The three most important legal documents related to the real estate market – the 2024 Land Law, the 2023 Real Estate Business Law and the 2023 Housing Law – came into force on August 1 this year. Combined with relevant provisions in the 2024 Credit Organizations Law, these laws will have strong impact on the real estate market in Vietnam. Investors need to secure land for commercial housing This policy is clearly stated in Article 127 of the 2024 Land Law, which stipulates that commercial housing projects can be carried out through: (i) agreement for acquiring land use rights; or (ii) using existing land if it meets the legal requirements. Thus, the State will not reclaim land and hand it over to commercial housing projects. Also regarding the development of commercial housing, if the area designated for commercial housing is within an urban development project, the State will not automatically reclaim land for urban projects as per the 2013 Land Law. Instead, the 2024 Land Law specifies that the State will only reclaim land for urban projects that meet the following conditions: – Serve mixed functions; – Have a complete technical and social infrastructure system in accordance with construction law […]
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