In August 2020, the Prime Minister established a Steering Committee to review the implementation of the Land Law and develop a draft Land Law (amended), and assigned the Ministry of Natural Resources and Environment to be the agency in charge of developing the draft Law.
After 3 years of implementation, the revised Land Law has received millions of comments from people from 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, 15th tenure, which will open on October 23, 2023.
Regarding the results of public consultation, Minister of Natural Resources and Environment Dang Quoc Khanh presented to the National Assembly at the 5th Session, 15th tenure, that there were more than 12 million comments and suggestions on the draft Land Law (amended).
The contents that people are interested in contributing their opinions focus on compensation, support, resettlement; land allocation, land lease, land use purpose conversion; land finance, land prices; planning, land use plans.
Accordingly, the draft Land Law (amended) after being accepted includes 16 chapters, 263 articles, of which 5 sections are increased, 40 new articles are added, and 13 articles are removed compared to the draft for public consultation.
As someone who directly contributed ideas to the revised Land Law, National Assembly Delegate Hoang Van Cuong also hopes that the revised Land Law can be passed in the spirit of innovation, achieving high consensus and unity and creating fundamental changes in land management, overcoming limitations and shortcomings, especially the issue of land complaints as in the past.
Land Law unlocks resources, "unties" real estate
Sharing with Nguoi Dua Tin , Dr. Nguyen Van Dinh - Chairman of the Vietnam Association of Real Estate Brokers (VARS) expressed that, as a person working in the real estate sector, he hopes that the revised Land Law will solve the problem of overlap and disparity between laws, causing difficulties for the State, investors and people.
This leads to difficulties for investors, businesses and management agencies in monitoring and regulating the market to develop stably and healthily, leading to direct impacts on the development of the real estate market.
Especially in the current period, the supply in the real estate market is scarce and liquidity is decreasing. Mr. Dinh hopes that the revised Land Law will help to unlock resources, stabilize society, regain investors' confidence in the real estate market and add more momentum to the real estate market.
“The issued policies may not cover all aspects of life, but they need to remove difficulties and bottlenecks in reality, and make the most of land resources,” Mr. Dinh shared.
The Chairman of VARS especially expects the revised Land Law to issue specific regulations for site clearance compensation activities in a way that ensures the harmony of interests of the State, people and investors.
In addition, the Chairman of the Vietnam Real Estate Brokers Association said that currently, thousands of projects are “shelved” in the real estate market, waiting for legal solutions. Therefore, the expert expects the Land Law to have specific regulations to be able to remove obstacles for the above projects, and at the same time eliminate the story of management agencies being “afraid of making mistakes and being afraid of responsibility” in approving projects.
Dr. Nguyen Van Khoi - Chairman of Vietnam Real Estate Association (VNRea).
Sharing the same view, Dr. Nguyen Van Khoi - Chairman of the Vietnam Real Estate Association (VNRea) informed that in Hanoi and Ho Chi Minh City alone, there are about 400 projects that have been delayed for many years but have not been resolved. The stagnant state of the real estate market in recent times has been greatly affected by legal problems, accounting for 70% of the difficulties of the projects.
Notably, Mr. Khoi hopes that the Land Law can stipulate the need to exempt land use fees for social housing projects. Although in reality, the land fund of localities is not much left, amending the law to make it easier for businesses to access and use land funds to invest in and develop social housing is still a matter of great concern.
In addition, the expert said that the Government will regulate by Decree, so the representative of VNRea hopes that relevant ministries such as the Ministry of Construction, the Ministry of Natural Resources and Environment, the Ministry of Finance, etc. will issue synchronous documents, at the same time, so that the law can be immediately put into practice.
What do businesses expect from the new law?
From the 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, affecting related managers from the state, businesses, people, and affecting socio-economic development.
Accordingly, Mr. Trung expects the revised Land Law to be favorable for projects, especially projects in the resort real estate segment.
The analyst said that Vietnam has a great advantage in developing tourism, while the regulations on the resort real estate segment have not been specifically codified in the old law. Therefore, Mr. Trung believes that in the coming time, the revised Land Law will create more suitable mechanisms and policies to facilitate the development of this real estate segment.
As for Mr. Nguyen Quoc Hiep - Chairman of the Vietnam Association of Construction Contractors 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 publication of land information.
In reality, Mr. Hiep said that the Vietnamese real estate market still has many shortcomings. Information about where there are projects, how the projects are developing, etc. are all "hidden and floating" in the market, and one can only know through relationships.
Therefore, the revised Land Law will lay the first "bricks" for publicizing and making transparent information about the market, legal information, information about the basic progress of the project, information about the buying and selling situation, including the quantity and transaction price at each time.
Mr. Nguyen Quoc Hiep expects the Land Law to regulate the publicity and transparency of land information in the market.
“Businesses and investors are currently anxiously waiting to see how the legal system will be adjusted so they can recalculate the development direction for their businesses. Because the legal system being amended is directly related to and has a strong impact on the development and recovery of the real estate market,” said Mr. Hiep.
GP Invest Chairman hopes that timely changes to Vietnam's legal system will help resolve difficulties and promote the recovery of the real estate market.
"Especially for a country of one hundred million people like ours, the need for housing is always a hot issue, so Vietnam's real estate will have many development prospects if we can build an open legal environment and a public and transparent legal corridor," the leader analyzed .
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