Accordingly to the Vice Chairman of the National Assembly (NA), 404 out of 469 deputies present at the sitting voted in favor of the Law on amendments and supplements to several articles of the Law on Land, the Law on Housing, the Law on Real Estate Business, and the Law on Credit Institutions.

Land Law, Housing Law to take effect on August 1, 2024.

The NA had previously passed these laws, originally scheduled to take effect on January 1, 2025. Under the newly approved law, the Law on Land, the Law on Housing, the Law on Real Estate Business, and the Law on Credit Institutions will become effective on August 1, 2024, five months ahead of the initial schedule.

Presenting the report on receiving, revising, and explaining legislators' opinions, the Chairman of the NA’s Committee for Economic Affairs, Vu Hong Thanh, stated that many deputies agreed on the necessity to promulgate the law to adjust the validity of the four laws. However, concerns remain regarding ensuring the conditions for implementing these laws.

Some deputies suggested keeping the effective date of the laws as January 1, 2025, to allow relevant agencies adequate time to develop thorough decrees and circulars. This would also give localities time to create necessary guidance documents.

The NA Standing Committee noted that the Law on Land 2024, the Law on Housing 2023, and the Law on Real Estate Business 2023 institutionalize many new policies and guidelines of the Party and State, addressing the limitations and difficulties of the previous laws.

Many provisions are innovative and progressive, expected to drive socio-economic development in the new period. These provisions can be applied immediately without needing detailed guidance documents.

Thanh said the early implementation of these laws is both a wish and a requirement of the NA. Since passing the laws, the Government and the Prime Minister have directed ministries, sectors, and localities to develop detailed regulations and guidance documents.

The Government has committed to promptly issuing detailed regulations and guidance documents for implementing the laws to avoid legal gaps and prevent any misuse of policies or legalization of violations.

Thanh acknowledged that some opinions suggested caution regarding the timing of the implementation of the laws due to concerns about the progress and roadmap for developing and promulgating detailed guidance documents for localities. These opinions emphasized the need for the Government to identify and fully assess the risks, challenges, and potential problems and to have appropriate solutions.

He cited that the Government affirms that if the National Assembly passes this draft law at the 7th session, localities will still have enough time to complete and issue the necessary documents to ensure progress, quality, and effective implementation from August 1, 2024.

Chairman of the NA Committee for Economic Affairs Vu Hong Thanh requested that the Government closely direct the issuance of detailed regulations and instructions for the implementation by ministries, sectors, and localities. It is essential to avoid problems due to delays or the lack of specific documents and ensure all conditions are prepared for implementing the laws from August 1, 2024, once passed by the National Assembly.