The Vietnamese real estate market is on the brink of substantial growth this year, driven by a new legal framework, increased foreign direct investment (FDI), improved infrastructure, and a welcoming investment climate.
Experts believe these factors will create a “more attractive landscape” for both domestic and international investors.
This optimistic outlook follows the introduction of several reforms aimed at streamlining property transactions and enhancing transparency within the sector.
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The new legal framework, enacted earlier this year, addresses long-standing issues related to land use rights and ownership regulations, which have hindered investment.
It allows for greater clarity and security for investors, fostering confidence in the market.
Recent developments have provided the market with supportive elements such as economic growth, macroeconomic stability, effective legal frameworks, strategic planning, and favourable supply and demand dynamics.
Among these elements, the legal framework is particularly significant, as it progressively addresses longstanding regulatory challenges.
A number of new laws pertinent to the real estate market are set to take effect, accompanied by various decrees and policies that have already been implemented.
Three key laws aimed at streamlining and modernising the sector such as the 2024 Land Law, the Housing Law, and the 2023 Real Estate Business Law have already been in effect since August last year.
The 2024 Land Law is particularly noteworthy, as it introduces new regulations that abolish outdated land price structures and facilitates annual updates to pricing tables.
By empowering local authorities to make determinations regarding land prices, this law seeks to enhance land utilisation and allocation, thereby increasing government revenue.
Source: Vietnam News
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