Amended Land Law - breath of fresh air blown into real estate market
The amended Land Law, approved by the National Assembly in January 2024, is expected to exert impacts on the business activities of overseas Vietnamese (OVs), including those in Australia., said a lawyer.
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| The amended law allows people of Vietnamese origin living in foreign countries to buy houses in Vietnam. (Source: VNA) |
Lawyer Do Gia Thang, a founder of Nguyen Do Lawyers, an Australian and Vietnamese law firm based in Melbourne city, pointed to differences between the present law and its revised version, scheduled to be put in place from January 1, 2025, with no distinction between individuals at home and Vietnamese residing abroad in the right to land access.
The amended law allows people of Vietnamese origin living in foreign countries to buy houses in Vietnam, he added.
Thang, who is also Secretary General of the Vietnamese Business Association in Australia (VBAA), said in the past, OVs only owned houses in their homeland through relatives, which not only affected State management efficiency and but also posed risks to OVs in case of disputes over land use right.
Therefore, such legislative changes will facilitate OVs’ real estate investment, he said, noting that they also demonstrate the Vietnamese Party’s consistent policy of considering OVs an integral part of the nation.
Thang forecast that the revised law will help attract remittances to the domestic real estate market, and create investment opportunities for OVs, calling the amended Land Law as a breath of fresh air blown into the national economy.
The lawyer suggested the Government and relevant agencies to soon issue decrees and documents guiding the implementation of the new document, review procedures for renewing Vietnamese passports and certificates of Vietnamese origin for overseas Vietnamese, and step up the communications work to popularise the law.
(Source: VNA)
