Starting from August 1, 2024, the three most important pieces of legislation governing the real estate market, including the 2024 Land Law, the 2023 Real Estate Business Law, and the 2023 Housing Law, will come into effect. Combined with relevant provisions in the 2024 Law on Credit Institutions, these laws will strongly impact the real estate market in Vietnam. Land lease fees to be paid annually, lump sum payment restricted Under the policy on annual land lease payment provided in Resolution 18-NQ/TW adopted at the fifth plenum of the Party Central Committee, Article 120 of the 2024 Land Law is designed to list the limited cases where lump sum land lease payment is allowed. For all other cases, annual land lease payment will apply. This provision differs greatly from the 2013 Land Law, which allowed land users to choose between lump sum and annual land lease payment for all cases. Specifically, only four cases can be subject to lump sum payment as follows: Land for agricultural, forestry, aquaculture, salt production projects; Land for industrial zones, hi-tech zones, and worker dormitories in industrial zones; Land for public, commercial-based purposes; commercial and service land for tourism, office business; Land used for building […]