On June 19, the Government announced a proposal for the Law amending and supplementing a number of articles of four laws: Land 2024, Housing, Real Estate Business Assets 2023 and Credit Institutions 2023. According to the proposal, the Government is proposing to allow three laws related to the real estate market effective from January 1, 2025. This is five months earlier than the National Assembly’s resolution at its January session.
One of the main objectives of this proposal is to address shortcomings in land valuation, recovery, compensation, and resettlement support. The cause of these issues is that officials fear responsibility and avoid it. However, implementing these laws earlier will create legal clarity and promote development in the real estate market. It will also facilitate public investment and social housing projects by giving businesses more favorable conditions to exercise their rights as land users.
However, during investigations into this proposal, there were concerns that implementing these laws earlier would create great pressure on localities regarding progress in promulgating guiding documents before the due date. Especially with regard to the Land Law. Some localities are concerned about not having fully issued guiding documents when the law takes effect soon so they proposed keeping its effectiveness until later.
There are also opinions that although documents under Central authority are issued on schedule according to Government commitments, it may be difficult for localities to ensure all necessary conditions for promulgating all documents under their authority before issuance dates. If localities cannot complete guiding documents on time it can greatly affect law implementation especially regarding important contents such as criteria for bidding investors implementing investment projects using land according to local conditions specified in Clause 1 Article 126 and others.
The Government has assigned ministries to review and assess potential problems arising from early implementation of these laws including business investment projects using land management real estate market as well as interests of individuals organizations. Currently most localities hope new laws with significant impact on real estate market will soon come into life solving problems related site clearance granting land use rights . According assessment Ministry Of construction revised law Real Estate Business has many new contents which tightens situation land division sale locality
