Revised Land Law: a boost for real estate market
In the context of the idle real estate market as the supply is abundant, the revised land law is hoped to contribute to stimulating the demand from OVs, thus making the Vietnamese real estate market brighter and more bustling.
The Land Law (revised), which expands land use rights for overseas Vietnamese (OVs) and Vietnamese citizens residing abroad, is expected to boost the domestic real estate market.
Liễu Nguyễn, global ambassador to Việt Nam, Cambodia and Indonesia from the US National Association of Realtors, said the law will help OVs and foreign investors feel secure about investing in the market.
Many elderly Vietnamese in the US share the wish to live in their homeland after retirement and purchase property there, said Liễu, who works for Westgate Realty Group of the US.
She proposed Việt Nam implement home resort projects to serve not only OVs, but also retired US and Japanese people who want to reside in the Southeast Asian nation, adding that projects should include medical and other services for the elderly.
Liễu also held that the law will help spur the domestic real estate market as well as Việt Nam’s tourism and economy.
Phạm Ngọc Chu, vice chairman of the Global Vietnamese Business Association and chairman of the Vietnamese Business Association in Hungary, affirmed that businesses in Europe strongly support the law as it ensures equality between OVs and Vietnamese businesses and those living in the homeland in buying, selling, transferring and inheriting land use rights and houses in Việt Nam.
This will encourage Vietnamese citizens and businesses abroad to pour more investment in the homeland in all fields, he added.
The Land Law (revised) passed in January by the National Assembly (NA) is a huge step forward that demonstrates the attention of the Party, the State, the Government, and the NA in protecting the rights of overseas Vietnamese (OVs) and Vietnamese citizens residing abroad, according to Dr. Phan Bích Thiện, member of the Central Committee of the Vietnam Fatherland Front and Chairwoman of the Vietnamese Women's Association in Hungary.
During the process of amending the land law, OVs themselves participated many times in conferences and seminars to collect opinions and recommendations on issues related to their rights and responsibilities, Thiện said.
In the revised law, Vietnamese nationals residing abroad are completely equal to those living in the homeland in having the right to use land and own houses, she stressed, adding that this encourages them to pour more investment in real estate market in the homeland.
The investment to buy houses and land use rights not only brings benefits to OVs but also helps increase the source of overseas remittances to the homeland, contributing to the country's development.
Thiện expressed her hope that the NA and the Government will issue decrees and instructions to facilitate the implementation of the law.
She also proposed several issues related to implementing contracts of buying, selling, transferring and inheriting land use rights, saying that it is necessary to simplify relevant administrative procedures to make it easier for OVs to own houses in Việt Nam.
In the context of the idle real estate market as the supply is abundant, the revised land law is hoped to contribute to stimulating the demand from OVs, thus making the Vietnamese real estate market brighter and more bustling in the coming time, she went on.
With 16 chapters and 260 articles, the revised Land Law, passed at the 15th NA’s 5th extraordinary session in January 2024, will come into force from January 1, 2025, except for some particular articles. — VNS
