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Sunday, July 21, 2024

Positive market prospects

By Kim Ngan

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Vietnam’s real estate sector has seen some signs of recovery since the National Assembly passed the revised Land Law on January 18, 2024. As legal ambiguities are resolved, confidence in the market would come back. In November 2023, the National Assembly passed amendments to the Housing Law and the Law on Real Estate Business, slated to take effect in 2025. The NA approval on January 18 of the revised Land Law marked the final piece of the puzzle, solidifying the legal framework that lays the groundwork for a sustainable market rebound. More room for growth In recent times, the real estate market has grappled with numerous challenges, with legal complexities accounting for a substantial 70% of these issues. However, the simultaneous passage of the three laws, along with the amended Law on Credit Institutions, signifies a watershed moment in legislative endeavors aimed at addressing these market bottlenecks. “The dedicated efforts of the Government and the National Assembly have not only addressed long-standing business concerns but have also paved the way for companies to thrive, going well beyond mere survival,” said Le Viet Hai, chairman of Hoa Binh Construction Group JSC. Between late 2022 and late 2023, the Government embarked on […]
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