Revised Vietnam Land Law Allowing Property Rights for Overseas Vietnamese to Boost Real Estate Market

• Sommana Yan
• 21 April 2024
• International News
• 1936 Views

The recently revised Land Law, which extends land use rights to overseas Vietnamese (OVs) and Vietnamese citizens living abroad, is anticipated to provide a significant impetus to the country’s real estate sector, according to Vietnamplus on 11 April 2024.

Lieu Nguyen, the global ambassador for Vietnam, Cambodia, and Indonesia at the US National Association of Realtors, expressed optimism about the legal reforms, stating that they would instil confidence among OVs and foreign investors regarding property investments in Vietnam.

According to Lieu, many elderly Vietnamese residing in the US aspire to retire in their homeland and invest in properties there. She emphasised the need for Vietnam to introduce residential resort projects tailored not only to OVs but also to retired individuals from the US and Japan seeking residence in Southeast Asia. Lieu suggested that such projects should encompass comprehensive amenities, including medical services, catering to the needs of the elderly.

Lieu also underscored the broader economic impact of the revised law, asserting that it would stimulate Vietnam’s real estate market, as well as enhance its tourism and overall economy.

The revised Land Law, comprising 16 chapters and 260 articles, was approved during the 5th extraordinary session of the 15th National Assembly in January 2024. It is scheduled to take effect from 1 January 2025, with exceptions for specific provisions.

• Laws and Regulation