Key Real Estate Laws Passed in 2024

1. The Land Law (No. 31/2024/QH15)

• Overview: This law serves as a cornerstone for land management and use in Vietnam, reflecting a commitment to comprehensive reform in this critical sector.
• Key Update: The law was initially slated to take effect on January 1, 2025. However, its implementation date was moved forward to August 1, 2024, based on a proposal by the Government and widespread consensus from local authorities and stakeholders.
• Objective: Accelerating its enforcement was aimed at addressing existing challenges in land management and ensuring new policies could quickly drive socio-economic development.

2. Amendments to the Housing Law

• Overview: These amendments introduce modernized regulations to meet the evolving demands of Vietnam's housing sector.
• Key Focus: The updated Housing Law is designed to streamline housing development processes, enhance access to housing, and support the development of sustainable urban areas.
• Significance: By simplifying and clarifying housing-related policies, the amendments seek to create a fairer and more efficient housing market for citizens and investors.

3. Amendments to the Real Estate Business Law

• Overview: This law provides an updated legal framework for real estate transactions, fostering greater transparency and accountability in the property market.
• Key Focus: Reforms aim to regulate market practices more effectively, mitigate risks for investors and buyers, and promote sustainable growth in the real estate sector.
• Implementation: These amendments, along with changes to the Land Law and Housing Law, were consolidated under Law No. 43/2024/QH15, taking effect on August 1, 2024.

Additional Change: Amendments to the Law on Credit Institutions

• Objective: These changes align financial mechanisms with the updated real estate policies, ensuring seamless integration of financing and credit systems into the newly reformed framework.

Other Notable Events of the National Assembly

In addition to the focus on real estate, the National Assembly highlighted the following key achievements in 2024:

• Innovative Legislative Approach: Introduced significant reforms in legislative thinking to address the demands of national development.
• Approval of Major Projects: Sanctioned two landmark projects—the North-South high-speed railway and the revival of the Ninh Thuận nuclear power project.
• National Target Programs: Approved two nationwide programs focusing on drug prevention and cultural development.
• Healthcare Reforms: Broadened health insurance coverage to include rare diseases and critical illnesses.
• Administrative Reorganization: Elevated Huế to a centrally governed city and completed district-level administrative unit reorganizations.
• Marine Spatial Planning: Approved Vietnam’s first National Marine Spatial Planning framework.
• Enhanced Supervision: Strengthened oversight of specialized resolutions and questioning activities.
• Organizational Restructuring: Streamlined the organizational structure of National Assembly agencies to enhance efficiency and effectiveness.