A valuable "remedy" for the real estate market.

In August 2020, the Prime Minister established the Steering Committee for reviewing the implementation of the Land Law and developing the draft amended Land Law, and assigned the Ministry of Natural Resources and Environment as the lead agency for developing the draft law.

After three years of implementation, the amended Land Law has received millions of comments from people of all walks of life across the country. This law will be submitted to the National Assembly for approval in October 2023 at the 6th Session of the 15th National Assembly, which will open on October 23, 2023.

Regarding the results of public consultations, Minister of Natural Resources and Environment Dang Quoc Khanh presented to the National Assembly at the 5th session of the 15th term that there had been more than 12 million comments and suggestions on the draft amended Land Law.

The issues that the people are concerned about and have commented on focus on compensation, support, and resettlement; land allocation, land leasing, and land use conversion; land finance and land prices; and land use planning and plans.

Accordingly, the revised draft Land Law, after incorporating feedback, comprises 16 chapters and 263 articles, including an increase of 5 sections, the addition of 40 new articles, and the removal of 13 articles compared to the draft submitted for public consultation.

As someone who directly contributed to the amendment of the Land Law, National Assembly representative Hoang Van Cuong also hopes that the amended Land Law can be passed in a spirit of innovation, achieving high consensus and unity, and creating fundamental changes in land management, overcoming limitations and shortcomings, especially the issue of land disputes as in the past.

The Land Law unlocks resources and "unleashes" the real estate market.

Speaking to Nguoi Dua Tin (The Informer) , Dr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association (VARS), expressed his hope that, as someone working in the real estate sector, the amended Land Law will resolve the overlapping and conflicting provisions that create difficulties for the State, investors, and the people.

This creates difficulties for investors, businesses, and regulatory agencies alike in monitoring and regulating the market to ensure stable and healthy development, directly impacting the development of the real estate market.

Especially in the current period, with scarce supply and declining liquidity in the real estate market, Mr. Dinh hopes that the amended Land Law will help unlock resources, stabilize society, restore investor confidence in the real estate market, and provide further impetus to the real estate market.

"The policies enacted may not cover all aspects of life, but they need to address practical difficulties and bottlenecks, and maximize land resources," Mr. Dinh shared.

The Chairman of VARS is particularly looking forward to the amended Land Law issuing specific regulations for land compensation and clearance activities, ensuring a balance of interests between the State, the people, and investors.

Furthermore, the Chairman of the Vietnam Real Estate Brokers Association stated that currently, thousands of stalled real estate projects are awaiting legal solutions. Therefore, the expert hopes that the Land Law will include specific regulations to address these issues and eliminate the problem of regulatory agencies being hesitant to approve projects due to perceived mistakes or responsibilities.

Dr. Nguyen Van Khoi - Chairman of the Vietnam Real Estate Association (VNRea).

Concurring with this view, Dr. Nguyen Van Khoi - Chairman of the Vietnam Real Estate Association (VNRea) - stated that in Hanoi and Ho Chi Minh City alone, approximately 400 projects have been stalled for many years without resolution. The stagnation of the real estate market in recent times has been greatly impacted by legal obstacles, accounting for up to 70% of the difficulties faced by these projects.

Notably, Mr. Khoi hopes that the Land Law can stipulate that land use fees should be waived or reduced for social housing projects. Although in reality, local land resources are currently limited, amending the law to allow businesses easier access to and use of land for investment and development of social housing is still a matter that deserves serious attention.

In addition, the expert stated that the Government will regulate this through a Decree, so the VNRea representative hopes that relevant ministries such as the Ministry of Construction, the Ministry of Natural Resources and Environment, the Ministry of Finance, etc., will issue synchronized documents simultaneously so that the law can be immediately implemented.

What do businesses expect from the new law?

From a business perspective, Dr. Do Thanh Trung - Advisor to the Board of Directors of Phuc Khang Corporation - shared with Nguoi Dua Tin that the Land Law is very important in the Vietnamese legal system, impacting relevant stakeholders from the state, businesses, and citizens, and affecting socio-economic development.

Accordingly, Mr. Trung hopes that the amended Land Law will provide a solution for projects, especially those in the tourism and resort real estate segment.

The expert analyzed that Vietnam has a great advantage in tourism development, while regulations on the resort real estate segment have not been specifically codified in the old law. Therefore, Mr. Trung believes that in the future, the amended Land Law will create more appropriate mechanisms and policies to facilitate the development of this real estate segment.

As for Mr. Nguyen Quoc Hiep - Chairman of the Vietnam Construction Contractors Association and Chairman of the Board of Directors of Global Real Estate Investment Joint Stock Company (GP Invest), he shared his hope that the Land Law will realize the widespread disclosure of land information.

In reality, Mr. Hiep stated that the Vietnamese real estate market still has many shortcomings. Information about where projects are located, how projects are developing, and so on, is often "scattered and unreliable" in the market, and even requires connections to obtain information.

Therefore, the amended Land Law will lay the first "building blocks" for the public disclosure and transparency of market information, legal information, information on the basic progress of projects, and information on buying and selling activities, including the quantity and price of transactions at each point in time.

Mr. Nguyen Quoc Hiep expects the Land Law to stipulate regulations on the public disclosure and transparency of land information in the market.

"Businesses and investors are currently feeling anxious, waiting to see how the legal system will be adjusted so they can recalculate their business development strategies. This is because the ongoing legal reforms are directly related to and strongly impact the development and recovery speed of the real estate market," Mr. Hiep said.

The Chairman of GP Invest hopes that timely changes to Vietnam's legal system will help overcome difficulties and promote the recovery of the real estate market.

"Especially for a country with one hundred million people like ours, the demand for housing is always a hot issue, so Vietnam's real estate market will have great development prospects if we can build a favorable legal environment and a transparent legal framework," the leader analyzed .

Source: https://www.nguoiduatin.vn/sua-luat-dat-dai-lieu-thuoc-quy-cho-thi-truong-bat-dong-san-a632072.html