Revised Land Law better suited to overseas Vietnamese
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.
Hanoi (VNA) - The revisedLand Law, recently adopted by the 15th-tenure National Assembly, which includes people of Vietnamese origin among land users andincreases interests for foreign-invested economic entities, is expected to have positiveimpacts on the real estate market and the economy at large.
Lawyer Ngo Thanh Ba from "Niem tinCong ly" (Trust in Justice) Law Office, a member of the Hanoi Bar Association,said that previously, many people of Vietnamese origin who wanted to buy landin Vietnam had to ask other persons to represent them to conduct transactions,leading to many disputes during the transfer and management of land use rights.The revised Land Law’s expansion of land users will help address that problem.
Some regulations in this law clarifythat land users who are overseas Vietnamese (OV) people include the oneswho are Vietnamese citizens residing abroad and people of Vietnamese origin residing abroad. It also features detailed regulations that expand the land userights and obligations, along with the land management and use regime for thesetwo groups, he noted.
For example, Ba said, people of Vietnamese origin abroad who are land users are now entitled to almostall the related rights of Vietnamese citizens. Foreign-invested economicentities and people of Vietnamese origin abroad are also given some more rightssuch as receiving transferred land use rights and re-renting out the land use rightsat industrial and hi-tech parks.
Thelawyer said that the expansion of land use rights for OVs will create a favourableenvironment for them to make investment, do business, and work.
This is an important stride of therevised Land Law as it improves the law’s consistency with the revised Law onReal Estate Business and the revised Law on Housing, helping promoteopportunities for OVs to access, own, and use land more effectively and alsoattract more remittances and investment from OVs to the real estate market andthe economy at large, he opined.
Tofurther attract OV investment and remittances, Ba recommended the Government to reviewthe regulations related to OVs' land use rights in other laws like the revisedlaws on real estate business and housing, along with the procedures forcertifying Vietnamese citizens abroad.
TheGovernment should also steps up the dissemination of promulgated laws and continue improving thelaws relevant to OVs’ rights, he added./.
The newly approved Land Law, Housing Law, and Law on Real Estate Business, which will take effect from 2025, are expected to create more favourable conditions for Overseas Vietnamese (OVs) in owning and trading real estate, according to experts.
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Illustrative image (Photo: VNA) 
