Global Journal of Management and Business Research, B: Economics and Commerce, Volume 23 Issue 3

be found to have violated the law. As a result, the extradition of criminals with corrupt acts back home will be more difficult and complicated because the general trend is that every country has policies to protect its nationals. [6]. The impact of the industrial revolution 4.0 on the real estate business also shows great importance and significance in customer information and data management, product management, address, diagram, etc. contracts, finance, taxes, fees, charges and urge debt settlement... of the real estate trading floor. [7]. Controlling money laundering through modern technology is a very effective measure when Vietnam integrates internationally in the real estate sector. The Vietnam Real Estate Association has joined the World Real Estate Association since 2003. The exchange and learning of national experiences in the world is essential for us to prevent money laundering in the real estate sector property in Vietnam and also across the country once the real estate investment goes abroad. Therefore, the management of real estate and prevention of money laundering, investing in mixing "clean money" with "dirty money" to bring to the market for circulation is an important activity in the activity "Prevention of money laundering" in the real estate business.” Currently, the situation of real estate investment is increasingly rich and complex. Therefore, research on the prevention of money laundering in the real estate business is necessary and has scientific significance in the real estate business market, preventing corruption, limiting self-interest transactions, finding solutions. Measures to prevent money laundering are effective so that the real estate market develops healthily and in the right direction. To prevent money laundering in the real estate sector, the Ministry of Construction has issued Circular No. 12 /2011/TT-BXD dated September 1, 2011 guiding the implementation of a number of contents of Decree No. 74/2005./ND-CP dated 07/06/2005 of the Govern- ment on prevention and combat of money laundering for real estate business activities. By 2012, the National Assembly passed the Law on Anti-Money Laundering 2012 (effective from January 1, 2013) and Decree No. 116/2013/ND-CP (replacing Decree No. 74/2005/ND- CP) regulates money laundering prevention and combat in general. The 2015 Penal Code (amended and supplemented in 2017) has established a money laundering crime regime in accordance with the United Nations Convention on Anti-Money Laundering. Transn- ational organized crime (Palermo Convention) and specific criminal liability for legal entities. d) Completing the Law on Real Estate Business of Foreign Investors in Vietnam Firstly, a very important issue that the Law on Real Estate Business 2014 guides further in the mentioned documents is the procedure for adding investors in the process of real estate project implementation. In fact, the activities of cooperation, joint venture investment take place continuously and regularly throughout the implementation of real estate projects. However, there are joint venture parties that contribute a large proportion of capital and they wish to be named as a joint venture to implement the project, not merely as a secondary investor of the investor. Moreover, when the Capital market is complicated, entering the project distillation stage, large investors often choose the safe solution of having to be confirmed as an investor by a document from the competent authority, competent state. Because of the lack of regulations on this issue, it limits the participation of foreign investors in capital contribution projects. Capital is already complicated, in Vietnam, affecting the progress and efficiency of the project. Projects, especially large projects. Secondly, the investment license time should clearly specify the time for verification and issuance of the Investment Certificate, in which, the response time of the agencies to be consulted. However, in practice, this time is very difficult to guarantee. The agencies involved in investment, finance, construction, planning, land, banking, etc. often give their opinions on verification slower than regulations. "The reason is that a real estate investment project often involves many industries and fields. (land, environment, construction, ...) and affect the socio-economic situation of the locality where the project is located, therefore, the appraisal of a real estate project is complicated, elaborate and take time. According to a research team of the Vietnam Chamber of Commerce and Industry (VCCI), for projects that use land, there are 34 administrative procedures, which in the most favorable conditions also take at least 5 months. (155 days) to complete the licensing. However, businesses say that the actual time is many times longer than that, even with projects that take up to 14 months to complete all procedures and papers. Also according to VCCI, investment procedures, especially investment procedures in the construction sector are becoming one of the barriers to investment in Vietnam, reducing the attractiveness of Vietnam's investment environment compared to some countries in the region. The complexity, overlapping and fragmentation of the legal system also makes policies less effective. For example, from the time the investor intends to the construction of a factory related to 4 fields of investment, land, environment and construction, administrative procedures alone have been governed by 5 Laws, 10 Decrees, 9 Circulars and a large number of provincial guidance documents. These documents are inherently complicated, and often revised, causing many difficulties for businesses. An investment project Capital is complicated, domestic enterprises want to complete licensing procedures, it takes more than 34 steps with a period of 500 to 800 days, but it will be longer if a foreign investor. The delay in licensing investment 30 Global Journal of Management and Business Research Volume XXIII Issue III Version I Year 2023 ( ) B © 2023 Global Journals Real Estate Business of Foreign Investors under Vietnam Law