The Land Law has been amended by the National Assembly, which has unified policy options on 18 issues of the draft. One of the important provisions is the regulation of land recovery for projects approved by the Prime Minister and the National Assembly according to investment policies. This provision attracts the attention of many foreign-invested economic organizations in Vietnam. The Law also includes provisions on land use rights and obligations of Vietnamese people residing abroad.
The amended law has brought clarity and transparency to international developers and investors participating in the Vietnamese real estate market. The law opens up valuation methods to reflect international standards and valuation methods, which creates more confidence for international capital flows into Vietnam. The Land Law (amended) will increase competitiveness and open up new opportunities to attract foreign investment for Vietnam.
The newly passed law will create certainty with very clear regulations for foreign investors investing in projects in Vietnam, contributing to increasing the motivation to invest in other economic sectors like industry, tourism, and services.
The law has resolved important issues related to determining the starting price when organizing an auction of land use rights. It introduces the principle that land valuation must be according to the legal land use purpose at the time of valuation, according to the land use term, by the prevailing land prices on the market for the land of the same use purpose. This will assure foreign investors of market stability, create a fairer environment for foreign investors to use real estate, and make Vietnam an attractive destination for foreign investors.
Overall, the amended Land Law is a positive change that will benefit the Vietnamese economy by making it easier for businesses to access land, attracting more foreign investment, and creating a fairer and more transparent real estate market.
@vtv.vn
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Source: Vietnam Insider