Vietnam implements real estate and housing laws ahead of schedule to synchronize land laws and promote market transparency and social devaelopment

In Vietnam, the Real Estate Industry and Housing Law was passed at the National Assembly session in November 2023 and was originally scheduled to take effect on January 1, 2025. However, the government recently proposed bringing forward the implementation date of these two laws by six months to coincide with the 2024 Land Law, which is expected to be implemented from July 1, 2024.

According to legal documents, these two laws have a significant impact on Vietnam's political, economic and social life, especially playing a central role in the implementation of the country's social security policy. These laws directly affect the residential needs of all classes of people and business communities, and are closely linked to a number of related laws, including land laws.

The new housing law and real estate industry law aim to establish a clear, transparent, convenient and effective legal framework to promote the country's economic and social development. The early implementation of these laws will help timely reflect the party's principles and national laws and policies, strictly manage the real estate market, and promote its healthy and sustainable development.

The Housing Act makes groundbreaking new provisions for the development of social housing, enhancing the powers and responsibilities of local government, promoting the supply of social housing and ensuring the feasibility of these provisions in practical application. The law also adds two new policies, one is the development of worker accommodation and the other is the provision of housing for the armed forces.

In terms of commercial residential development, the law has modified and supplemented some provisions to facilitate the participation of organizations, businesses and individuals in residential development. In addition, the regulations on the renovation and reconstruction of apartments have been codified, their legal effect increased, and special provisions have been added to provide a complete legal framework for renovation and reconstruction projects and encourage investors to participate in these projects.

The Real Estate Industry Law also introduces a number of innovative contents, aiming to strengthen hierarchical management, simplify administrative procedures, and strengthen supervision and control to ensure unified management from the central to local governments; establish real estate market monitoring tools to promote the stability, health and sustainability of the market develop.

In particular, the law stipulates the disclosure of real estate information and projects; conditions for organizations and individuals engaged in real estate business; policies regarding the commercialization of residences and existing buildings, etc. The law also covers many aspects such as the transfer and leasing of land use rights and their application in real estate projects.

In short, implementing these two laws in advance will not only help to solve the difficulties and obstacles encountered in the implementation of social housing policies in a timely manner

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

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