During an extraordinary session in Hanoi on January 18, approval was granted to the comprehensive revisions of the Land Law, encompassing 16 chapters and 260 articles. Vu Hong Thanh, Chairman of the National Assembly’s Economic Committee, emphasized the meticulous preparation of the law by authorities across different levels.
Among the key amendments, provisions concerning the land rights and obligations of Vietnamese individuals residing abroad and the transfer of real estate projects involving economic organizations with foreign investment have been finalized by relevant agencies.
Specifically, the new law extends full land rights to Vietnamese citizens residing abroad, not limited to residential land, thus aligning with the objective of fostering investment and attracting remittances from the diaspora community.
“The provisions in the Land Law have been reviewed to ensure consistency with the Law on Nationality. If a person of Vietnamese origin conducts real estate business activities or is an investor implementing a housing project, the determination of the entity with the right to implement it shall be in accordance with the provisions of the Law on Real Estate Business and the Housing Law,” explained Thanh.
Moreover, the revised Land Law maintains the provisions of the 2013 Land Law regarding economic organizations with foreign investment and Vietnamese individuals residing abroad, granting them access to land use rights transfer in designated areas such as industrial parks, clusters, and high-tech zones.
Furthermore, to streamline land administrative procedures and ensure financial obligations concerning land inherited by economic organizations, the new law stipulates that the government will allocate land with a fee instead of repossession, without the need for bidding.
Notably, the state is empowered to repossess land in 32 necessary cases for socioeconomic development initiatives serving national and public interests, such as infrastructure projects encompassing traffic works, irrigation, and energy facilities.
In terms of valuation, the new law introduces four methods: comparison, income, residual, and land price coefficients, with an emphasis on adhering to market principles and ensuring transparency and fairness in land pricing.
The law also mandates the annual adjustment of land prices by provincial People’s Committees, starting from 2026, to reflect market changes accurately.
Effective from January 1, 2025, except for specific provisions enacted from April 1 this year, the new Land Law aims to fortify land users’ rights, improve land use efficiency, and enhance state management of land use.
As Phan Duc Hieu, Standing Member of the National Assembly Economic Committee, noted, the government will issue decrees to guide the implementation of approximately 65 articles assigned to it within the year.
Moreover, the passing of the Land Law is anticipated to stimulate the real estate market, particularly with its implications for overseas Vietnamese investors. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, emphasized the positive impact of the law on market recovery and urged businesses to prepare adequately to leverage the emerging opportunities.