Revised Land Law - a boost for real estate market

The 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) and Vietnamese citizens residing abroad, is expected to give a boost to the domestic real estate market.

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

Many elderly Vietnamese in the US share the wish to live in their homeland after retirement and purchase property there, said Lieu, who works for Westgate Realty Group of the US.

Lieu 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 projects to serve not only OVs but also retired US and Japanese people who want to reside in the Southeast Asian nation, adding the projects should include medical services and others for the elderly.  

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

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

VNA