Da Nang increases prevention of money laundering in real estate transactions

The Da Nang Department of Construction requires businesses and banks to tighten anti-money laundering measures in real estate transactions, especially transactions worth VND400 million or more.

The content was stated by the Department of Construction in a document sent to the State Bank - Branch 9, local authorities, businesses, and real estate floors on October 15. This move was implemented by the city under the direction of the Ministry of Construction and the City People's Committee, implementing the Law on Anti-Money Laundering 2022.

Accordingly, the Department of Construction requested real estate organizations, businesses, and banks to issue internal regulations on anti-money laundering. Units are required to strictly implement the process of identifying customers, collecting and verifying information, and controlling high-risk transactions. They must periodically review and adjust to suit the reality.

Units are also required to assess and manage money laundering risks, and report suspicious transactions worth VND400 million or more.

Da Nang city center, where the Administrative Center and many hotels are located, June 2025. Photo: Nguyen Dong

The Department of Construction recommends that businesses update the risk assessment results on the State Bank's electronic information portal. According to the Department, increasing anti-money laundering measures ensures transparency and safety for real estate transactions in the city.

Previously, the city government also requested units to comprehensively inspect and examine land valuation and auctions to prevent and handle manipulation that destabilizes the real estate market. Currently, Da Nang is showing signs of "land fever" in suburban areas and new projects. Land prices have also increased significantly in many areas, especially in areas with synchronous infrastructure, or in the vicinity of Hoi An ancient town...

Da Nang is one of the resort tourism capitals in the South Central Coast. Thanks to this advantage, the real estate market in recent years has strongly developed many segments such as urban areas, villas, resort hotels, apartments, land plots... From July 1, Da Nang merged with Quang Nam province. The new Da Nang city has 70 communes, 23 wards and Hoang Sa special zone, and the administrative center is located in Hai Chau ward.

Nguyen Dong