The Land Law 2024, passed by the National Assembly at the end of 2023 and effective from January 1, 2025, is one of the most anticipated laws, expected to bring significant reforms in land management and usage in Vietnam. These changes will impact not only investors and real estate businesses but also every household and individual landowner.

Key Highlights

🔹 Abolishment of the State’s Land Price Framework
The most notable change is the elimination of the government-set land price framework. Instead, land prices will now be determined based on market principles through specific land valuation methods. This is expected to make pricing more transparent and closer to real market values, minimizing the gap between compensation prices and market prices—thereby reducing complaints and disputes.

🔹 Expanded Land Use Rights for Overseas Vietnamese and Foreigners
The new law expands land use rights for overseas Vietnamese and foreigners who are legally allowed to enter Vietnam. They may acquire land use rights in residential housing development projects or lease land for investment purposes. This change facilitates remittance inflows and boosts foreign investment in the real estate sector.

🔹 Greater Transparency in Land Use Planning
Land Law 2024 strengthens public access to land use planning and zoning information. Citizens can now easily access such data through online portals and public bulletin boards. This promotes transparency and allows individuals to make informed investment decisions while also participating in public oversight.

🔹 Improved Compensation, Support, and Resettlement Policies
The law enhances provisions on land recovery, compensation, support, and resettlement, aiming to balance the interests of the state, citizens, and investors. Notably, resettlement areas must offer living conditions that are equal to or better than those in the original location.

Advice for Citizens and Businesses

To avoid legal risks and make the most of new opportunities under the Land Law 2024, individuals and businesses are strongly encouraged to thoroughly study the updated regulations—especially those related to land rights and obligations, administrative procedures, land valuation, and compensation policies.