The amended Land Law was passed by the Vietnamese National Assembly in January 2024. (Photo: VNA)

The amended Land Law, which was passed by the Vietnamese National Assembly in January 2024, will help protect the legitimate rights and interests of investors and owners who are overseas Vietnamese (OVs), thus making the real estate market more transparent and stable, according to Nguyen Minh Duc, Vice President of the Vietnamese Community Association in the UK (VAUK).

This amendment is an important legal step, affecting many aspects of life and business of OVs, especially those living in the UK, Duc said.

Pointing out the huge investment potential of Vietnam's real estate market for OVs, he stressed that their need to buy real estate in the homeland is very large, particularly for those with economic and life stability. Most of them want to return to their homeland after retirement, even if they only live in Vietnam part-time.

According to Duc, Vietnam is a developing country and an emerging market that is attractive for investment, especially in land.

The amendment of the Land Law not only is a policy to create more favourable conditions for overseas Vietnamese to invest and live in Vietnam, but also demonstrates the consistency of the Party and State in considering Vietnamese people abroad an integral part and a resource of the nation, stated the VAUK Vice President.

As the top concern of OVs when investing in Vietnam is that their assets and rights are protected by Vietnamese and international law, they hope the government to provide specific guidance documents and an official legal advice channel to support this issue, he added.

With 16 chapters and 260 articles, the revised Land Law, passed at the 15th National Assembly’s 5th extraordinary session in January 2024, will come into force from January 1, 2025, except for some particular articles. Notably, it expands land use rights for OVs and Vietnamese citizens residing abroad.