databases are mandated for connection and data sharing, with the land database ranked first among them.

Transparency is necessary but not sufficient

Lawyer Pham Thanh Tuan of the Hanoi Bar Association stressed that concentrated, unified data will significantly reduce fragmented and unverifiable information.

When planning status, permits, mortgages, transfers, and transaction prices are recorded under a single identification number, buyers, banks, and investors can review a property’s full legal background before making decisions.

From a market perspective, transparency will help curb rumors and herd-driven speculation.

However, Tuan noted that transparency alone will not eliminate speculative hoarding and price manipulation.

Effective control will require coordinated tax, credit, and supply-side policies.

Over the long term, managing the market through digital data rather than paper-based records will create a more stable and sustainable environment.

For buyers, access to verified transaction prices and legal information reduces the risk of purchasing overpriced or ineligible properties.

For businesses, a transparent market rewards professionalism and long-term capability.

As for regulators, interconnected data enhances policy management, credit oversight, tax collection, and early detection of irregularities.

Identification from the ground up

Under Decree 357, property identification begins at inception, from the moment a project is formed on a land lot.

Projects receive identification codes as early as the investment policy approval stage.

The code accompanies the project throughout its legal lifecycle, from construction permits to sales authorization, with updates recorded in real time.

Future-formed housing units within projects are also assigned codes, allowing authorities and buyers to track construction progress and sales status.

This mechanism addresses the widespread problem of developers mortgaging or accepting deposits on the same unit multiple times.

Developers are required to proactively update project information based on identification codes.

Licensed brokers must operate in compliance with certification requirements and are likewise subject to management via identification.

Construction departments in each locality will update data based on legal documents submitted during project appraisal and approval procedures.

Over 7,000 accounts issued

A property identification code is a sequence of up to 40 alphanumeric characters assigned to each housing unit or property.

It incorporates the land lot code, project information, building code, location identifier, and additional characters.

Hoang Thu Hang, deputy head of the Department of Housing and Real Estate Market Management under the Ministry of Construction, told Tuoi Tre that the ministry oversees account management and authorization within the system.

Provincial People’s Committees are responsible for providing housing and market data to the ministry.

Project developers are required to supply information to provincial authorities, while local construction departments assign identification codes to individual properties.

To date, more than 7,000 accounts have been issued nationwide to organizations and individuals involved in the system.

In Ho Chi Minh City, over 600 accounts have been granted to project developers, who are responsible for updating accurate project and product data in accordance with ministry guidelines.