It needs to be implemented soon.

Many opinions expressed hope that the innovative and progressive regulations of the laws would create momentum for socio-economic development, but concerns remained about ensuring the conditions for their implementation and their impact on real life.

Customers are browsing a real estate project. Photo: Hai Linh

Laws that the people expect

On June 29, 2024, at the 7th session of the 15th National Assembly , the National Assembly voted to approve the Law amending and supplementing a number of articles of the Land Law 2024, the Housing Law 2023, the Real Estate Business Law 2023, and the Law on Credit Institutions 2024. Thus, the Land Law 2024, the Housing Law 2023, and the Real Estate Business Law 2023 will take effect from August 1, 2024, five months earlier than their previous approval date (January 1, 2025).

In fact, the early implementation of the Land Law, the Housing Law, and the Real Estate Business Law was not only a desire but also a requirement set forth by the National Assembly when voting to pass these laws.

The laws contain many innovative and progressive provisions that the people and society expect to create momentum for economic and social development in the new period. At the same time, many provisions in these laws can be applied immediately without the need for detailed guiding documents.

Since the laws were passed, the Government and the Prime Minister have decisively directed ministries, sectors, and localities to actively and diligently develop detailed regulations and guidelines for their implementation.

However, some opinions suggest caution and careful consideration of the effective date of the law due to concerns about the progress and timeline for drafting and issuing detailed implementing guidelines, which are the responsibility of local authorities.

Regarding this matter, the Government has affirmed before the Standing Committee of the National Assembly that these laws still have time for localities to finalize and promulgate them according to their authority, ensuring progress, quality, and effectiveness from August 1, 2024.

More detailed regulations are needed.

 

It is evident that with the passage of the Land Law, the Housing Law, the Real Estate Business Law, and the Law on Credit Institutions, many inherent pressures on businesses have been alleviated, helping to resolve many issues that businesses have been complaining about for years. This is something we are very concerned about.

Chairman of Hoa Binh Construction Group, Le Viet Hai

Following the announcement that the National Assembly had passed the Land Law 2024, the Housing Law 2023, the Real Estate Business Law 2023, and the Law on Credit Institutions 2024, many experts, businesses, and citizens expressed support for the government's proposal to bring these laws into effect sooner. However, some opinions still suggest that for the laws to be effectively implemented, the most important requirement is that the decrees, circulars, and guiding documents must be complete and of high quality.

Sharing his joy upon hearing the news of the law's passage, Mr. Nguyen Thanh Huy (District 3, Ho Chi Minh City) expressed his hope that the new provisions of the law would have a positive impact in practice, profoundly affecting many aspects of life, economy, and society: “The efforts to address bottlenecks, as demonstrated in the recently passed laws, may not have met expectations, but they will certainly have a positive effect. I hope the Government and relevant ministries and agencies will allocate the best resources and conditions to quickly bring the law into practice,” said Mr. Huy.

Also in an excited mood upon hearing the news that the National Assembly had passed four laws simultaneously, Ms. Le Thi Hong Nhung (residing in Dong Da district, Hanoi) happily said: “With many provisions adjusted to protect the maximum interests of the people, I have confidence and look forward to the day these laws officially come into effect.”

From a business perspective, Mr. Le Minh Quan, the owner of a real estate company in Ho Chi Minh City, believes that the amended and supplemented Law on Land 2024, the Law on Housing 2023, the Law on Real Estate Business 2023, and the Law on Credit Institutions 2024, once passed, will certainly have a positive impact on the economy in general and the real estate market in particular. The amendments have largely met the expectations of businesses.

"This is not just about 'unleashing mechanisms,' such as removing land price frameworks and selling assets on land... but also about major reforms in administrative procedures, eliminating intermediaries, and gradually resolving obstacles that businesses are currently facing, such as auctions and tenders. This will create conditions for businesses to access land in a more open and transparent manner," said Mr. Le Minh Quan.

Similarly, Nguyen Tien Thang, Deputy Secretary General of the Vietnam Private Business Association, also commented that the National Assembly's approval of the amended Land Law and the amended Law on Credit Institutions will help the business community have easier access to capital, especially low-cost capital.

While acknowledging the government's efforts and determination in implementing the laws five months ahead of schedule, real estate expert Tran Khanh Quang emphasized that for these laws to be implemented early, the necessary and sufficient condition is that the government and relevant ministries and agencies must issue timely, high-quality, feasible, and convenient decrees, circulars, and guiding documents for local implementation.

"In reality, applying all four laws early would benefit the people, businesses, and the economy as a whole. However, looking at the overall picture, in the context of the prevailing fear of making mistakes and taking responsibility, and with not much time left until the laws take effect on August 1, 2024, it will be the biggest challenge for the Government," Mr. Tran Khanh Quang analyzed.

Regarding this issue, lawyer Le Thu Thao from the Ho Chi Minh City Bar Association also believes that the shortcomings in policy mechanisms will be resolved when the laws officially come into effect on August 1st. However, for the laws to be quickly implemented, it is crucial to promptly finalize the institutional framework by issuing specific guidelines to concretize the laws.

"To avoid legal loopholes and ensure that the Land Law, Housing Law, Real Estate Business Law, and Law on Credit Institutions are effectively implemented as soon as they come into effect, ministries, sectors, and localities need to accelerate the development of guiding documents with the requirement of thoroughly decentralizing power to localities and minimizing administrative procedures," said lawyer Le Thu Thao.

Based on the above assessment, lawyer Thao proposed assigning specific responsibilities to each ministry and sector to develop implementing documents under the law, with specific timelines, conducting training, disseminating information on the amended Land Law and its implementing documents, and strengthening inspection and supervision, etc.

 

Following the promulgation of the Land Law, Housing Law, Real Estate Business Law, and Law on Credit Institutions, the implementation of these laws is an extremely important and necessary step. Therefore, it is hoped that the guiding documents for their implementation will be issued as soon as possible, so that the policies will be put into practice as soon as the laws come into effect.

Dr. Le Xuan Nghia, economic expert

Source: https://kinhtedothi.vn/nhung-luat-lien-quan-den-dat-dai-nha-o-can-som-di-vao-cuoc-song.html