Proposal to develop and amend the Law on Real Estate from the Government of Vietnam

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On November 11, 2022, the Government of Vietnam approved Resolution 148/NQ-CP promulgating an action plan to implement Resolution 06-NQ/TW on urban planning, construction, management, and sustainable development. Vietnam market projections through 2030, with a focus on 2015.

According to Resolution 148/NQ-CP, the Vietnamese government sets specific goals:

- The national urbanization rate will reach at least 45% by 2025 and over 50% by 2030. The ratio of urban construction land to the total natural land area will reach about 1.5–1.9% by 2025 and about 1.9–2.3% by 2030.

- The number of urban centers nationwide by 2025 will be about 950–1,000, and by 2030, about 1,000–1,200.

By 2025, 100% of existing and new urban centers will have master plans, zoning plans, urban renovation, embellishment, reconstruction, and development programs, ensuring that at least 100% of grade III urban centers or higher complete the criteria for urban classification in terms of urban infrastructure, especially infrastructure for healthcare, education, training, and urban-level cultural works.

By 2030, a number of urban centers will have formed at national and regional levels that achieve urban-level criteria on health, education, training, and culture equivalent to the average level of cities in the group of four leading ASEAN countries.

- The ratio of traffic land to urban construction land will reach about 11–16% by 2025 and 16–26% by 2030. The average green tree area per urban dweller will reach about 6–8 by 2025 and about 8–10 by 2030. The average residential floor area per capita in urban areas will be at least 28 m2 by 2025, and by 2030, at least 32 m2.

- By 2025, fiber optic broadband network infrastructure will cover over 80% of households in urban areas and will universalize 4G and 5G mobile network services and smart phones. The percentage of the adult population in urban areas with electronic payment accounts is over 80%. By 2030, universalize fiber optic broadband Internet services and 3G mobile network services, and the percentage of the adult population in urban areas with electronic payment accounts will reach 100%.

- By 2025, the urban economy will contribute approximately 75% of national GDP, increasing to approximately 85% by 2030.In 2025, the share of the digital economy in the GRDP of centrally run cities will average 25–30%, or 35–40%. By 2030, the goal is to have a national and regional network of central smart cities with international connections, as well as 3-5 cities with regionally and internationally recognized brand names.

Vision to 2045:

+ In ASEAN and Asia, the urbanization rate is in the middle to high range.

+ The urban system is interconnected in a synchronous, unified, and balanced network between regions and regions; it can withstand and adapt to climate change, prevent and combat natural disasters and epidemics, protect the environment, and has typical architecture that is rich in identity, green, modern, and smart.

+ Build at least 5 urban centers of international stature, acting as a focal point for connection and development with regional and international networks.

+ The economic structure of urban areas develops in the direction of modernity, with green economic sectors and the digital economy accounting for a large proportion.

In addition, the government proposes to build and amend a series of laws on real estate.

Resolution 148/NQ-CP specifically states that it is necessary to focus on researching and perfecting institutions, submitting to competent authorities, or promulgating legal documents, key mechanisms, and policies in accordance with their competence.after:

(1) Study and propose to develop amended law on urban and rural planning;

Research and comprehensively innovate on urban planning methods, processes, contents, and products.

Research content:

- A report to the Prime Minister on urban planning innovation with a multi-sectoral, inclusive approach, long-term vision, comprehensive, strategic, market rules, and sustainable development principles;

- Ensure the planning system's hierarchy, continuity, unity, completeness, and integration, which is closely linked to rural planning;

- Define regions clearly in urban planning content and use development control tools in accordance with master plans and plans;

- Use of geographic information systems (GIS) in planning formulation and management, linking urban planning to implementation resources;

- Participate in amending and supplementing the law on urban and rural planning adjustment.

(2) Research and propose to develop an adjustment law on urban management and development;

(3) Development of  Law on Housing (amended);

(4) Development of the Law on Real Estate Business (amended);

(5) Study and develop the Law on adjustment of water supply and drainage;

(6) Research and develop the Law on management of underground space;

(7) Research and review the Law on State Budget (amended);

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