Land Law 2024 - a driving force for the real estate market

Responding to a VNA reporter in Europe on this issue, Dr. Phan Bich Thien, member of the Central Committee of the Vietnam Fatherland Front and President of the Vietnamese Women's Union in Hungary, shared about the Land Law, as well as related legal and policy issues for overseas Vietnamese.

According to Dr. Phan Bich Thien, the recently passed revised Land Law is a huge step forward in the Party, State, Government and National Assembly's concern for and protection of the rights of the people. During the process of amending the Land Law this time, overseas Vietnamese themselves have participated in many conferences and seminars to gather opinions and recommendations on issues related to the rights and responsibilities of overseas Vietnamese.

According to Dr. Phan Bich Thien, it can be said that in the revised land law, Vietnamese citizens residing abroad are still completely equal to Vietnamese citizens in the country in having the right to own land and housing, which is an encouragement for those who are far from home. They feel that they are truly Vietnamese citizens, equal to all citizens in the country, and this encourages Vietnamese people living abroad to invest more in the country in the real estate sector. Dr. Phan Bich Thien affirmed that the fact that people feel secure investing in Vietnam to buy houses and land as well as investing in the domestic real estate market is a factor that creates opportunities for people to be more attached to their homeland and feel that Vietnam is their home.

According to Dr. Phan Bich Thien, the fact that people feel secure in sending money back to invest domestically not only benefits the people themselves, but also helps increase remittances, contributing to the development of the country. On behalf of the Vietnamese community in Hungary, Dr. Phan Bich Thien expressed his gratitude to the State, Government, and National Assembly for passing this Land Law (amended), affirming that this is a great encouragement for overseas Vietnamese living far from home.

However, Dr. Phan Bich Thien also hopes that in the process of implementing the land law in practice, the National Assembly and the Government will also issue decrees and instructions to make implementation easier.

In addition, Dr. Phan Bich Thien also proposed a number of issues in the implementation of contracts, sales, transfers, and inheritances related to land. Currently, these jobs all require citizen identification cards, but many Vietnamese people living abroad do not have these documents, leading to obstacles and hindrances in purchasing and owning land and housing in Vietnam. The doctor expressed his hope that the National Assembly would provide specific instructions to allow relevant domestic agencies to notarize contracts for sales, inheritance, and transfer of land and housing use rights based on valid Vietnamese passports instead of citizen identification cards; or to facilitate the issuance of citizen identification cards to people residing abroad who have Vietnamese passports.

Regarding the Vietnamese real estate market, Dr. Phan Bich Thien predicts that the revised Land Law will bring about a breakthrough in the participation of overseas Vietnamese in the domestic real estate market. In the context of the recent stagnant and frozen Vietnamese real estate market, where there is a large supply but a lack of buyers and output, Dr. Phan Bich Thien believes that the revised Land Law will contribute to increasing demand for new buyers, overseas Vietnamese, to participate in land purchases and business. This will be a breakthrough that will contribute to making the real estate market in Vietnam more prosperous in the coming time.