At the 5th Extraordinary Session, the 15th National Assembly officially passed the Land Law (amended) and it will take effect from January 1, 2025.
However, on June 29, 2024, the National Assembly passed the Law amending the Land Law, Housing Law, and Real Estate Business Law, which will officially take effect from today (August 1, 2024).
Speeding up the implementation of the Land Law
Sharing at the Conference on reviewing the work of the first 6 months of the year and deploying tasks for the last 6 months of 2024 of the natural resources and environment sector (TN&MT), Minister of MONRE Dang Quoc Khanh expressed that the Land Law and other laws taking effect from August 1 are expected to effectively resolve many land-related backlogs.
The leader commented that people and businesses are looking forward to it. If the implementation and completion of the guidance documents are done well, the needs of people and businesses will be well resolved.
Assessing the Government's move to shorten the time to apply the Law to life, in an interview with Nguoi Dua Tin , Economic Expert Dinh Trong Thinh shared that now is the ripe time to put the Law into practice because the real estate market is recording many bottlenecks that need to be immediately removed.
Economist Dinh Trong Thinh.
When the 2024 Land Law comes into effect, real estate projects must complete construction according to planning and design before being sold or leased.
Accordingly, the real estate market after having support from policies will be purified, selecting investors with good financial resources, good products with complete legal documents will lead the market for the following stages.
In particular, the fundamental purpose of amending the Land Law is to amend shortcomings and unreasonable issues as well as to supplement urgent regulations from practice to resolve problems for investors, businesses as well as the real estate market.
At the same time, satisfy the specific desires of the population and comply with the Constitution and laws of Vietnam.
"This not only helps solve practical problems but also creates a solid foundation for land to become a real resource in socio-economic development. Once the law is passed, it should be put into effect as soon as possible," Mr. Thinh said.
In addition, Mr. Thinh also expects that the 2024 Land Law, once put into practice, will help restore investors' confidence, contributing to the market's early recovery.
Businesses expect simplification of administrative procedures
From the business side, announcing a report on the thriving business situation in the first half of 2024, Vinhomes Joint Stock Company (HoSE: VHM) stated that the three laws including the 2024 Land Law, the 2023 Housing Law, and the 2023 Real Estate Business Law officially taking effect from August 1 will resolve most of the project's legal problems.
Besides, with favorable macroeconomic factors and the promotion efforts of the Government and localities, the real estate market in the coming time is expected to have clear positive changes.
Mr. Nguyen Quoc Hiep - Chairman of GP Invest.
Sharing the same opinion with Vinhomes, Mr. Nguyen Quoc Hiep - Chairman of GP Invest shared with Nguoi Dua Tin that businesses always want the Land Law as well as laws related to the real estate market to be put into effect soon.
The reason is that currently many real estate businesses in particular, and businesses in other related industries in general, are facing many difficulties in real estate investment and development because the old law has many limitations, overlaps and contradictions.
Therefore, if the Land Law is implemented soon, it will support businesses and directly determine the recovery of the entire real estate market.
Mr. Hiep also expressed the view that the entire market is in a "wait and see" attitude to see how the real estate market will develop with the new legal corridor.
"In particular, for the people, they are very interested in the issue of how real estate prices will be in the future under the new policy platform, whether the real estate market will develop up or down. I think that applying the Land Law will help control and regulate the development direction of the real estate market," said Mr. Hiep.
Businesses expect the Law to help simplify administrative procedures in the real estate market.
As a business owner directly involved in the real estate market, Mr. Hiep said that what businesses are most concerned about now is whether the new Law will help simplify administrative procedures or not.
Because in reality, legal problems due to cumbersome administrative procedures, many unclear regulations, unclear approval responsibilities of management levels, and push-pull between parties... cause businesses to waste a lot of time, causing project implementation to stagnate.
Be aware of the risks of conflict arising during implementation.
Although there are high expectations that the revised laws related to real estate will promote the market to develop in a positive direction, some experts still express concerns about how the market will "absorb" the policies.
Analyzing the overall impact of the Land Law coming into practice, Mr. Dinh Minh Tuan - Director of Batdongsan.com.vn in the Southern region stated that the two most obvious impacts that could occur are that land prices will grow sustainably and real estate supply will be improved.
However, to be able to see the above phenomena appear in the market, Mr. Tuan said that it takes time for the Law to have a "lag" ranging from 8-12 months for the Law to permeate and be implemented.
"We should not expect that the passage of this revised Land Law will immediately restore the market. That is also the reason why the National Assembly passed it early, so that from now until 2025, market participants can discuss, understand and prepare adaptation and application plans," said Mr. Tuan.
Mr. Dinh Minh Tuan - Director of Batdongsan.com.vn Southern region.
According to Mr. Dinh Trong Thinh, it is necessary to pay attention to the risk of conflicts arising in the market if new regulations and sub-law documents are not strict enough and fully linked with the laws, or are not detailed and specific enough.
Therefore, state management agencies need to quickly research and issue detailed and complete decrees and circulars so that the Laws can be put into practice smoothly as soon as they officially come into effect.
In addition, there needs to be a complete propaganda solution to ensure that all individuals and organizations involved have a correct, complete and timely grasp of the new legal corridor.
In addition, it is necessary to regularly update and evaluate the implementation results of new laws, actively receive feedback from market participants to ensure timely adjustments in accordance with practical life.
Delegate Vu Tien Loc, Hanoi National Assembly Delegation, said that currently one of the biggest bottlenecks in the real estate market is related to the Land Law.
Therefore, with the recent very positive law amendments, if they are put into effect within half a year, it will be very beneficial for the country's socio-economic development, creating favorable conditions for production and business, social stability, and benefits for the people.
However, in order to submit to the National Assembly for consideration to change the law to take effect sooner, delegate Vu Tien Loc said that besides spirit and responsibility, the most important thing is the effort of the Government, ministries and branches in promptly issuing detailed guidance documents to ensure quality.
In particular, decrees, circulars and documents must ensure that they faithfully reflect the spirit of the Land Law, helping to implement it synchronously, without contradictions or overlaps between places.
At the same time, it is necessary to remove difficulties in production and business, in accessing land, and legal problems for projects related to land use as well as people's lives.
"Obviously, the shortening of the time is very welcome, but quality cannot be compromised and this will be something for the National Assembly to decide," Mr. Loc said.
According to Mr. Hoang Hai - Director of the Department of Housing and Real Estate Market Management, from August 1, the Housing Law 2023 and the Real Estate Business Law 2024 will officially take effect.
To meet the conditions for implementing the law, the sub-law documents must also be completed and come into effect from August 1, avoiding legal "gaps". The need to meet the practical requirements of these laws is urgent with the spirit of the sooner the better.
Faced with that pressure, the Ministry of Construction has participated and focused on developing 5 decrees, 2 circulars and 1 decision of the Prime Minister to specify and guide the implementation of the Law.
The draft documents have now been basically completed and submitted to the Government after the final meeting, with the spirit of completion in July 2024.
Source: https://www.nguoiduatin.vn/luat-dat-dai-2024-hoan-thien-be-do-chinh-sach-bds-se-co-buoc-chuyen-minh-204240731094044921.htm
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