On July 23, 2024, Vietnam’s Presidential Office announced the implementation of several new laws related to land, housing, and the real estate market. These laws are set to take effect on August 1, 2024. They include amendments to existing laws on land, housing, real estate business, and credit institutions, as well as the introduction of the 2024 Land Law, 2023 Real Estate Business Law, and 2023 Housing Law. These new regulations are designed to create a more favorable environment for both domestic and foreign investors, and they are expected to significantly impact the real estate landscape in Vietnam.
Implementation of new decrees
The Vietnamese government will introduce new decrees to accompany the recent laws. These decrees, such as Decree 98/2024/ND-CP for apartment building renovation, Decree 88/2024/ND-CP for land reclamation compensation and resettlement, and Decree 71/2024/ND-CP for land pricing, aim to provide detailed guidance on the new regulations. Their goal is to simplify and streamline real estate transactions, creating a more efficient regulatory framework.
Professionalization and transparency in real estate
The new regulations are expected to support the real estate sector by professionalizing brokerage activities and transactions, thereby promoting healthier and more transparent market growth. According to Hoang Hai, Director of the Department of Housing and Real Estate Market Management at the Ministry of Construction, the laws will provide better support to the real estate sector and increase transparency in real estate trading activities. Detailed rules will regulate the types and disclosure of real estate business contracts, enhancing security and confidence among investors.
Nationwide land inventory starting August 1
Deputy Prime Minister Tran Hong Ha has approved a directive for a nationwide land inventory to commence on August 1, 2024. This comprehensive inventory will encompass various land types and assess the current status of land management and use. It will track local land changes, evaluate regulatory compliance, and propose measures to improve land use efficiency. The inventory aims to support economic and social activities, scientific research, education, as well as national defense and security planning.
Land inventory timeline and objectives
The data collection for the land inventory will take place from August 1 to December 31, 2024. Provincial-level governments must submit their results by June 30, 2025, with specific deadlines for the Ministry of National Defense and the Ministry of Public Security. The final results are expected to be published by September 30, 2025. This inventory will provide crucial data for revamping land management policies and improving state management of land, thus enhancing the efficiency and transparency of Vietnam’s real estate sector.
For property buyers and owners in Vietnam, these new laws and initiatives represent significant steps toward a more transparent and efficient real estate market, promising better regulatory support and greater investment opportunities in the long term.
