Amended Land Law - breath of fresh air blown into real estate market: lawyer
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.
The amended law allows people of Vietnamese origin living in foreign countries to buy houses in Vietnam. (Photo: VNA)
Sydney (VNA) – The amended Land Law,approved by the National Assembly in January 2024, is expected to exert impactson the business activities of overseas Vietnamese (OVs), including those inAustralia., said a lawyer.
Lawyer Do Gia Thang, a founder of Nguyen Do Lawyers,an Australian and Vietnamese law firm based in Melbourne city, pointed todifferences between the present law and its revised version, scheduled to beput in place from January 1, 2025, with no distinction between individuals athome and Vietnamese residing abroad in the right to land access.
The amended law allows people of Vietnamese origin livingin foreign countries to buy houses in Vietnam, he added.
Thang, who is also Secretary General of the VietnameseBusiness Association in Australia (VBAA), said in the past, OVs only ownedhouses in their homeland through relatives, which not only affected Statemanagement efficiency and but also posed risks to OVs in case of disputes overland use right.
Therefore, such legislative changes will facilitateOVs’ real estate investment, he said, noting that they also demonstrate theVietnamese Party’s consistent policy of considering OVs an integral part of thenation.
Thang forecast that the revised law will help attractremittances to the domestic real estate market, and create investmentopportunities for OVs, calling the amended Land Law as a breath of fresh airblown into the national economy.
The lawyer suggested the Government and relevantagencies to soon issue decrees and documents guiding the implementation of thenew document, review procedures for renewing Vietnamese passports andcertificates of Vietnamese origin for overseas Vietnamese, and step up thecommunications work to popularise the law./.
Overseas Vietnamese (OV) are thrilled to hear about new provisions in the Land Law (revised) passed recently by the National Assembly (NA), which demonstrates the attention of the Party, the State, the Government, and the NA in ensuring equal rights between OVs and Vietnamese citizens residing inside the country to purchase and own land use right and houses in their homeland, said Vietnamese Ambassador in Hungary Nguyen Thi Bich Thao.
The Land Law (revised), which expands land use rights for overseas Vietnamese (OVs) and Vietnamese citizens residing abroad, is expected to give a boost to the domestic real estate market.
The amended Land Law, which was passed by the Vietnamese National Assembly in January 2024, will help protect the legitimate rights and interests of investors and owners who are overseas Vietnamese (OVs), thus making the real estate market more transparent and stable, according to Nguyen Minh Duc, Vice President of the Vietnamese Community Association in the UK (VAUK).
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The amended law allows people of Vietnamese origin living in foreign countries to buy houses in Vietnam. (Photo: VNA) 
