Vietnam’s new Land Law, Housing Law, Real Estate Business Law, and Law on Credit Institutions are all set to come into force from August 1 after being approved by the National Assembly on Saturday.

Whereas some elements of these laws were already in force, the bulk of the reforms contained therein were not due to kick-in until January 2025. These laws, however, have been slated as a cornerstone of the recovery of Vietnam’s real estate industry which, although showing some signs of improvement, is still floundering.

Among the reforms are changes that should open up the local real estate market for Vietnamese living abroad as well as a simplified dispute resolution process.

The big change, however, will be to land pricing. Under the current Land Law, a land price is set every five years by the central government. Using this base-price local governments apply a coefficient to determine the price of land. The new Land Law, however, will remove these complex land pricing regulations with the base price set by local governments and once a year as opposed to every five.

See also: Vietnam’s Law on Land 2024: Foreign Investor Cheat Sheet