Experts evaluate that, Real Estate Business Law and Housing Law amended in 2023 will gradually eliminate weak investors. Illustrative photo. Source – Int
The Ministry of Justice has just announced the appraisal file of the draft Resolution of the National Assembly allowing the Housing Law 2023 and the Real Estate Business Law 2023 to take effect from July 1, 6 months earlier than the current time.
Talking about the highlights of the real estate market when the above two Laws take effect, Dr. Nguyen Van Dinh – President of the Vietnam Real Estate Brokers Association (VARS) expected the market in 2024 will purify investors with poor financial capacity, instead being those with good financial capacity, good products with complete legal procedures… will have a seat in the real estate “playground” when the new laws take effect.
In which, the new regulations of the Real Estate Business Law will eliminate many unprofessional real estate brokers, creating a healthy and transparent real estate business environment in the market. Regarding the Housing Law, the new regulation on conditions for buying social housing creates opportunities to access housing for people, especially for low-income people who can still own houses.
According to the appraisal file just announced by the Ministry of Justice, in Decision No. 388/QD-TTg dated April 3, 2023, the Prime Minister approved the Project “Investing in the construction of at least one million social housing apartments for low-income people, workers in industrial parks for the period 2021-2030”.
Accordingly, the goal by 2030 is to complete the investment in the construction of about 1.06 million social housing apartments. Although many localities have been proactive in attracting investment, promoting the start of construction of social housing, some places have a great demand for social housing, but the investment in social housing is still limited compared to the target of the project.
Implementing the above instruction of the Prime Minister, the Ministry of Construction has urgently completed the draft Resolution and finalized the Report on assessing the policy impact of the draft Resolution of the National Assembly on allowing the above two Laws to take effect early from July 1.
Also according to the appraisal file, the Housing Law and the Real Estate Business Law taking effect early will contribute to promoting the synchronous resources from housing, real estate, and land to meet the requirements of economic and social development, and deep international integration. Thereby, gradually realizing the goal of the national industrialization and modernization revolution; timely meeting the expectations and aspirations of businesses and people.
Previously, the Real Estate Business Law and the Housing Law were passed by the National Assembly at the November 2023 session, both taking effect from January 1, 2025. According to the draft resolution just announced by the Ministry of Justice, the Government proposes to allow these two laws to take effect 6 months earlier.
Accordingly, the Housing Law has many new contents with important breakthroughs, contributing to the goal of perfecting institutions, policies, and improving the effectiveness of housing management and development.
The Law supplements 2 new policies, which are developing housing for workers and developing housing for the armed forces. In addition to being able to buy, rent, or hire-purchase social housing as at present, employees working in enterprises, cooperatives, cooperative unions in industrial parks can also rent housing for workers. Those who are armed forces can buy, rent, or hire-purchase housing for the armed forces.
Meanwhile, the Real Estate Business Law also includes many new breakthrough contents to enhance decentralization, devolve powers, and reform administrative procedures associated with controlling and monitoring the implementation, ensuring unified management from the Central to the local levels.
At the same time, the Law establishes a tool to control and manage the real estate market in order to promote the development of the real estate market stably, healthily, and sustainably; contributing significantly to the goal of perfecting institutions and policies, improving the effectiveness and efficiency of real estate business management.
