Vietnam passed the amended and supplemented Land Law 2024

Hanoi – On January 18, 2024, with 432/477 delegates presented “approval”, the National Assembly officially passed the amended and supplemented Land Law (hereinafter referred to as the Land Law 2024) from the 2013 Land Law. The Land Law 2024 includes 16 chapters and 260 articles, institutionalizing Resolution No. 18-NQ/TW dated June 16, 2022 in the 5th Central Conference of term XIII.

Below are some new points and outstanding new policies in the Land Law 2024 that we have compiled.

The Land Law 2024

1, specifically stipulates cases where the State “recalls land for national socio-economic development and public benefits” (Article 79)

2, allows the expansion of “the limit for receiving transfer of agricultural land use rights for individuals to no more than 15 times on the limit of agricultural land allocation to an individual for each type of land” (Article 177)

3, specifically regulates “land allocation and land lease through auction of land use rights” (Article 125)

4, regulates on consideration of issuance of Red Books for cases without documents and without violating land laws before July 1, 2014 (Article 138)

5, remove the “land Price Range” and regulate the “land Price List” (Article 159); the land price list is developed annually and the first land price list will be announced and applied from January 1, 2026.

6, specifically regulates “land allocation, land lease through auction of land use rights” for “clean land” created by the State (Article 125), or “land allocation, land lease through auction”. Bidding for selecting investors to implement investment projects using land” (Article 126)

7, liberal regulates on “using land to implement socio-economic development projects through agreements on receiving land use rights” or “having land use rights” (Article 127)

9, adding Chapter VIII on “development, management and exploitation of land funds” which stipulates “principles for development, management and exploitation of land funds” (Note: Land Law 2013 does not have this Chapter).

10, Land Law 2024 takes effect from January 1, 2025, except for some cases stipulated in Article 252. Notably, Articles 190 and 248 of this Law will take effect sooner, from April 1, 2024.

The Land Law 2024 is evaluated as progressive, meeting the requirements of perfecting synchronization of policies and laws on land use and management. The law also improves the efficiency of state management of land management; cuts administrative procedures, aiming to create more convenience for people and businesses; improves the quality of land data; boosting the development of real estate market.

Land Law is one of the important laws, directly affecting economic and social life, national security and defense, real estate market, housing, and finance etc. and has a relationship with many other legal regulations. The Land Law 2024 is expected to have a positive impact on both the economy and the real estate market of Vietnam. People and businesses expect the Government soon to issue decrees guiding the implementation of this Land Law.