Explaining the reason for this proposal to enact the amended Land Law, Housing Law, Real Estate Business Law, and Credit Institutions Law on August 1, 2024 instead of the planned date of January 1, 2025 (5 months earlier), the Government stated that this important decision can help address current problems and inadequacies in the tasks of land valuation, land acquisition, compensation, and resettlement support.
The introduction of these essential laws earlier will also create a consistent legal corridor in order to better exploit the existing land resources and effectively boost the healthy growth of the national real estate market.
This will in turn accelerate the implementation of investment projects, especially public investment projects, real estate projects, and housing projects (including social housing), while protecting the rights of the people whose land has been acquired.
This has been a requirement of the National Assembly since it voted to pass these laws. However, until June 18, only 1 out of 16 of the detailed regulations for the Land Law issued; 7 detailed regulations for the Housing Law and 4 detailed regulations for the Real Estate Business Law have not yet been released.
In order for the early introduction of the above laws by 5 months to be truly meaningful, it is necessary to have careful preparation to ensure the progress and quality of the detailed law instruction documents. It is also essential to organize extensive propaganda activities of these laws to create consensus and effectiveness in their enforcement.
