Vietnam's 2024 Land Law may take effect in advance

The Land Act 2024 may come into effect from July 1, 2024, instead of January 1, 2025 as originally planned.

The Vietnamese government speeds up the formulation of relevant laws and regulations
In order to ensure that the land law can take effect in advance, the Prime Minister of the Vietnamese government has requested relevant departments to submit detailed decrees and circulars for the implementation of the land law to the government as soon as possible. According to information from the Ministry of Natural Resources and Environment, the department is drafting 6 decrees and 5 circulars. The Ministry of Finance is formulating two decrees, the Ministry of Agriculture and Rural Development is responsible for one decree, and the Ministry of Interior is drafting a circular.

Relevant measures of the public construction department
The Vietnamese government has also instructed the Ministry of Construction to study and propose a plan to issue government bonds to support investment in social housing construction. In addition, the Ministry of Construction will also study procedural support measures to support corporate social housing construction.

Implementation of the One Million Social Housing Plan
The Vietnamese government has implemented a plan called "Provide one million social housing units for low-income earners and workers in industrial areas by 2030." Currently, according to the latest statistics, about 10% of the housing units in the scheme have been completed. Many companies have reported that cumbersome procedures in the implementation of social housing are the main reason for construction delays.

Industry response and outlook
The newly passed land law received many positive responses. Nguyễn Văn Đính, chairman of the Vietnam Real Estate Brokers Association, said that the new land law, housing law and real estate business law aim to improve land laws and solve existing negative problems in the real estate market. The new law is stricter in some respects and more flexible in others, but the changes are grounded in reality and designed to address existing problems.

The new law has received widespread support from local governments, businesses, experts and the public, which also means that its early passage will gain strong resonance and support.

For more information about real estate projects in Ho Chi Minh City and neighboring provinces, please contact FTT LAND!
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