The 2024 Land Law (effective August 1, 2024) introduces major changes that directly affect home buyers, investors, and property owners in Vietnam.
1. Abolishing the National Land Price Framework
The state has abolished the national land price framework; local authorities now set annual land price tables based on market values. This directly impacts transfer taxes and related fees.
2. Expanding Agricultural Land Transfer Rights
Non-agricultural workers are now permitted to receive agricultural land transfers, opening investment opportunities but requiring attention to land use purpose restrictions.
3. Changes to Compensation for Land Clearance
Compensation when the state acquires land must now reflect market prices, better protecting residents' rights.
4. Stricter Controls on Land Subdivision for Sale
Conditions for subdividing land for sale are more stringent, especially in large urban areas. Investors must carefully verify project legal status before committing funds.
Recommendations for Home Buyers
Before purchasing real estate, check: (1) Legal status of the land certificate, (2) Local zoning plans, (3) Associated financial obligations. Consult a real estate lawyer to maximize protection of your interests.
