On January 18th, 2024, in the 5th ad-hoc session, the 15th National Assembly of the Socialist Republic of Vietnam, the National Assembly officially voted to ratify the new Land Law (Land Law 2024) with many important policies.
After receiving multi-dimensional opinions, and many revision sessions, Land Law 2024 contains 16 chapters, 260 Articles, in which some notable policies have been revised, and completed as follows:
(1) The land use rights and obligations of Vietnamese residing abroad;
(2) Not expanding the scope of receiving land use rights transfer from foreign-invested economic organizations (Article 28 of the Land Law 2024);
(3) The case of foreign-invested economic organizations that are entitled to receive real estate project transfer according to the law on real estate trading;
(4) Land expropriation for commercial housing projects, mixed housing, and business projects (Clause 27, Article 79 of the Land Law 2024);
(5) The relationship between cases of land expropriation and agreements on receiving land use rights or having land use rights to implement socio-economic development projects that are not funded by the State budget;
(6) Types of land for implementing commercial housing projects through agreements on receiving land use rights or already had land use rights;
(7) Annual land rental payments (Clause 3, Article 153 of the Land Law 2024);
(8) The content of land valuation methods and specific cases, and conditions for applying each method (Article 158 Land Law 2024).
Land Law 2024 takes effect from January 1st, 2025.
