OV praises revised Land Law’s openness, inclusivity

Ann Huynh, an employee of a real estate company in Virginia, the US. (Photo: VNA)

Washington D.C. (VNA) – An overseas Vietnamese (OV) has lauded the revised Land Law which was passed by the Vietnamese National Assembly in January, highlighting its focus on attracting foreign capital and fostering connections between OVs and their homeland.

Ann Huynh, who is an employee of a real estate company in Virginia of the US told the Vietnam News Agency's resident reporter on March 19 that it is a step in the right direction. Many OVs want to support their families in the homeland and contribute to Vietnam's development through remittances and reinvestment. Real estate offers a particularly attractive avenue for them to do this.

Ann Huynh praised the amended law for its inclusivity and clarity, saying that the new provisions provide greater assurance for OVs and foreign investors by explicitly guaranteeing their rights.

She noted that the land law now clearly outlines the bidding process for land parcels in projects. Additionally, it prioritises land ownership for ethnic minorities and households who previously held land but lacked formal documents.

These features showcase the Vietnamese Government's commitment to diversity and inclusivity in the distribution of land rights, she said.

To address the issue of unsold properties in Vietnam, Ann Huynh proposed leveraging the new policy to attract a broader pool of buyers, including OVs. Projects with a more diverse customer base will benefit from increased liquidity, thus generating cash flows and providing investors with resources necessary to complete unfinished projects, launch new developments, and better satisfy the market demand.

However, Ann Huynh underlined the need for protective measures to ensure social balance in the future. It is important to ensure Vietnamese citizens have access to home ownership opportunities, she said.

The Government also needs to consider the situation of foreign buyers who might not reside in Vietnam for a long time due to their jobs abroad, she said, proposing that specific projects should allow OVs to hold full ownership rights./.