In the current period, when laws related to and affecting the real estate market such as the Land Law 2024, Housing Law 2023, and Real Estate Business Law 2023 begin to come into practice, organizing propaganda, dissemination, and extensive legal education among all classes of people and the business community is a particularly important task.
In particular, the effective application of the 2024 Land Law and its implementing documents into the practical operations of real estate enterprises has received much attention.
Dr. Nguyen Van Dinh - Vice President of Vietnam Real Estate Association - said that the 3 laws related to the real estate market this time have very detailed and clear regulations, especially in terms of decentralization and delegation of power.
However, from the perspective of the Vietnam Real Estate Association, listening to many opinions of businesses, the unit is looking forward to more instructions for implementing the Law quickly into life. Because many difficulties of real estate businesses are currently waiting to be resolved and untied.
“Through many contacts and visits to localities, we realized that many localities are still confused about law enforcement, so the rate of work handled is very small.
For example, in land clearance compensation projects, they reflect that they must pay 100% compensation before the land can be cleared, but this is very difficult, causing many projects to be hindered. In addition, there are other issues such as auctions and bidding..." - Mr. Dinh shared.
Meanwhile, Mr. Phan Duc Hieu - Standing Member of the Economic Committee of the National Assembly - said that there are still many things to discuss in training on the 2024 Land Law.
"According to the observations and feedback I have received, many district-level localities are still slow and are struggling to understand the Land Law," said Mr. Hieu, adding that the Ministry of Natural Resources and Environment needs to listen to send officials to localities to guide or organize training sessions with district officials on the implementation of the Land Law.
Dr. Can Van Luc - Member of the National Financial and Monetary Policy Advisory Council shared that there are many points to note in the process of guiding, applying and implementing the Land Law 2024 by localities and real estate enterprises. In particular, land valuation according to market principles is one of the first issues that need to be clearly understood.
According to experts, the 2024 Land Law has removed the land price framework (issued every 5 years as at present), replacing it with a land price list announced annually from January 1, 2026. It also clearly stipulates the responsibilities of the "Land Valuation Consulting Organization", "Land Price List Appraisal Council/Specific Land Prices"...
"The market principle is the most important new point, creating conditions for land valuation close to market prices, resolving land price inadequacies (especially the phenomenon of two prices), serving as a basis for compensation, site clearance, financial obligations to the state, determining real estate prices, calculating costs, project investment efficiency, clearly defining the responsibilities of related parties..." - Dr. Can Van Luc acknowledged.
