The Ministry of Finance has issued Circular 228/2012/TT-BTC effective 1 July 2013 providing implementation guidelines in accordance with Decree 58/2012/ND-CP governing the establishment of Real Estate Investment Trust (REITs). With the popularity and importance of REITs in other markets, REITs are expected to be one of the solutions to improve funding and help support the Vietnam property sector. We highlight some key provisions and restrictions in the implementation of REITs in Vietnam.