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On June 29, the National Assembly of Vietnam passed the Law Amending and Supplementing a Number of Articles of the Land Law 31/2024/QH15, Housing Law 27/2023/QH15, Law 29/2023/QH15 on Real Estate Business, and Law 32/2024/QH15 on Credit Institutions (the Law).
This comprehensive legislation aims to streamline and update existing regulations, with significant implications for various sectors.
Key Amendments and Effective Dates
Accelerated Implementation
The Law consists of new articles that make critical amendments to existing legislation. Notably, it brings forward the effective date of several key provisions:
- Article 252.1 of the Land Law
- Article 197.1 of the Housing Law
- Article 82.1 of the Law on Real Estate Business
These amendments are now set to take effect on August 1, 2024, five months earlier than initially planned.
Changes to the Law on Credit Institutions
Amendments to Article 209.2 of the Law on Credit Institutions stipulate that Articles 200.3 and 210.15 will take effect from August 1, 2024, instead of July 1, 2025. This acceleration is aimed at enhancing the regulatory framework for credit institutions more promptly.
Land Law Amendments
Article 251.2
The Law revises Article 251.2 of the 2024 Land Law, stating that the National Assembly’s Resolution 132/2020/QH14, dated November 17, 2020, will be annulled from January 1, 2025. This resolution previously facilitated the pilot implementation of policies to remove obstacles and backlogs in land management for national defense and security purposes combined with production and economic development activities.
Article 255.10
Significant revisions to Article 255.10 address land allocation and leasing processes for investment projects. For projects that were in compliance with land use master plans but had not yet been allocated or leased land, the Law permits these projects to proceed with the subsequent steps in the land allocation or leasing process. This provision applies to:
- Projects where investors/project owners were selected under relevant laws between July 1, 2014, and the effective date of the Law.
- Projects for which valid dossiers were submitted before August 1, 2024, and where investors/project owners were selected before January 1, 2025.
Housing Law and Real Estate Business Law Amendments
The amendments to the Housing Law and the Law on Real Estate Business primarily focus on streamlining regulations to facilitate smoother transactions and project implementations within these sectors. By advancing the effective date of key articles, the government aims to address existing issues more swiftly.
The amendments have several implications for stakeholders across various sectors:
- Investors and Project Owners: The accelerated timelines and clarified regulations provide more certainty for ongoing and future projects, particularly regarding land allocation and leasing.
- Credit Institutions: Early implementation of specific provisions will necessitate quicker adaptation to the new regulatory requirements.
- Real Estate and Housing Sectors: The refined regulations aim to enhance transparency and efficiency, potentially boosting investor confidence and sector growth.
The Law Amending and Supplementing a Number of Articles of the Housing Law, Law on Real Estate Business, and Law on Credit Institutions marks a significant step toward modernizing Vietnam’s regulatory framework. By addressing key issues and accelerating the implementation of crucial provisions, the National Assembly aims to foster a more conducive environment for investment, development, and economic growth. Stakeholders are encouraged to review the detailed amendments and prepare for the upcoming changes set to take effect on August 1, 2024.
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