Land Law to create investment waves in various sectors: Experts

Cao Thị Phi Vân, ITPC Vice Director, speaking at the seminar. — VNA/VNS Photo

HCM CITY — The 2024 Land Law, to take effect from August 1, is hoped to bring about investment waves in relevant sectors such as real estate, requiring stakeholders to make good preparations, experts stated at a conference jointly held by the Investment and Trade Promotion Centre of Ho Chi Minh City (ITPC) and the Vietnam International Arbitration Centre (VIAC) in HCM City on July 17.

ITPC Vice Director Cao Thị Phi Vân clarified that the law has many new contents, including the regulations on the rights and obligations of citizens regarding land, the classification of land, and land use planning, while expanding the limit for the transfer of agricultural land use rights of individuals, and supplementing regulations on development, management and utilisation of land funds.

In addition, the law also includes regulations on de-centralisation and delegation of power to localities, contributing to removing difficulties and obstacles and smoothing the land resources for national development, she said.

Meanwhile, VIAC Deputy General Secretary Châu Việt Bắc said that the 2024 Land Law relates with many other laws and regulations and impacts many socio-economic aspects. When it comes into effect, the law serves as a premise for changes in business investment situation of not only related industries such as real estate but also many others such as finance, construction, and service, said Bắc.

He advised businesses to brace themselves with necessary knowledge and information to ensure their effective operations in the context of new legal framework.

Meanwhile, Phan Đức Hiếu, member of the National Assembly Economic Committee, said that the Government is preparing to issue documents guiding the implementation of laws related to real estate sector such as the Land Law, the Housing Law, and the Law on Real Estate Business.

He held that the new regulations allowing overseas Vietnamese to own houses and land use rights will motivate this community to actively engage in long-term investment activities at home.

Particularly, the 2024 Land Law allows the combined use of land for multiple purposes, enabling investors to use part of the agricultural land area to build auxiliary works such as warehouses, temporary accommodations for workers, or agricultural service works. This mechanism will untangle the long-lasting “knot” and drive investment in large-scale agriculture and eco-agriculture projects, contributing to enhancing the economic efficiency for the sector.

Regarding industrial real estate, experts held that the law will provide more options to investors as they can rent land with annual or one-time land use fees, depending on the needs of the businesss. — VNS