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Tuesday, June 25, 2024

Amended Land Law seen taking effect six months ahead of schedule

The Saigon Times

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HCMC – The amended Land Law might come into force on July 1, this year, a full six months ahead of the originally scheduled date of January 1, 2025. This is seen as a move by the Government to accelerate the implementation of new land regulations amid the dormant domestic real estate market.

The Ministry of Justice has received a review on a draft National Assembly resolution that revises and supplements the 2024 Land Law’s Article 252 which specifies the effective date of the law.

According to the draft resolution, prepared by the Ministry of Natural Resources and Environment in coordination with other relevant ministries and agencies, Article 252 would be revised as “This Law shall take effect from July 1, 2024, except as provided in sections 2 and 3 of this Article.”

The Ministry of Natural Resources and Environment was quoted by Phap Luat newspaper as saying that that the Land Law is of paramount importance to the country’s socio-economic development, defense, security, and environmental protection. The law is central to the legal framework governing land and closely related to other laws, so it has profound impact on the public and the business community, said the ministry.

The amended Land Law contains groundbreaking provisions aimed at improving institutional frameworks and policies, and enhancing the effectiveness and efficiency of land management and use, including land use planning and allocation, land recovery, compensation, support and resettlement.

Recognizing the extreme importance of the revised Land Law, the National Assembly called an extraordinary session in January this year for lawmakers to pass the law. On January 18, 87.63% of 477 National Assembly deputies present at the session voted for the amended law.

The local media then said the law would help remove major hindrances to the development of the real estate market and overlapping policies and regulations that have negatively affected the normal operations of the real estate market.

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