At the Roundtable: “Land Law 2024: Legal foundation for a new phase of Vietnam’s real estate market development,” on the afternoon of January 31, representatives from businesses all expressed their expectations that the law will come into effect soon and create a flexible mechanism to effectively utilize land resources.
Mr. Nguyen Quoc Hiep, Chairman of the Vietnam Construction Contractors Association, recognized that all economic sectors are closely related to real estate. Real estate plays an important role in the economy, and the Land Law is the backbone. Therefore, businesses have high expectations for the new Land Law.
However, Mr. Hiep is concerned about the delegation of power to the provincial and district People’s Councils. How will the regulations, instructions, and powers of the provincial and district levels be implemented in practice?
In addition, the Land Law (amended) contributes to the efficient use of land resources. Businesses, as users, can increase the efficiency of land, so clear policies and mechanisms will encourage businesses.
Lawyer Truong Anh Tuan, Vice General Secretary and Head of the Legal Committee of the Vietnam Real Estate Association, said that during the process of renewal, land has contributed significantly to economic and social development at different stages. The new law is a great success, but there are still concerns in order to meet the expectations of the business community.
From a personal perspective, Lawyer Tuan believes that the biggest conflict in the Land Law is between consumer interests and economic development interests. “There are two groups of interests – consumer interests and economic development interests. The biggest conflict is seen in the residential real estate market, whereas other types of real estate, such as industrial real estate, have conflicts but not as significant. Complaints and lawsuits mainly focus on residential real estate,” Lawyer Tuan expressed concern.
Also from the business perspective, Mr. Dau Anh Tuan, Vice General Secretary and Head of the Legal Committee of the Vietnam Chamber of Commerce and Industry (VCCI), evaluated that the Land Law has tried to legalize the most important provisions, but it cannot cover everything.
To bring the law into effect soon, Mr. Tuan believes that decrees, instructions, and even issuance this year are necessary. Particularly, the supervisory role of the National Assembly is crucial to ensure better enforcement of the law.
He also noticed that businesses and business associations are increasingly playing a positive role by participating in discussions and contributing opinions related to the Land Law. When the business community is “actively, deeply, and proactively” involved, the overlapping provisions and procedures will surely be reduced.
However, it is inevitable that obstacles will arise in practice, as was evident during the implementation of the 2013 Land Law.
Therefore, the Vice General Secretary of VCCI suggests that during the process, if businesses or partners encounter “obstacles or illegal aspects,” they should promptly provide feedback to the relevant authorities to receive necessary information.
