Analysis of Online Real Estate Trading Models: An Economic and Public Governance Perspective

1. Introduction

Vietnam's real estate trading system currently faces numerous administrative bottlenecks, a lack of transparency, and inefficient market operations. The digital transformation of real estate transactions is not only an inevitable trend but also a crucial factor in improving economic productivity and national governance efficiency. Against this backdrop, the Ministry of Construction is studying online real estate trading models, referencing the operation of securities markets to simplify procedures, enhance transparency, and reduce speculative risks.

Compared to financial markets, the real estate market has unique characteristics, particularly in terms of low liquidity, high transaction costs, and significant legal risks. Therefore, the digitalization of real estate transactions is not merely a technical enhancement but a systemic transformation requiring close coordination among government agencies and adjustments to the legal framework.

2. Application of Technology in Real Estate Transactions

By the second quarter of 2025, the Ministry of Construction plans to collaborate with the Ministry of Justice, the Ministry of Finance, and the Ministry of Natural Resources and Environment to develop a comprehensive electronic trading platform. This system will allow for the completion of real estate transactions, notarization, tax payments, and property registration online, minimizing manual operations, reducing document processing times, and enhancing transparency.

Additionally, blockchain technology could be considered to ensure the security, traceability, and immutability of real estate transactions. The implementation of smart contracts would help automate certain transaction processes, such as the automatic execution of payments and property transfers when legal conditions are met.

3. Establishing a State-Managed Real Estate Trading Center

To create a transparent trading environment and mitigate market manipulation risks, the Ministry of Construction is researching the establishment of a state-managed real estate trading center and a land use rights exchange. This center would function similarly to a stock exchange, providing accurate real estate transaction information, verifying legal statuses, and supervising transactions to ensure market fairness and transparency.

Moreover, the center could also act as an intermediary payment institution to guarantee safe transactions for all parties involved, reducing fraud and legal disputes.

4. Enhancing Data Systems and Transaction Monitoring Mechanisms

• The Ministry of Public Security and relevant agencies will be responsible for operating a national housing database and integrating it with population, notarization, land, investment, and construction databases.

• This system will provide real-time updates on the legal status of properties, the availability of tradable real estate, supply and demand conditions, and market price fluctuations.

• Under the 2024 Land Law, land data must be managed in a centralized manner, ensuring interconnectivity between local and national agencies to maximize land use efficiency and prevent speculation.

Increased transparency will help investors, buyers, and regulatory bodies better assess the market, reducing speculative behavior and ensuring real estate prices reflect actual demand.

5. Market Regulation and Stability Mechanisms

In addition to digitalizing transaction processes, the Ministry of Construction will strengthen market supervision by implementing inspection and violation-handling mechanisms to stabilize the market. In areas experiencing abnormal price increases or speculative activities, regulatory measures may be applied to ensure market stability.

Furthermore, adjustments to real estate transaction tax policies should be considered to curb speculation, such as imposing higher tax rates on short-term transactions and property hoarding. This would contribute to the sustainable development of the real estate market, ensuring that it better serves the actual housing needs of the population rather than functioning solely as a financial speculation tool.

6. Conclusion

The digital transformation of the real estate market is an inevitable trend, but its successful implementation requires close cooperation among government agencies, businesses, and relevant stakeholders. A well-functioning online real estate trading system would not only enhance transparency and optimize transaction processes but also promote sustainable market development, ensuring its health and stability.

The application of blockchain, artificial intelligence, and big data technologies in real estate management systems will bring groundbreaking advancements in asset management and transactions. If systematically implemented, this model could help mitigate speculative influences, optimize economic resource allocation, and support more precise policy formulation.