Revised land law to make real estate market more bustling

Hanoi: The Land Law (revised) passed in January by the National Assembly (NA) is a huge step forward that demonstrates the attention of the Party, the State, the Government, and the NA in protecting the rights of overseas Vietnamese (OVs) and Vietnamese citizens residing abroad, according to Dr. Phan Bich Thien, member of the Central Committee of the Vietnam Fatherland Front and Chairwoman of the Vietnamese Women’s Association in Hungary.

During the process of amending the land law, OVs themselves participated many times in conferences and seminars to collect opinions and recommendations on issues related to their rights and responsibilities, Thien said.

In the revised law, Vietnamese nationals residing abroad are completely equal to those living in the homeland in having the right to use land and own houses, she stressed, adding that this encourages them to pour more investment in real estate market in the homeland.

The investment to buy houses and land use right not only brings benefits to OVs but also h
elps increase the source of overseas remittances to the homeland, contributing to the country’s development.

Thien expressed her hope that the NA and the Government will issue decrees and instructions to facilitate the implementation of the law.

She also proposed several issues related to implementing contracts of buying, selling, transferring, and inheriting land use right, saying that it is necessary to simplify relevant administrative procedures to make it easier for OVS to own houses in Vietnam.

In the context of the idle real estate market as the supply is abundant, the revised land law is hoped to contribute to stimulating the demand from OVs, thus making the Vietnamese real estate market brighter and more bustling in the coming time, she went on./.

Source: Vietnam News Agency