HANOI: Vietnam's 2024 land law, set to take effect next month, is expected to bring about investment opportunities in relevant sectors, requiring stakeholders to prepare adequately, according to a report from the Vietnam News Agency cited by Xinhua on Thursday.
Chau Viet Bac, deputy general secretary of the Vietnam International Arbitration Centre, said when the law comes into effect, it will serve as a premise for changes in the business investment situation of not only related industries such as real estate but also many others such as finance, construction, and service.
Phan Duc Hieu, a member of the National Assembly Economic Committee, highlighted that the new regulations allowing overseas Vietnamese to own houses and land use rights, will encourage this community to actively engage in long-term investment activities at home.
Regarding industrial real estate, experts believe that the law will provide investors more flexibility as they can rent land with annual or one-time land use fees, depending on the needs of the businesses, said the report.
The revised land law was adopted by the Vietnamese National Assembly early this year. It is set to take effect from August 1.