(kontumtv.vn) – From August 1, the Land Law, Housing Law, and Real Estate Business Law will come into effect. In addition, a number of new regulations from August 2024 on salaries, civil servants, or directly related to the people will also come into effect.

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Real estate in the Southwest is considered a prominent market, a bright spot in terms of profit margin when owning a low price level compared to the whole country. Photo: Hong Dat/VNA

New regulations on land prices

From August 1, many regulations on land prices will take effect, including factors affecting land prices that will be cleared and limit the lack of transparency in real estate business of investors, developers, customers, brokers, etc.

Some new points of the Laws related to the real estate market such as: The land price list was previously regulated every 5 years by the Central Government, but now it will be updated annually, decentralized to the local level. Information on land prices is strict and clear, so that the game is fairer and more equitable. In addition, new regulations on investment, social housing (NOXH), selling houses to foreigners... will create a better and more attractive game in the future.

In particular, before the above Laws came into effect, there were Decrees guiding social housing. In particular, resolving the land valuation stage helps to significantly shorten the process of social housing development.

In addition, social housing investors are no longer required to reserve 20% of the area for rent, and can only be sold after 5 years. This greatly “unties” the rental price, which is currently public on information portals, but is still more expensive than the average price for people to rent themselves, not to mention the very complicated legal procedures. Buying, selling or renting should be decided by the market.

Instead of regulating factors affecting land prices according to each land valuation method, Article 8 of Decree 71/2014/ND-CP stipulates factors affecting land prices for each type of land as follows: For non- agricultural land: Location, location of land plot, land area; traffic conditions in terms of width, road surface structure, adjacent to one or more roads; water supply and drainage conditions, electricity supply; area, size, shape of land plot and land area; land use term; current environmental status, security For agricultural land: Crop and livestock productivity; location, characteristics of land plot, land area; land use term except for cases of agricultural land allocation to households and individuals according to the limit within the limit of receiving transfer rights, there is no basis for land use term; other factors...

New regulations on compensation, support and resettlement when the State acquires land

The Government also issued Decree No. 88/2024/ND-CP, regulating compensation, support, and resettlement when the State acquires land, effective from August 1.

Decree No. 88 stipulates compensation in the form of land with a different purpose than the type of recovered land or in the form of housing when the State recovers land, as prescribed in Clause 1, Article 96, Clause 1, Article 98, Clause 1, Article 99 of the Land Law.

According to regulations, the price for calculating land use fees when compensating with land with a different purpose of use than the type of land recovered for households, individuals, and people of Vietnamese origin residing abroad who are using residential land or owning houses attached to land use rights in Vietnam, is the land price determined according to the land price list at the time of approval of the compensation, support, and resettlement plan.

People whose land is recovered are compensated with land with a different purpose of use than the type of recovered land or with housing where there is a difference in value between the compensation and support for land and the land use fee, land rent payable when being allocated land, renting other land or money to buy housing, it will be handled as follows:

In case the compensation and support for land is greater than the land use fee, land rent payable when allocated land, land lease with a different purpose than the recovered land type, or the house purchase price, the person whose land is recovered shall receive the difference... In case the compensation and support for land is less than the land use fee, land rent payable when allocated land, land lease with a different purpose than the recovered land type, or the house purchase price, the person whose land is recovered shall pay the difference.

Transfer of assets

Many policies related to the banking and finance sector will officially take effect from August 2024. Specifically, the Law on Credit Institutions 2024 will take effect from July 1, except for Clause 3, Article 200 and Clause 15, Article 210 of the Law on Credit Institutions 2024, which will take effect from August 1 (due to new regulations in the Law on Real Estate Business).

Accordingly, credit institutions, foreign bank branches, debt management and asset exploitation companies of credit institutions, asset management companies of Vietnamese credit institutions established and operating under the provisions of the law on credit institutions are entitled to transfer all or part of real estate projects as collateral to recover debts according to regulations.

On buying and selling corporate bonds

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New regulations on buying and selling corporate bonds.

The State Bank of Vietnam (SBV) has issued Circular 11/2024 amending and supplementing a number of articles of Circular 16/2021 regulating the purchase and sale of corporate bonds (CBOs) by credit institutions and foreign bank branches.

Circular 11 adds Clause 14 to Article 4 on the principles of buying and selling corporate bonds: The issuing enterprise must send to the credit institution information about related persons as prescribed in the Law on Credit Institutions before the time the credit institution purchases corporate bonds. Related persons of the issuing enterprise are organizations and individuals having relations with the issuing enterprise as prescribed in Clause 24, Article 4 of the Law on Credit Institutions.

The Circular also amends and supplements Clause 1, Article 8 on the limit for purchasing corporate bonds. Accordingly, the total balance of corporate bond purchases (including bonds issued by enterprises and related parties of such enterprises) is included in the total outstanding credit balance for a customer, for a customer and related parties according to the provisions of the Law on Credit Institutions and the State Bank's regulations on limits and safety ratios in the operations of credit institutions.

Many new regulations on salaries and civil servants

Circular 04/2024/TT-BNV of the Ministry of Home Affairs amending Circular 13/2022/TT-BNV guiding the determination of civil servant rank structure takes effect from August 15.

The Circular has added regulations on the proportion of civil servant ranks. Accordingly, the proportion of civil servant ranks of agencies, organizations, units under or directly under ministries, ministerial-level agencies for department-level organizations and equivalents under or directly under ministries, ministerial-level agencies is: Senior specialist rank and equivalent maximum 40%; Senior specialist rank and equivalent maximum 40%... For department-level organizations and equivalents under general departments: Senior specialist rank and equivalent maximum 30%; Senior specialist rank and equivalent maximum 50%;

People can punch license plate numbers on VNeID

Circular 28/2024 amending and supplementing a number of articles of Circular 24/2023 regulating the issuance, revocation and registration of motor vehicle license plates takes effect from August 1.

Accordingly, the Ministry of Public Security stipulates that people can register their vehicles on the National Public Service Portal, the Ministry of Public Security Public Service Portal, or on the VNeID application in the case of first-time vehicle registration using the full online public service for domestically manufactured and assembled vehicles. The first vehicle owner must log in to the VNeID application, accurately, completely, and honestly declare the content specified in the vehicle registration form and upload a photo of the vehicle from the front of the vehicle at a 45-degree angle, ensuring that the vehicle's design is clearly visible. Then, the vehicle owner presses the license plate number on this application.

Vehicle owners do not have to take their vehicles to the vehicle registration office, instead they register to use the public postal service to receive the vehicle registration certificate and license plate. After receiving the certificate, the vehicle owner sends the Factory Quality Inspection Certificate with a copy of the engine number, chassis number, and the manufacturer's seal via the public postal service...

According to Circular 28, in addition to paper copies, people can present the following documents to traffic police via the VNeID application: driver's license; certificate of training in road traffic law; license or certificate of driving specialized motorbikes; vehicle registration or certified copy of vehicle registration with the original receipt of a valid credit institution.

Minh Phuong/Tin Tuc Newspaper (synthesis)