Law on Land Could be Brought Forward
The Law on Land has been high on the agenda for some time. Starting with the government guidelines in June 2022 (Resolution No. 18/NQ-TW) and a draft law that September, a public consultation was then held in Spring 2023 (Resolution No. 170/NQ-CP) ahead of its eventual ratification in the National Assembly in January 2024.
We have written a lot about these developments (see here, here, and here). In short, the long-awaited new law aims to make land transactions more transparent and management more efficient.
Headline changes include land prices becoming more ‘market-based’ through scrapping the old ‘land price frame’ in favour of a new ‘land-price table’, granting land-use rights to overseas Vietnamese, and creating more flexible land-rent conditions for enterprises. You can read more about these changes in our April update here.
Legislative train ahead of schedule
The new law was set to enter into force on 1 January 2025. However, speaking at a meeting of ministers in Hanoi on 17 April, the Deputy Prime Minister called on responsible ministries to publish the documents required to guide the implementation of the law sooner than planned.
This would enable the new law to enter into force five months ahead of schedule, with a proposed new implementation date of 1 July 2024. However, this would require the assent of the National Assembly.
APFL Partners will continue to monitor the development of this legislation and keep our clients up to date with its possible implications for their investment projects and commercial activities. In the meantime, for more information about the revised Law on Land, just contact our team on: contact@apflpartners.com
Disclaimer: This article and its content are for information only and are not given as legal or professional advice. they do not necessarily reflect all relevant legal provisions with respect to the subject matter. Readers should seek legal or professional advice before taking or refraining to take any action.
