Accelerating legislation to aid real estate market

The Government of Vietnam is working to bring forward the enactment of three laws—Land, Housing, and Real Estate Business—by six months to July 1.

Hanoi from above. Photo: Pham Hung/The Hanoi Times

In Resolutions 72 and 73 dated May 17, the government agreed to propose to the National Assembly that the 2024 Land Law, Housing Law, and Real Estate Business Law be amended to take effect on July 1 instead of January 1, 2025, as originally planned.

The Minister of Justice was tasked with reporting to the National Assembly Standing Committee to include this amendment in the 2024 legislative program.

In order for these amendments to officially take effect six months earlier, the resolutions are expected to be approved at the upcoming National Assembly's 7th session on May 20.

Previously, the Ministry of Natural Resources and Environment proposed the early implementation of the Land Law to promptly address and resolve outstanding land issues. This move aims to boost the real estate market and leverage land resources effectively.

Authorities also hope this will ease access to land for businesses, attract investment, and help achieve socio-economic goals for the benefit of the public.

Many local representatives support the early implementation of the Land Law. Bui Xuan Cuong, Vice Chairman of Ho Chi Minh City, noted that the revised Land Law would have a significant impact on the city's socio-economic life. In the first two months of 2024, over 67,000 land-related procedures were processed, nearly 19,000 more than in the same period last year.

Provinces and cities are urging the Ministry of Natural Resources and Environment to quickly issue decrees and circulars for local implementation once the law takes effect.

The Ministry of Construction highlights that the 2023 Housing Law includes many groundbreaking provisions that contribute to institutional and policy improvements, and enhance housing management and development.