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New Land Law to Bring Opportunities for Home OwnershipThe Ministry of Natural Resources and Environment is seeking feedback from organizations and individuals on the draft resolution of the National Assembly to amend and supplement Clause 1, Article 252 (stipulating the effective date) of the Land Law No. 31/2024/QH15. According to the draft proposal, the resolution aims to bring the Land Law into force from July 1, 2024. The Ministry has also prepared a draft report assessing the policy impact of this resolution. The new Land Law offers several benefits to both citizens and businesses. It allows businesses the flexibility to pay land rent either annually or as a one-time payment for the entire lease period. Annual payments can reduce initial investment costs for businesses, potentially leading to lower housing prices and positively impacting the real estate market. Small and medium-sized enterprises will have improved access to land for production and business operations in industrial parks and clusters. The law also enables individuals who have been using land stably and long-term before July 1, 2014, and whose land is free from disputes, to obtain land-use rights certificates. Vietnamese citizens residing abroad with Vietnamese citizenship will enjoy the same land-related rights as those living in Vietnam, boosting demand for real estate products and ensuring equality for all citizens. |
A New Era of Land Laws: Unlocking Benefits for the People
The Land Law has several advantages for landowners, and an early enactment would benefit the people. With this Law, landowners can exercise their rights more effectively, including mortgaging, gifting, and inheriting land, thus empowering them to make the most of their land assets.
