Society

Revised Land Law helps protect legitimate rights of OV investors

The amended Land Law, which was passed by the Vietnamese National Assembly in January 2024, will help protect the legitimate rights and interests of investors and owners who are overseas Vietnamese (OVs), thus making the real estate market more transparent and stable, according to Nguyen Minh Duc, Vice President of the Vietnamese Community Association in the UK (VAUK).
Revised Land Law helps protect legitimate rights of OV investors ảnh 1A corner of Van Phu urban area, Hanoi - Illustrative image (Photo: VNA)
London (VNA) – The amended Land Law, which was passed by theVietnamese National Assembly in January 2024, will help protect the legitimaterights and interests of investors and owners who are overseas Vietnamese (OVs),thus making the real estate market more transparent and stable, according to NguyenMinh Duc, Vice President of the Vietnamese Community Association in the UK(VAUK).

This amendment is an important legal step, affecting manyaspects of life and business of OVs, especially those living in the UK, Duc said.

Pointing out the huge investment potential of Vietnam's realestate market for OVs, he stressed that their need to buy real estate in thehomeland is very large, particularly for those with economic and life stability.Most of them want to return to their homeland after retirement, even if theyonly live in Vietnam part-time.

According to Duc, Vietnam is a developing country and an emerging market that isattractive for investment, especially in land.

The amendment of the Land Law not only is a policy tocreate more favourable conditions for overseas Vietnamese to invest and live inVietnam, but also demonstrates the consistency of the Party and State in consideringVietnamese people abroad an integral part and a resource of the nation, statedthe VAUK Vice President.

As the top concern of OVs when investing in Vietnam is thattheir assets and rights are protected by Vietnamese and international law, theyhope the government to provide specific guidance documents and an officiallegal advice channel to support this issue, he added.

With 16 chapters and 260 articles, the revised Land Law,passed at the 15th National Assembly’s 5th extraordinary session in January2024, will come into force from January 1, 2025, except for some particulararticles. Notably, it expands land use rights for OVs and Vietnamese citizensresiding abroad./.

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