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Revised Land Law - a boost for real estate market

The Land Law (revised), which expands land use rights for overseas Vietnamese (OVs) and Vietnamese citizens residing abroad, is expected to give a boost to the domestic real estate market.
Revised Land Law - a boost for real estate market ảnh 1The Land Law (revised) is expected to give a boost to the domestic real estate market.(Photo: VNA)
Washington D.C. (VNA) – The Land Law(revised), which expands land use rights for overseas Vietnamese (OVs) andVietnamese citizens residing abroad, is expected to give a boost to thedomestic real estate market.

Lieu Nguyen, global ambassador to Vietnam, Cambodia, and Indonesia from the US National Association of Realtors, saidthe legal document will help OVs and foreign investors feel secure aboutinvestment in the market.

Many elderly Vietnamese in the US share the wish tolive in their homeland after retirement and purchase property there, saidLieu, who works for Westgate Realty Group of the US.
Revised Land Law - a boost for real estate market ảnh 2Lieu Nguyen, global ambassador to Vietnam, Cambodia, and Indonesia from the US National Association of Realtors, in an interview with the Vietnam News Agency. (Photo: VNA)
She proposed Vietnam implement home resort projectsto serve not only OVs but also retired US and Japanese people who want to residein the Southeast Asian nation, adding the projects should include medicalservices and others for the elderly.  

Lieu also held that the law will help spur thedomestic real estate market as well as Vietnam’s tourism and economy.

With 16 chapters and 260 articles, the revised LandLaw, passed at the 15th National Assembly (NA)’s 5th extraordinary session inJanuary 2024, will come into force from January 1, 2025, except for someparticular articles./.
VNA
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