According to economist Le Xuan Nghia, the Land Law 2024, the Housing Law, and the Real Estate Business Law, which came into effect on August 1st, are very important highlights for economic recovery. They create momentum to accelerate the disbursement of public investment capital, bank credit disbursement, and overcome the frozen period of the real estate market.
According to economist Dr. Le Xuan Nghia, the most notable policy developments from now until the end of 2024 are three laws: the 2024 Land Law, the Housing Law, and the Real Estate Business Law, which will come into effect on August 1st. Among these, several decrees and regulations detailing certain provisions of these three laws fall under the authority of the Government to issue.
Currently, the Ministry of Construction and other relevant ministries are urgently finalizing the last steps of the aforementioned decrees. The land, housing, and real estate markets, as well as several related sectors, are eagerly awaiting the effectiveness and efficiency of these important laws and decrees. This is especially true as the real estate and housing market is showing signs of recovery in some segments.
The supply of real estate and housing is also showing signs of increasing. The real estate market, as well as the asset market in general, including stocks and corporate bonds, will recover positively.
According to Dr. Le Xuan Nghia, the effective implementation of the 2024 Land Law, the Housing Law, and the Real Estate Business Law is a very important bright spot for economic recovery.
According to Mr. Nghia, another very important area related to these three laws and decrees is public investment and private investment. Public investment disbursement in 2024 was slower than in 2023.
One of the reasons for this delay is that businesses and residents are waiting for a new land pricing mechanism based on market principles for compensation and land clearance. This waiting period has made compensation and land clearance work this year extremely difficult.
Many provinces that were very successful in disbursing public investment in 2023, such as Hung Yen, Bac Ninh, and Hai Phong, are facing difficulties this year due to waiting for new land compensation rates. This obstacle exists in both public and private investment projects, including housing, industrial parks, and road transport projects.
The Land Law 2024, the Housing Law, and the Real Estate Business Law, which came into effect on August 1st, are a very important highlight for economic recovery in general and macroeconomic stability in particular.
These laws and decrees have a widespread impact on many industries and sectors, including finance and banking, securities, retail, tourism, transportation, and especially the construction industry.
"These three laws are also among the driving forces that accelerate the disbursement of public investment capital, bank credit disbursement, and overcome the frozen period of the real estate market. At the same time, they create confidence for investors to expand investment in production and business and return to the stock market in a positive way."
"Many foreign investors highly appreciate the shortened effective dates of these three laws," Mr. Nghia said.
Regarding monetary policy, Mr. Nghia predicted that in the last six months of the year, the State Bank of Vietnam (SBV) will continue to maintain the policy of extending, postponing, and keeping the debt classification for businesses in order to continue injecting credit into the economy. In fact, the credit growth rate in recent months has shown positive changes, exceeding 6% in the first six months of the year and projected to exceed 15-16%.
"The State Bank of Vietnam is maintaining a stable exchange rate and significantly reducing the difference between domestic and international gold prices. Although these measures are not yet truly sustainable, they are initially showing a positive impact in strengthening the confidence of domestic and international investors," Mr. Nghia commented.
Hoai Anh
Source: https://doanhnghiepvn.vn/kinh-te/cac-luat-moi-sap-co-hieu-luc-thuc-day-dau-tu-cong-tin-dung-va-bat-dong-san/20240727025434376
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