Housing and Real Estate Laws Set to Take Effect Early
On May 3, the Ministry of Justice released the review documents for draft resolutions of the National Assembly allowing the Housing Law No. 27/2023/QH15 and the Real Estate Business Law No. 29/2023/QH15 to come into effect on July 1, 2024, six months earlier than the date originally set by the National Assembly late last year.
Earlier in April, the Prime Minister requested ministries and sectors to focus on developing and issuing guidelines within their respective jurisdictions or submit them to higher authorities for approval to implement the amended Land Law, Real Estate Business Law, and Housing Law, ensuring readiness for the government to report to the National Assembly for permission to enforce the laws.
The 2023 Housing Law introduces several groundbreaking provisions that contribute to the goal of完善体制，政策，提升房屋管理和发展效益; revising and supplementing regulations to create favorable conditions for organizations, businesses, and individuals to participate in housing development; and adding a comprehensive legal framework for the renovation and construction of old apartment buildings.
The law also includes two new policies: “developing housing for industrial workers” and “developing housing for the armed forces”.
Specifically, in addition to being able to purchase, rent, or purchase-rent social housing as before, workers employed by enterprises, cooperatives, and federations of cooperatives in industrial zones will now also be able to rent industrial worker housing. Members of the armed forces will also have the option to purchase, rent, or purchase-rent armed forces housing.
Meanwhile, the 2023 Real Estate Business Law includes many new and innovative provisions aimed at enhancing decentralization, reforming administrative procedures, and strengthening control and supervision of implementation, ensuring unified management from the central to local levels.
The 2023 Real Estate Business Law also establishes tools to control and manage the real estate market in order to promote its stable, healthy, and sustainable development, contributing significantly to the goal of完善体制，政策，提升房地产业经营活动的管理效能。
According to the review documents, the early entry into force of the Housing Law and the Real Estate Business Law will contribute to the synergistic use of resources in housing, real estate, and land, helping to meet socio-economic development requirements and promptly respond to the aspirations of businesses and people.
