Law on Land, Law on Housing, Law on Real Estate Business, and Law on Credit Institutions 2024 effective from August 01, 2024?

Land Law, Housing Law, Real Estate Business Law, and Credit Institution Law 2024 effective from August 1, 2024

On June 29, 2024, the National Assembly passed the Amended Land Law, Housing Law, Real Estate Business Law, and Credit Institution Law 2024.

The following legal provisions will take effect from August 1, 2024:

- Housing Law 2023 and Real Estate Business Law 2023 will take effect from August 1, 2024.- Clause 3, Article 200 of the Credit Institution Law 2024, and Clause 15, Article 210 of the Credit Institution Law 2024 will take effect from August 1, 2024.- The Land Law 2024 will take effect from August 1, 2024, except as stipulated in Clauses 2 and 3, Article 252 of the Land Law 2024:+ Article 190 of the Land Law 2024 and Article 248 of the Land Law 2024 will take effect from April 1, 2024.+ The formulation and approval of land use planning will continue to be implemented in accordance with Resolution 61/2022/QH15 on continuing to enhance the effectiveness and efficiency of policy implementation and legal regulations on planning, and on finding solutions to remove difficulties and obstacles, thereby speeding up the progress and improving the quality of planning for the 2021-2030 period.

Clause 9, Article 60 of the Land Law 2024 will take effect from the day Resolution 61/2022/QH15 ceases to have effect.

The Amended Land Law, Housing Law, Real Estate Business Law, and Credit Institution Law 2024 will take effect from August 1, 2024.

Land Law, Housing Law, Real Estate Business Law, and Credit Institution Law 2024 effective from August 1, 2024? (Image from Internet)

Land use plans, disposal methods, and reorganization plans approved by competent authorities as per Resolution 132/2020/QH14?

According to Clause 4, Article 260 of the Amended Land Law 2024, as amended by Clause 3, Article 1 of the Amended Land Law, Housing Law, Real Estate Business Law, and Credit Institution Law 2024, land use plans, disposal methods, and reorganization plans that have been approved by competent authorities in accordance with Resolution 132/2020/QH14 are prescribed as follows:

Land use plans, disposal methods, and reorganization plans approved by competent authorities as stipulated in Resolution 132/2020/QH14 of the National Assembly, which pilots certain policies to resolve bottlenecks and backlogs in managing and using defense and security land combined with labor production and economic construction activities before January 1, 2025, will follow the approved plans.

Transitional provisions on land allocation, leasing, and change of land use purpose when the Land Law 2024 comes into effect from August 1, 2024

According to Article 255 of the Amended Land Law 2024, as amended by Clause 3, Article 1 of the Amended Land Law, Housing Law, Real Estate Business Law, and Credit Institution Law 2024, transitional provisions on land allocation, leasing, and change of land use purpose when the Land Law 2024 comes into effect from August 1, 2024, are as follows:

- Households and individuals using agricultural land allocated before July 1, 2014, that exceeds the allocation limit at the time of allocation must convert the excess land area to land lease according to this Law.- Economic organizations, households, individuals, overseas Vietnamese who have been allocated land by the State with a land levy before this Law takes effect but now must lease the land according to this Law may continue to use the land for the remaining land use term without converting it to lease. When the land use term expires, if the competent state agency extends it, they must convert to lease land according to this Law's regulations.- Organizations, households, individuals, and overseas Vietnamese who were allocated land by the State without a land levy before July 1, 2014, but now must lease the land according to the Land Law 2013 and Land Law 2024 must convert to lease land.- Economic organizations, households, individuals, overseas Vietnamese who are eligible to continue using land according to Clause 3, Article 60 of the Land Law 2013 may continue to use land for the remaining land use term without converting it to lease according to this Law's regulations.- Economic organizations eligible to continue using land according to Clause 4, Article 60 of the Land Law 2013 may continue to use land for the remaining term of the project without converting it to lease according to this Law's regulations.- Land users eligible to continue using land according to Clause 5, Article 60 of the Land Law 2013 may choose to continue leasing the land for the remaining land use term or converting it to land allocation with a land levy according to this Law's regulations.- Organizations, households, individuals, overseas Vietnamese, and foreign-invested enterprises that have submitted dossiers to perform procedures for land allocation, leasing, or change of land use purpose but have not yet received a decision on land allocation, leasing, or permission for change of land use purpose, may perform procedures for land allocation, leasing, or change of land use purpose according to the law before this Law takes effect; if they wish, they may perform according to this Law's regulations.- Public non-business units that were allocated land by the State without a land levy or leased land before this Law takes effect may continue to use land for the remaining land use term according to the allocated or leased form; if they wish, they may convert to land allocation or lease according to this Law's regulations. When the land use term expires, the extension of land use will be implemented according to this Law's regulations.- For investment projects with a written approval of the investment policy or investor selection by the competent authority according to investment law, housing law, bidding law before July 1, 2014, but have not yet been allocated land or leased land to investors, if now conforming to the land use planning and plans, they may be reviewed, confirmed by the provincial People's Committee to have complied with the investment law, housing law, bidding law at the time of issuing those documents, and delaying the land allocation or leasing is not the fault of the investor; no need to conduct land use right auction or tender selection of investors for projects using land according to this Law. The order, procedures, and authority for land allocation, leasing, or land use purpose change will follow this Law's regulations.- Investment projects eligible for land allocation or leasing without land use right auction according to the Land Law No. 45/2013/QH13, relevant laws, and conforming to land use planning and plans but have not yet been allocated or leased land may continue to perform subsequent steps in the land allocation or leasing procedure to allocate or lease land to investors according to this Law if they meet one of the following conditions:+ Projects with selected investors from July 1, 2014, to before August 1, 2024, according to investment law, housing law, bidding law.+ Projects with investors who submitted valid dossiers for selection procedures before August 1, 2024, and selected before January 1, 2025.

The selection of investors for projects stated in this paragraph will be performed according to the investment law, housing law, bidding law effective at the time of dossier submission.

- Individuals allocated alluvial land along rivers or coasts before July 1, 2014, for agricultural purposes may continue to use the land for the remaining allocation term. When the land use term expires, if there is a need, and it fits the land use planning and plan, and there are no legal violations, the State will consider land allocation or leasing.