Expanded land use rights expected to attract OV investment in real estate
The expansion of land use rights for overseas Vietnamese (OV) in the recently passed 2024 Land Law is good news for OVs who want to own real estate in Vietnam, said experts from Savills Vietnam.
Apartment buildings in Ho Chi Minh City. (Photo: VNA)
HCM City (VNA) - The expansion of land use rightsfor overseas Vietnamese (OV) in the recently passed 2024 Land Law is goodnews for OVs who want to own real estate in Vietnam, said experts from SavillsVietnam.
This is even more meaningful considering thestrong remittance flow to Vietnam in 2023, which exceeded 16 billion USD, up 32% annually, they said.
The 2024 Land Law, taking effect on January 1,2025, introduces significant changes for OV land users. They will be entitledto almost all the land use rights previously reserved for Vietnamese citizens.Additionally, foreign-invested economic entities and people of Vietnamese originabroad will benefit from the expanded rights, including receiving transferredland use rights and re-renting land use rights at industrial and hi-tech parks.
This change will bring more investment opportunities for the OV homebuyer group, said DeputyManaging Director of Savills Vietnam Troy Griffiths.
Illustrative image (Photo: baodautu.vn)
According to the Savills Vietnam experts, in the past, OVs wanting to invest in property in Vietnam had to do so via family members or relatives, resulting in disputes. The new Land Law has solved this problem, facilitating investment and minimising risks for OV investors.
Statistics provided by the State Committee forOverseas Vietnamese Affairs revealed a substantial flow of remittances intoVietnam. From 1993, the first year remittance data was collected, to the end of2022, the total amount of remittances surpassed 190 billion USD, almost equal to the FDI sum disbursed in the same period.
A significant portion of remittances, primarilyfrom Asian countries through workers, has already been directed towards realestate sector, according to Griffiths./.
The amended Land Law which was passed at the 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.
The revised Land Law, recently adopted by the 15th-tenure National Assembly, which includes people of Vietnamese origin among land users and increases interests for foreign-invested economic entities, is expected to have positive impacts on the real estate market and the economy at large.
The revised Land Law, which was passed at the 15th National Assembly’s fifth extraordinary session, holds great significance in the country’s political, socioeconomic life and national defence and security as well as has impacts on people from all walks of life and the business community.
The revised Land Law, recently passed by the National Assembly, is expected to attract capital from overseas Vietnamese (OV) across the world, said Chief of the Office of the Vietnam-Japan Business Association (VJBA) Dang Thai Minh.
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Apartment buildings in Ho Chi Minh City. (Photo: VNA) 
Illustrative image (Photo: baodautu.vn) 
