Housing Law and Real Estate Business Law will take effect from July 1.

Accordingly, in the draft, the enforcement clause stipulates that the Housing Law and the Real Estate Business Law will take effect from July 1, 2024 instead of taking effect from January 1, 2025 as stipulated in Article 197 of the Housing Law and Article 82 of the Real Estate Business Law.

According to the Ministry of Construction , the Housing Law and the Real Estate Business Law are two important laws in political, economic and social life. Especially in implementing policies and guidelines to ensure social security of the country, playing a central role in the legal system on housing and the real estate market, having a direct impact on the living needs of all classes of people and the business community, having a close relationship with other relevant laws, including the Land Law. Through the promulgated housing and real estate business policies and mechanisms, a transparent, clear, convenient and effective legal corridor will be created for operation and activities. At the same time, it will contribute to promoting the growth and socio-economic development of the country.

If the two laws above come into effect soon, it will remove many difficulties for the real estate market.

Therefore, the early entry into force of the above two laws will contribute to the timely institutionalization of the Party's guidelines and policies and the State's policies in developing and strictly managing the real estate market, perfecting the mechanisms and policies for healthy, sustainable development and smooth operation of the real estate market. Synchronously operating the land use rights market, labor market, real estate market; ensuring the stable, healthy, open and transparent development of the real estate market.

At the same time, it contributes to promptly overcoming some difficulties and problems arising in the process of implementing the social housing development policy in practice as well as promoting the supply of social housing associated with the investment project to build at least 1 million social housing units. In addition, it ensures that it takes effect at the same time as the effective date of the current Land Law 2024, which is also being submitted to the Government for approval by the National Assembly to allow it to take effect early on July 1, 2024.

The Ministry of Construction is also focusing all resources to develop detailed regulations assigned in the Law on Real Estate Business and the Law on Housing. The Ministry of Construction has also researched and developed draft Decrees guiding the Law on Real Estate Business and the Law on Housing. Up to now, the contents of the draft legal documents guiding the two laws have been basically completed to be sent to the Ministry of Justice for appraisal. Immediately after that, the Ministry of Construction will receive and complete after receiving comments from the Ministry of Justice to submit to the Government for promulgation on May 15.

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