tỷ lệ bóng đá số New land law creates new momentum for Vietnam to become high-income country

tỷ lệ bóng đá số amended Land Law which was passed at tỷ lệ bóng đá số 15th National Assembly’s fifth extraordinary session in mid-January is expected to provide a firm legal framework to enhance land management efficiency and create new momentum for Vietnam to become a high-income country by 2045.

tỷ lệ bóng đá số amended Land Law is expected to promote transparent and sustainable development of tỷ lệ bóng đá số real estate market. (Photo: VNA)

Hanoi (VNS/VNA) - tỷ lệ bóng đá số amended Land Law which was passed at tỷ lệ bóng đá số 15th National Assembly’s fifth extraordinary session in mid-January is expected to provide a firm legal framework to enhance land management efficiency and create new momentum for Vietnam to become a high-income country by 2045.

Comprising 16 chapters and 260 articles, tỷ lệ bóng đá số law would solve existing problems in land management and contribute to promoting growth with innovations and breakthroughs in thinking, Deputy Prime Minister Tran Hong Ha said, emphasising that improving tỷ lệ bóng đá số legal framework for land has been a focus of tỷ lệ bóng đá số Party and tỷ lệ bóng đá số Government.

As land and land management are a huge and complicated issue with an important role in tỷ lệ bóng đá số country’s socio-economic development and impacting all walks of life and tỷ lệ bóng đá số business community, tỷ lệ bóng đá số new law has drawn significant attention.

Efficient and sustainable use of land resources would help accelerate tỷ lệ bóng đá số country’s industrialisation and modernisation process, ensure social stability and national security, and protect tỷ lệ bóng đá số environment, creating motivation for Vietnam to become a developed economy, Tran Minh Son from tỷ lệ bóng đá số Ministry of Justice said.

"tỷ lệ bóng đá số new land law is able to answer three major questions, which are what purpose tỷ lệ bóng đá số land is for, who tỷ lệ bóng đá số land is allocated to, and at what prices," said Le Xuan Nghia, member of tỷ lệ bóng đá số National Financial and Monetary Policy Advisory Council.

Answering these questions would help bring land back to its true value as a rare and precious resource for socio-economic development, he said.

Residents, enterprises and State management agencies expected that tỷ lệ bóng đá số law would help solve existing bottlenecks in land procedures.

“During recent years, hundreds of projects have been stuck while new projects cannot be approved,” Nghia said, adding that tỷ lệ bóng đá số new land law would provide a solution.

There are hundreds of new points in this 16-chapter law, one of tỷ lệ bóng đá số notable points is that tỷ lệ bóng đá số law creates opportunities for users of land without records on use rights to be granted a red book.

This regulation would have huge impact, bringing peace of mind, making land more valuable and encouraging its more efficient use, Nghia said.

tỷ lệ bóng đá số new law also abolishes tỷ lệ bóng đá số land price frame. Instead, land price table will be updated annually and tỷ lệ bóng đá số first land price table will be applied on January 1, 2026.

Nghia said that tỷ lệ bóng đá số land prices would be more market based, contributing to improving fairness and social stability while encouraging tỷ lệ bóng đá số efficient use of land.

tỷ lệ bóng đá số new land law allows expanding tỷ lệ bóng đá số limit of individuals who can receive transfer of agricultural land use rights under regulations on “concentration of agricultural land” and “accumulation of agricultural land”.

Tran Minh Son from tỷ lệ bóng đá số Ministry of Justice said that this would create conditions for large-scale farming and promote agriculture to develop rapidly and sustainably to ensure national food security. There would also be impacts on tỷ lệ bóng đá số real estate market and tỷ lệ bóng đá số entire economy.

There are also specific regulations on land revocation and compensation to ensure transparency.

tỷ lệ bóng đá số new law allows tỷ lệ bóng đá số lump sum payment of land rent or annual instalments, which is flexible to create favourable conditions for production and business.

Possible impacts but not too soon

“tỷ lệ bóng đá số 2024 Land Law will have positive impacts,” Nghia said.

Together with tỷ lệ bóng đá số Law on Housing 2023 and tỷ lệ bóng đá số Law on Real Estate Business 2023, tỷ lệ bóng đá số new land law would remove legal bottlenecks for real estate projects, which are a major problem to tỷ lệ bóng đá số property market in recent years, including credit policies, interest rates and bond issuance.

Nghia said that tỷ lệ bóng đá số law would provide a chance to shorten tỷ lệ bóng đá số recovery time of tỷ lệ bóng đá số real estate market. However, tỷ lệ bóng đá số market would not be able to “wake up” right away because legal problems were still lingering as tỷ lệ bóng đá số law would take effect from January 2025.

“It will take time and effort to improve tỷ lệ bóng đá số legal framework for land for tỷ lệ bóng đá số law to work. I hope that tỷ lệ bóng đá số real estate market will see clear signs of recovery in 2025.”

According to Tran Van Binh, Vice President of tỷ lệ bóng đá số Vietnam Association of Realtors, tỷ lệ bóng đá số new law will untie legal constraints and create momentum for tỷ lệ bóng đá số real estate market to develop more safely and transparently.

With rapid urbanisation, tỷ lệ bóng đá số housing demand is increasing rapidly, accounting for 80% while tỷ lệ bóng đá số demand for long-term investment accounts for 15% and speculation 5%. "With tỷ lệ bóng đá số new law, a new phase of development for tỷ lệ bóng đá số real estate market is opening. tỷ lệ bóng đá số 2024 Land Law will bring tỷ lệ bóng đá số real estate market to a new normal,” Binh said.

In 2024, tỷ lệ bóng đá số real estate market is expected to continue encountering difficulties and challenges, but there are opportunities, according to Binh.

tỷ lệ bóng đá số announcement of planning and tỷ lệ bóng đá số implementation of public-invested projects will have huge impacts on tỷ lệ bóng đá số real estate market in 2024.

However, not until 2025 can tỷ lệ bóng đá số real estate market see clear signs of recovery, when tỷ lệ bóng đá số new law comes into force and helps tackle existing legal bottlenecks.

According to Dinh Minh Tuan, Director of PropertyGuru Vietnam, Southern region, on tỷ lệ bóng đá số impact of tỷ lệ bóng đá số new law, land prices will increase sustainably. tỷ lệ bóng đá số efficiency of land use will also be improved.

In addition, tỷ lệ bóng đá số real estate supply would increase, he said, pointing out that one reason for tỷ lệ bóng đá số prolonged delays of a number of projects is difficulty in land clearance as compensation is not reasonable.

Market-based land prices would help tỷ lệ bóng đá số land bank to expand more rapidly. tỷ lệ bóng đá số regulations on access to land resources are also more detailed, opening opportunities for enterprises and residents to access land resources more easily, he said.

“We should not expect tỷ lệ bóng đá số real estate market to recover rapidly. It will take time,” Tuan said.

Drastic actions

tỷ lệ bóng đá số next focus would be on how to bring tỷ lệ bóng đá số law into life, how to make land a truly important resource and how to promote land commercialisation to accelerate tỷ lệ bóng đá số country’s socio-economic development and national security and defence, Deputy Prime Minister Tran Hong Ha said.

tỷ lệ bóng đá số Ministry of Natural Resources and Environment has drafted a plan to implement tỷ lệ bóng đá số amended Land Law, including specific responsibilities of ministries and agencies in developing by-law documents, communication and training, as well as supervision.

Emphasising that developing by-law documents is tỷ lệ bóng đá số top priority, Ha asked tỷ lệ bóng đá số Ministry of Natural Resources and Environment to coordinate with relevant ministries to complete tỷ lệ bóng đá số plan for developing by-law documents, including decrees on general issues and specialised issues such as rice growing land management, land use fee, land valuation, land revocation and compensation for relocation, land for traffic infrastructure, urban development, energy and industry.

“Reviews must be carried out carefully to prevent legal gaps in land policies,” Ha stressed, adding that tỷ lệ bóng đá số general spirit is that tỷ lệ bóng đá số number of decrees must be kept to a minimum and tỷ lệ bóng đá số law implemented in a scientific way./.

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