Vietnam enacts key property market-related laws five months early

Three amended laws will greatly influence Vietnam's real estate market when they come into force on August 1, five months ahead of schedule.

To this effect, the National Assembly, the country's parliament, on Saturday passed a law on amendments and supplements to the 2024 Land Law, the 2023 Law on Housing, the 2023 Law on Real Estate Business and the 2024 Law on Credit Institutions.

Presenting a report explaining the amendments, Chairman of the National Assembly Economic Committee Vu Hong Thanh stated that the early implementation of the three laws related to the property market is both a wish and a requirement of the legislature.

Since the laws were passed, the government and Prime Minister Pham Minh Chinh have directed ministries, agencies, and localities to develop detailed regulations and guiding documents for their enforcement.

“The government has committed to directing the enforcement of the laws, ensuring quality and progress, avoiding legal gaps, and preventing any misuse of policies or legalization of violations,” he stressed.

The cabinet is responsible for the effectiveness of enforcement date adjustments and transitional provisions of the laws, as well as handling any issues arising after they become effective, he added.

The National Assembly Standing Committee noted that the new Land Law, Law on Housing, and Law on Real Estate Business institutionalize many new policies and guidelines from the Party and State, fixing the limitations of the previous versions.

Many provisions are innovative and progressive, expected by the people and society to drive socio-economic development in the new period, it said, adding they can be applied immediately without needing detailed guiding documents.

The Land Law was passed by the parliament on January 18, 2024, while the Law on Housing and the Law on Real Estate Business were approved in November 2023.

The enforcement of the laws is expected to improve the legal framework for the sustainable and healthy development of the Vietnamese property market, lawmakers and industry insiders have said.