Revised Land Law expected to help draw investments from OVs

The revised Land Law, recently passed by the National Assembly, is expected to attract capital from overseas Vietnamese (OV) across the world, said Chief of the Office of the Vietnam-Japan Business Association (VJBA) Dang Thai Minh.

Talking with the Vietnam News Agency (VNA)'s resident correspondent in Tokyo, Minh expressed her optimism about the law's potential to facilitate investment opportunities in Vietnam's real estate sector. She viewed this change as a reflection of the Government's commitment to attracting foreign capital and resources, while simultaneously strengthening ties between OVs and their homeland.

This revision also underscores the Vietnamese Party and State’s consistent policy of considering OVs an inseparable part of the nation, she said.

According to Minh, after the amended Land Law takes effect on January 1, 2025, Japanese enterprises would have favourable conditions to invest in factories and industrial zones in Vietnam. The Vietnamese firms in Japan have also expressed their interest in investing in the homeland.

Looking ahead, Minh foresaw a range of opportunities in the next 1-2 years for OVs to invest in the Vietnamese real estate market, buoyed by its anticipated recovery in the coming years.

The Land Law (revised) has 16 chapters and 260 articles. It will be effective from January 1, 2025, except for some particular articles.

Notably, it removes regulations on the Government's land price framework while stipulating principles, foundations, and methods of land pricing. Under the revised law, a land price list will be made on an annual basis. The land price list will be first announced and applied from January 1, 2026, and will be adjusted and supplemented from January 1 of the following year./.