On the morning of June 29, the National Assembly passed the Law amending and supplementing a number of articles of Law No. 31/2024/QH15 on Land, Law No. 27/2023/QH15 on Housing, Law No. 29/2023/QH15 on Real Estate Trading, and Law No. 32/2024/QH15 on Credit Institutions (all of which were passed by the National Assembly and took effect on January 1, 2025).
As a result of the vote, 404 out of 469 deputies agreed to pass the law. Consequently, the National Assembly decided to advance the effective date of the three laws related to the real estate market, namely the Law on Land, Housing, and Real Estate Trading, to August 1, 2024, five months earlier than scheduled.
At the same time, it was proposed that two paragraphs of Articles 200 and 210 of the Law on Credit Institutions also come into force earlier, on August 1, 2024, to ensure consistency and tightness when credit institutions receive collateral.
Many provisions in the laws can be applied immediately.
Before the National Assembly passed the law, Vu Hong Thanh, Chairman of the Economic Committee, stated that many deputies agreed on the necessity to issue the law, adjusting the effectiveness of the four laws. However, there were concerns about ensuring the conditions for the laws’ enforcement.
 Vu Hong Thanh, Chairman of the Economic Committee – Photo: VGP/Nhat Bac
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Specifically, some opinions suggested keeping the original effective date of the laws as January 1, 2025, to allow time for the authorities to thoroughly prepare decrees and circulars and for local governments to access and refer to these documents when formulating their guiding documents. Some also requested clarification on the choice of August 1, 2024, as the effective date.
Regarding this issue, the National Assembly Standing Committee explained that the 2024 Law on Land, the 2023 Law on Housing, and the 2023 Law on Real Estate Trading have addressed limitations and obstacles present in the previous laws. Furthermore, they introduced numerous innovative and progressive provisions that the people and society hoped would boost socio-economic development in the new phase. In addition, many provisions in the laws can be applied immediately without the need for detailed guiding documents.
The early enforcement of the 2024 Law on Land, the 2023 Law on Housing, and the 2023 Law on Real Estate Trading is not only a desire but also a requirement set by the National Assembly when passing these laws.
Preparing sufficient conditions for the enforcement of the Laws from August 1, 2024
Regarding the conditions for the enforcement of the laws, Vu Hong Thanh mentioned that some opinions suggested allowing the subjects to choose the effective date of the laws. Others argued that allowing such a choice would lead to inconsistent application.
The National Assembly Standing Committee believed that permitting subjects to choose the effective date would undermine transparency and clarity regarding the state’s policies on the transitional provisions. It could also lead to arbitrary application of the Law’s provisions at different effective dates, causing difficulties in management.
Additionally, some opinions advised caution and careful calculation of the effective date of the laws due to concerns about the progress and timeline for developing and issuing guiding documents under the responsibility of local governments.
On this matter, the National Assembly Standing Committee informed that in Report No. 338 dated June 24, the Government provided feedback and explanations regarding the opinions of the National Assembly deputies and the review opinions of the Economic Committee on the Law Project. The Government also reported on the progress of issuing guiding documents by the Government, the Prime Minister, and the ministries and sectors.
For guiding documents under the authority of local governments, the Prime Minister has urged ministries, sectors, and localities to proactively focus on issuing documents detailing and guiding the implementation of the Law on Land, the Law on Housing, and the Law on Real Estate Trading.
“The Government affirms that if the National Assembly passes this Law Project at the 7th session, there will still be time for localities to complete and issue documents within their competence, ensuring progress, quality, and effectiveness from August 1, 2024”, said Vu Hong Thanh.
The National Assembly Standing Committee requested that the Government closely direct the issuance of guiding documents by ministries, sectors, and localities. It is essential to prevent obstacles due to the absence or delay in issuing specific guiding documents and ensure that local documents do not have to wait for central ones. Sufficient conditions must be prepared for the enforcement of the Laws from August 1, 2024.
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