On June 29, 2024, the National Assembly officially enacted Law No. 43/2024/QH15 ("Amendment Law") amending and supplementing certain provisions of the Land Law No. 31/2024/QH15 ("Land Law"), Housing Law No. 27/2023/QH15 ("Housing Law"), Real Estate Business Law No. 29/2023/QH15 ("Real Estate Business Law"), and the Law on Credit Institutions No. 32/2024/QH15 ("Law on Credit Institutions"). Consequently, the Land Law, Housing Law, Real Estate Business Law, and the Law on Credit Institutions will come into effect on August 1, 2024, instead of January 1, 2025, as previously stipulated. The postponement of the effective date ensures that the regulations promptly "come into effect" to timely address difficulties and obstacles for the people and the business community.
Furthermore, to facilitate investors in proactively implementing projects with the postponed effective date, the Amendment Law adds provisions: for investment projects involving land allocation or land lease without the auction of land use rights as per the Land Law 2013, project investors can only proceed with subsequent steps to be allocated or leased land by the State (after August 1, 2024) if they satisfy both of the following conditions:
- They have submitted valid dossiers for the procedures of selecting investors and project owners before August 1, 2024;
- They have selected the investor and project owner before January 1, 2025.
Therefore, investors should pay attention to the above content to quickly complete dossier submission and investor selection procedures as per regulations before August 1, 2024.
The Amendment Law takes effect from August 1, 2024./.
Comment: