Decrees of the 2024 Land Law will take effect immediately

It is expected that on August 1, a series of laws, including the 2024 Land Law, the 2024 Housing Law, and the 2024 Real Estate Business Law, will take effect. According to Mr. Nguyen Dac Nhan, Deputy Director of the Land Department ( Ministry of Natural Resources and Environment ), the Ministry's leaders also resolutely implemented the Government's direction to develop detailed regulations as well as instructions for implementing the 2024 Land Law 5 months earlier than expected.

When the Ministry of Natural Resources and Environment submits the law to the Government for the Government to submit to the National Assembly the Land Law, in which the drafts of implementing documents are ready, it only needs to be announced by the National Assembly Chairman to be able to put it into practice.

The Government Standing Committee also met at the end of May and agreed to issue these Decrees under a shortened process. Because according to the old regulations, after signing, the Decree will take effect after 45 days. But for these Decrees, they will take effect immediately along with the 2024 Land Law. Localities have also reported on the implementation progress including the Provincial People's Council Resolution and the decision of the Provincial People's Committee Chairman to issue specific policies and mechanisms as prescribed in the Law. The Ministry of Natural Resources and Environment also has a specific propaganda plan such as organizing seminars, training, developing propaganda documents for each target group such as businesses, ethnic minorities, etc.

New regulations in the laws are expected to help the real estate market soon recover.

Mr. Hoang Hai, Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) affirmed: Never before has the country had such consensus from central and local agencies as it does today. This demonstrates the determination to remove difficulties for the purpose of supporting businesses, creating conditions for projects to be implemented, promoting capital flows and the market to develop healthily and transparently.

"The State's synchronous amendment of four laws related to housing development, real estate market, land, and credit demonstrates its determination and synchronization of the law.

Regarding the Law on Real Estate Business, a notable new point is that individuals doing small-scale business, below small-scale business are not subject to the law. In addition, the law also shows consistency and supplements, clarifying important legal concepts. In particular, it clearly stipulates construction works put into business related to real estate, tourism, resorts, health, sports, culture to have appropriate behavior. In addition, it also clarifies condotel, officetel... to create a more solid legal basis for investment and business of products.

This law also increases the transparency of project information, helping buyers have more access to clean information, improving buyer protection, and reducing the risk of disputes. The new law also stipulates that projects must disclose information when put into operation, which was not the case before. Along with that, it is also clearly supplemented with more strictly regulated prohibited acts, or the expansion of real estate business rights of Vietnamese people residing abroad.

Source: https://thanhnien.vn/cac-nghi-dinh-cua-luat-dat-dai-2024-se-co-hieu-luc-tuc-thoi-185240628185422636.htm