Housing, real estate business laws proposed to take effect from July 1

The Vietnamese government on Friday approved a proposal to put the new Housing Law and Law on Real Estate Business in place on July 1, six months earlier than the date approved by the National Assembly, the country's legislative body.

To this end, the cabinet gave the nod to a proposal on draft amendments to Clause 1, Article 197 of the Housing Law and Clause 1, Article 82 of the Law on Real Estate Business.

Both laws were ratified by the National Assembly in November 2023, with their effective date set for January 1, 2025.

According to the Ministry of Construction, the 2023 Housing Law has many new, important breakthrough contents, contributing to perfecting regulations and policies, and improving the efficiency of housing management and development.

Meanwhile, the 2023 Law on Real Estate Business will strengthen decentralization, reform administrative procedures, ensure unified management from central to local levels, and establish tools to control and manage the real estate market.

The early enforcement of the laws aims to promptly institutionalize the Party's guidelines, as well as the State's policies and laws governing the development and strict management of the property market. It also seeks to refine mechanisms and policies to ensure the healthy and sustainable development of this market.

Furthermore, the decision ensures that these laws will come into effect concurrently with the Land Law 2024, which is pending a cabinet proposal to the legislative body to take effect on July 1.

The government’s related resolutions will be submitted to the National Assembly for approval at a session slated to open next Monday.