Land Law 2024: A new wind contributing to promoting Vietnam's economy
Lawyer Do Gia Thang in Melbourne believes that the open changes to the Land Law will certainly help overseas Vietnamese return to their homeland to buy houses or invest in real estate more easily and conveniently.
The Land Law (amended) passed by the National Assembly last January is considered a breakthrough in the field of land management and use, which can impact many aspects of life as well as business activities of overseas Vietnamese, especially for the Vietnamese community living in Australia.
Lawyer Do Gia Thang, founding member of the Melbourne-based multinational law firm Viozi Legal-Nguyen Do Lawyers, said that the notable difference between the Land Law (amended) and the current Land Law is that the amended law eliminates the distinction between the land access rights of "domestic individuals" and "overseas Vietnamese".
In addition, the 2024 Land Law (amended) adds a provision that "people of Vietnamese origin residing abroad are allowed to buy houses in Vietnam".
As the General Secretary of the Vietnamese Business Association in Australia (VBAA), lawyer Do Gia Thang said that in the past, overseas Vietnamese who wanted to own real estate in Vietnam, most had to ask relatives to help them.
This not only reduces the effectiveness of state management of land, but also creates many potential risks in the process of implementing land use rights for overseas Vietnamese if disputes arise. Therefore, many overseas Vietnamese have to temporarily suspend their intention to own real estate in Vietnam, as well as make long-term investments in their homeland.
The open changes of the Land Law (amended) will certainly create conditions to help overseas Vietnamese return to their homeland to buy houses or invest in real estate more easily, conveniently and attractively.
In addition, according to Mr. Do Gia Thang, these changes demonstrate the Vietnamese Government's open policy in attracting capital and resources from abroad, which is a catalyst to create more connections between overseas Vietnamese and the Fatherland, demonstrating the spirit of great national unity and contributing to affirming the consistent policy of the Vietnamese Government that overseas Vietnamese are an inseparable part of the nation.
Vietnamese citizens, whether living in the country or abroad, are treated equally by the State.
Also the General Secretary of the Business Association of Overseas Vietnamese (BAOOV), lawyer Do Gia Thang said that creating favorable conditions for overseas Vietnamese to invest and own land in Vietnam not only helps stimulate the economy but also demonstrates the consensus and concern of the Party and State for the Vietnamese community, including overseas Vietnamese and people of Vietnamese origin, affirming their important role in the development of the country.
Mr. Do Gia Thang predicts that this policy will help attract remittances to participate in the Vietnamese real estate market.
The changes in the Land Law have created fairness between domestic individuals and overseas Vietnamese in investing and trading in real estate. From there, it may open up investment opportunities for overseas Vietnamese and prospective investors in the future, creating more favorable conditions for the domestic real estate market.
Specifically, the revised law creates a more open mechanism for the overseas Vietnamese community to own land and real estate in Vietnam, thereby helping to increase the number of people buying houses and land in Vietnam.
With the above analysis, lawyer Do Gia Thang affirmed that the Land Law (amended) will certainly be a breath of fresh air contributing to promoting Vietnam's economy.
As demand for real estate investment increases, more capital (mainly foreign currency) will be "injected" into the domestic real estate market.
With its highly interconnected characteristics, when the domestic real estate market develops, it will lead to the development of other related industries and fields such as banking, insurance, construction materials, labor, etc. Thereby, the lawyer believes that it is completely possible to confidently expect that Vietnam's economic picture in the coming years will have more bright spots from the changes in land policy that are about to take effect.
Lawyer Do Gia Thang recommends that the Government and competent authorities soon issue decrees and guiding documents to practically implement the new policies of the Land Law (amended).
In addition, competent authorities should review the procedures for issuing and exchanging Vietnamese passports and certificates of Vietnamese origin for overseas Vietnamese in a more open and quick manner, thereby creating conditions for compatriots to soon have enough conditions to return home to invest in real estate right after the law comes into effect.
Along with that, he mentioned the need to promote the dissemination of new contents of the Land Law (amended), providing timely and accurate updates to the Vietnamese community residing abroad.