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Thursday, July 25, 2024

Amended land, housing and realty laws set to take effect in early August

The Saigon Times

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HCMC – The amended Land Law, Housing Law, and Real Estate Business Law will come into force on August 1 this year, five months ahead of the originally approved date of January 1, 2025.

With 404 out of 469 deputies present voting in favor, the National Assembly (NA) passed the amendments to the 2024 Land Law, the 2023 Housing Law, the 2023 Real Estate Business Law, and the 2024 Law on Credit Institutions this morning, June 29.

While the Land Law, Housing Law, and Real Estate Business Law will take effect from August 1, specific transitional provisions in Articles 253 to 260 of the amended Land Law will take effect from January 1, 2025.

The NA Standing Committee emphasized that the early enactment of these laws is both a desire and a mandate following their approval.

These laws contain numerous innovative and progressive provisions expected to drive economic and social development in the coming years. Additionally, many provisions within these laws can be implemented immediately without the need for guiding documents.

The Government is tasked with organizing the enforcement of these laws to ensure their effectiveness and efficiency. The NA Standing Committee has proposed that the Government ensure ministries, central agencies, and local authorities promptly issue clear and detailed guidelines to avoid any delays or gaps in implementation.

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