Tóm tắt

Vietnam’s real estate market has long been characterized by fragmented and inconsistent data, leading to information asymmetry, speculation practices, and legal risks. Decree No. 357/2025/NĐ-CP introduces a nationwide digital framework, including a unified real estate database and unique identification codes for each property, aiming to standardize and integrate data across agencies. This reform seeks to enhance transparency, improve transaction efficiency, and strengthen state management, marking a shift toward a more data-driven and sustainable real estate market.

Current situation of the real estate market

The Vietnamese real estate market has long operated under conditions of fragmented and inconsistent information systems. Data relating to legal status, transaction prices, ownership history, and mortgage conditions are dispersed across multiple authorities and administrative levels[1]. For instance, land data is managed by the Ministry of Agriculture and Environment, housing data falls under the Ministry of Construction, tax-related data is overseen by the Ministry of Finance, and population data is by the Ministry of Public Security through the VNeID system[2]. In 2025, the Ministry of Agriculture and Environment of Vietnam launched a campaign called 90 Days to Enrich and Clean the Land Database, a large-scale effort to consolidate land information. The campaign has revealed millions of land plots requiring verification, correction, or standardization[3].

Data cleaning results from the campaign “90 Days to Enrich and Clean the Land Database”

100% = 62.5 million land plots being reviewed

Nguồn: Bộ Nông nghiệp và Môi trường

This fragmented data environment creates a situation where information asymmetry dominates transactions. Buyers often rely on informal channels, brokers, or unverifiable sources to assess property value and legal status, while official data remains difficult to access or inconsistent across agencies. On the micro level, buyers face heightened legal and financial risks, including disputes over ownership, unclear transaction histories, and prolonged litigation due to missing or conflicting records. On the macro level, the market becomes prone to price volatility, speculative bubbles, and regulatory blind spots, weakening overall stability[4]. Moreover, state authorities struggle to design timely and effective policies due to the lack of real-time, reliable data.

One example illustrating these challenges is the case of Lotte Group and its Thu Thiem Eco Smart City project in Ho Chi Minh City. Although the project was first licensed in 2017, its implementation has been delayed for nearly a decade due to unresolved legal procedures and land valuation issues, forcing the investor into a prolonged “wait-and-see” position. This causes large additional costs and could reduce investment efficiency, making the project less financially attractive to investors. In fact, Lotte Group has shown an intention of withdrawal[5].

How the real estate market will be digitized through Decree No.357/2025/ND-CP

Decree No. 357/2025/NĐ-CP introduces a comprehensive framework to digitize Vietnam’s real estate market by establishing a unified, state-managed data system. The Decree officially takes effect on March 1.

The primary objective of the Decree is to enhance transparent and standardized data, thus improving state management efficiency through digital transformation. A key innovation is the introduction of a digital identification system for real estate, where each property is assigned a unique electronic code. This code links all relevant information (including (i) land plot information; (ii) construction works and project details; (iii) legal status; (iv) transaction and registration history, and (v) other management data as prescribed by law) into a single, traceable digital profile[6].

There are 5 main types of electronic identification codes in the real estate sector, specifically as follows:

Nguồn: Decree 357/2025/ND-CP

The Ministry of Construction of Vietnam is the central authority responsible for building, managing, and operating the database system. Local authorities are tasked with collecting, updating, and synchronizing data, ensuring that information remains accurate and up to date.

The Decree also emphasizes that the electronic identification code does not replace the Certificate of Land Use Rights and House Ownership (commonly known as the “Red Book”), but functions as a digital management tool for state agencies.

The impact of the Decree on the real estate market

Increase transparency

One of the most significant impacts is the enhancement of market transparency. The upcoming digital ID system enables regulators and market participants to track property histories more effectively, reducing uncertainty around legal status and ownership. This directly addresses the long-standing issue of “information opacity,” where buyers relied heavily on informal or incomplete data[7]. As a result, the market is expected to become more trustworthy, with reduced risks of fraud and disputes.

Reduction of speculation and price manipulation

With the introduction of unique property identification codes and verifiable transaction histories, each asset now has a “data anchor.” Prices are no longer arbitrary figures but can be benchmarked against historical transactions and comparable properties. This significantly reduces “information noise,” a key driver of speculative bubbles and sharp price fluctuations. As a result, the market is expected to move toward more stable and evidence-based pricing mechanisms, limiting opportunities for manipulation and short-term speculation[8].

Faster and more efficient transactions

Digitization under Decree 357 is also expected to streamline transaction processes. When data is digitized and interconnected, individuals and businesses no longer need to repeatedly submit the same documents to multiple authorities[9]. Legal verification and information checks can be conducted online through the property’s digital ID, significantly reducing administrative time and costs.

Challenges in implementation

Uneven digital capacity among provinces

A major structural barrier to implementing Decree 357 lies in the uneven level of digital readiness across localities, combined with the legacy problem of fragmented data systems. According to the Digital Transform Index (DTI) ranking in 2024 by the Ministry of Science and Technology, while major cities like Hanoi, Hue, Hai Phong, and Ho Chi Minh City have an index of above 0.77, there are 3 provinces whose index is below 0.6 (Hung Yen, Quang Tri, Cao Bang)[10]. While the Decree envisions a unified national database, in reality, many provinces still rely on partially digitized or even paper-based records[11], with differing technical standards and limited interoperability.

Cybersecurity and data privacy risks

Digitizing sensitive real estate data such as ownership, transaction values, and mortgage status raises important concerns about data privacy and cybersecurity[12]. A centralized system becomes an attractive target for cyberattacks, while improper data governance could lead to unauthorized access or misuse of personal and financial information. A report from Viettel Threat Intelligence shows that in 2025, there are 25.5 million user accounts being exposed or traded online, 76% increase from 2024. The report highlights that the attacks become more sophisticated and frequent due to technological advancement and AI, targeting systems storing high-value data, including privileged accounts and third-party data management systems (Salesforce, CRM, etc.)[13].

Therefore, strict security frameworks are required to prevent data breaches and manipulation. Without strong safeguards, risks include data leaks, identity fraud, or even tampering with transaction records, which could severely undermine trust in the system.

Institutional coordination to keep data “alive”

Another critical concern is the risk that the system becomes “digitized but not dynamic”. In other words, data may be stored digitally but not updated in a timely or continuous manner. In such cases, the database could quickly become outdated, reducing its reliability for decision-making and transactions. If updates are delayed or inconsistent across agencies, the system may replicate existing inefficiencies in a digital form[14].

As a result, the decree requires a significant shift in how institutions and market participants operate. Effective implementation depends on coordination between multiple agencies: construction, land, taxation, and banking. At the same time, businesses and individuals must adapt to new digital processes. Regulatory reforms often face resistance due to habitual reliance on paper-based procedures and a lack of digital literacy among stakeholders.

Kết luận

Decree No. 357/2025/NĐ-CP represents a fundamental shift in how Vietnam’s real estate market is governed, moving from a fragmented, paper-based system toward a data-driven model. By introducing a unified database and property identification mechanism, the Decree lays the groundwork for improving transparency, stabilizing price formation, and enhancing the efficiency of both transactions and state management.

However, beyond its technical features, the true significance of the reform lies in how data is maintained, updated, and utilized in practice. Assigning a unique code to each property is not an end in itself, but a starting point for building a more accountable and transparent market. If the system ensures that data stays “alive,” continuously updated, and properly governed, it can become a turning point toward a healthier and more sustainable real estate market in Vietnam.

Đọc thêm

Triển vọng thị trường bất động sản tại Việt Nam năm 2026

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[1] Giao duc va thoi dai, Real estate ID: Expectations for a more transparent market, https://giaoducthoidai.vn/dinh-danh-bat-dong-san-ky-vong-thi-truong-minh-bach-hon-post763065.html

[2] VietnamNet, Real estate ID codes: A roadmap to an era of prosperity, https://vietnamnet.vn/ma-dinh-danh-bat-dong-san-ban-do-dan-duong-buoc-vao-ky-nguyen-thinh-vuong-2481084.html

[3] Ministry of Agriculture and Environment, 90-Day Campaign: 62 Million Land Plots Reviewed, Land Data Comes Alive, https://mae.gov.vn/chien-dich-90-ngay-62-trieu-thua-dat-duoc-ra-soat-du-lieu-dat-dai-song-20557.htm

[4] People’s Army Newspaper, New policy: Regulations on real estate information systems and databases, https://www.qdnd.vn/xa-hoi/chinh-sach/chinh-sach-moi-quy-dinh-ve-he-thong-thong-tin-va-co-so-du-lieu-bat-dong-san-1030582

[5] The Leader, Lotte is considering withdrawing from the billion-dollar project, a common concern among real estate businesses, https://theleader.vn/lotte-tinh-rut-lui-khoi-du-an-ty-do-va-noi-lo-chung-cua-doanh-nghiep-dia-oc-d42148.html

[6] Government News, Viet Nam to assign digital ID codes to properties from March 1, 2026, https://en.baochinhphu.vn/viet-nam-to-assign-digital-id-codes-to-properties-from-march-1-2026-111260105144514.htm

[7] VietnamNet Global, Ministry of Construction prepares to launch real estate digital ID system, https://vietnamnet.vn/en/ministry-of-construction-prepares-to-launch-real-estate-digital-id-system-2486710.html?utm

[8] The Saigon Times, Real Estate ID Code: “Key” to Market Transparency and the Challenges

Behind the Number, https://gvlawyers.com.vn/wp-content/uploads/2026/03/Ma-dinh-danh-bat-dong-san-Chia-khoa-minh-bach-thi-truong-va-nhung-thach-thuc-an-sau-day-so_Ms.-Nhu_12Mar2026.pdf

[9] Giao duc va thoi dai, Real estate ID: Expectations for a more transparent market, https://giaoducthoidai.vn/dinh-danh-bat-dong-san-ky-vong-thi-truong-minh-bach-hon-post763065.html

[10] Infographics – Vietnam News Agency, DTI 2024: Hanoi leads the country in provincial-level digital transformation, https://infographics.vn/dti-2024-ha-noi-dan-dau-ca-nuoc-ve-chuyen-doi-so-cap-tinh/217775.vna

[11] Bao Moi, Implementing real estate ID codes: Great benefits, considerable challenges, https://baomoi.com/trien-khai-ma-dinh-danh-bat-dong-san-loi-ich-lon-kho-khan-khong-nho-c54767952.epi

[12] The Saigon Times, Real Estate ID Code: “Key” to Market Transparency and the Challenges

Behind the Number, https://gvlawyers.com.vn/wp-content/uploads/2026/03/Ma-dinh-danh-bat-dong-san-Chia-khoa-minh-bach-thi-truong-va-nhung-thach-thuc-an-sau-day-so_Ms.-Nhu_12Mar2026.pdf

[13] Viettel Security, Report on the Information Security Risk Situation in Vietnam in 2025, https://viettelsecurity.com/vi/resource-report/bao-cao-tinh-hinh-nguy-co-attt-tai-viet-nam-nam-2025/

[14] Giao duc va thoi dai, Real estate ID: Expectations for a more transparent market, https://giaoducthoidai.vn/dinh-danh-bat-dong-san-ky-vong-thi-truong-minh-bach-hon-post763065.html