The Government on May 17 issued a Resolution approving the proposal to draft amendments to the Housing Law and the Real Estate Business Law, specifically Clause 1 of Article 197 and Clause 1 of Article 82, respectively.
A social housing project in IP, Yên Phong, the northern province of Bắc Ninh. The Government on May 17 issued a Resolution approving the proposal to draft amendments to the Housing Law and the Real Estate Business Law. - VNA/VNS Photo
Both laws were ratified by the National Assembly in November 2023, with their effective date set for January 1, 2025. However, the Government put forth a proposal for these laws to take effect from July 1, 2024, six months earlier.
This proactive step aims to promptly institutionalise the Party's guidelines, as well as the State's policies and laws governing the development and strict management of the real estate market. It seeks to refine mechanisms and policies to ensure the healthy and sustainable development of this market.
Furthermore, this decision ensures that these laws will come into effect concurrently with the Land Law 2024.