Unify the revised content
The revised Land Law is attracting the attention of many people, especially businesses and investors operating in the real estate sector. Statistics from the Vietnam Real Estate Association show that up to 70% of difficulties and problems in the real estate market originate from legal issues. Although the new Housing Law and Real Estate Business Law have been passed, many key regulations still need to be added to the revised Land Law to unify regulations related to land, the main factor in developing the real estate market.
Real estate businesses expect the revised Land Law to create a new development cycle.
After being received and revised, the Draft Law on Land amended and submitted to the National Assembly at the 5th Extraordinary Session consists of 16 chapters, 260 articles, 5 articles removed, 250 articles amended and supplemented (both in content and technique) compared to the Draft Law submitted to the National Assembly at the 6th Session of the 15th National Assembly.
The draft revised Land Law has unified 18 revised and supplemented contents, including many provisions directly related to land and the real estate market such as: Rights and obligations regarding land use of Vietnamese people residing abroad; not expanding the scope of receiving land use rights transfer of foreign-invested economic organizations (Article 28); cases where foreign-invested economic organizations receive real estate project transfers according to the provisions of the law on real estate business; rights and obligations of economic organizations and public service units using land for annual rental payment for assets attached to land (Article 34)...
In addition, the Draft Amended Land Law also adds regulations on: Conditions for individuals not directly involved in agricultural production to receive transfer of rice-growing land (Clause 7, Article 45); principles for establishing and approving land use planning at all levels (Clause 9, Article 60); land use targets determined in the content of land use planning at provincial and district levels (Articles 65 and 66); land recovery for commercial housing projects, mixed housing and commercial and service projects (Clause 27, Article 79); types of land for commercial housing projects through agreements on receiving land use rights or having land use rights; granting of Certificates to households and individuals currently using land without documents on land use rights who do not violate land laws, and are not in cases where land is allocated without proper authority (Clause 3, Article 138)...
A notable issue of the Draft Law on Land this time is the land recovery for commercial housing projects, which continues to "heat up" the parliament. In the report explaining, accepting and revising the draft Law on Land (amended), Chairman of the Economic Committee Vu Hong Thanh clearly stated that regarding the land recovery for commercial housing projects, mixed housing and commercial and service projects (Clause 27, Article 79), accepting the opinions of National Assembly deputies and agencies, the draft Law stipulates in the direction of inheriting the provisions of the 2013 Law on Land, only recovering land for commercial housing projects, mixed housing and commercial and service projects when they are "urban area construction investment projects".
Regarding the technical design of the policy, the provisions of the Draft Law further clarify the nature of urban area projects that are subject to consideration for revocation as "investment projects to build urban areas with mixed functions, synchronous technical infrastructure systems, social infrastructure with housing according to the provisions of the law on construction". National Assembly deputies said that such technical design is consistent with the technical design in other clauses of Article 79. Article 79 only regulates cases of land revocation to implement projects for socio-economic development for national and public interests. When revocation of land in the cases specified in Article 79, it is necessary to meet the grounds and conditions specified in "Bases and conditions for land revocation for national defense and security purposes; socio-economic development for national and public interests"...
Expected
The revised Land Law is a draft law that not only attracts the attention of State management agencies at all levels, but also many experts, business community, and people expect that when promulgated, the Law will become a quality law, with a breakthrough, removing bottlenecks related to the land transfer mechanism and creating spillover and driving force for the construction and real estate industries...
In the first days of the new year 2024, the National Assembly held the 5th extraordinary session to consider and pass the Land Law after a long period of receiving comments on amendments and supplements from ministries, branches, localities and voters, demonstrating the high determination of the Government and the National Assembly in resolving legal problems, aiming to restore the development of the land market in general and real estate in particular in a transparent and sustainable direction.
According to statistics from the Vietnam Real Estate Association, by December 31, 2023, 40/63 provinces and cities nationwide had approved master plans. This is the basis and driving force for the development of the real estate market in localities in the coming time. However, there is still a need for specific and unified regulations to help localities concretize the implementation of planning, land use plans, conversion of functions and approval of investment projects according to the plan, ensuring consistency, avoiding overlap or conflict.
The active review to pass the revised Land Law is a determined move of the Government, aiming to soon complete institutions, creating momentum for economic and social development. However, due to the far-reaching impact of this Law, the review process requires caution, consideration, and careful calculation to ensure consistency with related Laws.
According to Mr. Nguyen Quoc Hiep, Chairman of the Vietnam Association of Construction Contractors, recently, many real estate enterprises have been waiting for the revised Land Law to be passed by the National Assembly before deciding whether to continue or withdraw from the market, because in addition to capital potential, if legal problems are not completed, synchronized, and unified, it will be difficult for enterprises to continue implementing projects in the context of a sluggish market. If the revised Land Law is passed, it will create conditions for enterprises to orient their development in a new phase, deciding the recovery of the real estate market.
Dr. Nguyen Van Dinh, Vice President of the Vietnam Real Estate Association, shared that the Land Law, the Real Estate Business Law, and the Housing Law are laws that have a direct impact on the current real estate market. Therefore, investors are still expecting and want to clearly understand the direction of market regulation when there is a new legal framework from the Government and State management agencies.
"Only when the laws related to real estate are passed can we expect to 'revive' the stuck real estate projects, thereby freeing up resources to implement new projects, helping to manage the real estate market stably and transparently, bringing the real estate market from 2024 to develop a new cycle. If the revised Land Law is passed, it will take time to apply it in practice, at that time, new real estate projects will be quickly implemented more, solving the problem of balancing supply and demand...", Mr. Nguyen Van Dinh commented.
According to VNA/Tin Tuc Newspaper
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