Recent Ministry of Construction statistics show that only 15 percentof real estate transactions take place on transaction floors.

This means that the development of the floors has not yet met theexpectation of a real estate market seeking transparency, while land andhome buyers are keen to have clear information about the house or landthey want to buy.

To improve the situation, the establishment ofa trading floor system under the strict control of authorised agencieshas been proposed.

According to the ministry, the market isplagued by poor transparency, while land and home buyers are keen tohave clear information about the house or land they want to buy.

To improve the situation, the establishment of a trading floor systemunder the strict control of authorised agencies has been proposed.

According to the Department of Housing Administration and Real Estateunder the Ministry of Construction, the country has a total of 600 realestate transaction floors.

Despite this, the number of transactions remains very low.

Total real estate sales nation-wide through these floors totalled 3,679, - 327 in Hanoi and 3,352 in HCM City .

Many investors have sought to avoid trading through transaction floorsby exploiting legal loopholes. As a result the number of deals madethrough the transaction floors remains low.

Director ofHousing Administration and Real Estate Nguyen Manh Ha said thedepartment requested the floors to report their performance from thebeginning of 2010, but only 20 percent have so far complied.

Deputy Minister of Construction Nguyen Tran Nam acknowledged thatagencies have not fined violators. He also admitted that administrativeprocedures to set up real estate floors are too simple.

Nam said that in the current context, authorised agencies need togradually improve the quality service provided by trading floors so asto eliminate those that are in efficient./.