OV praises revised Land Law’s openness, inclusivity
An overseas Vietnamese (OV) has lauded the revised Land Law, which was passed by the Vietnamese National Assembly in January, highlighting its focus on attracting foreign capital and fostering connections between OVs and their homeland.
Ann Huynh, an employee of a real estate company in Virginia, the US. (Photo: VNA)
Washington D.C. (VNA) – An overseas Vietnamese(OV) has lauded the revised Land Law which was passed by the Vietnamese National Assemblyin January, highlighting its focus on attracting foreign capital and fosteringconnections between OVs and their homeland.
AnnHuynh, who is an employee of a real estate company in Virginia of the US told the Vietnam News Agency's resident reporter onMarch 19 that it is a step in the right direction. Many OVs want to supporttheir families in the homꦿeland and contribute to Vietnam's develo♐pment throughremittances and reinvestment. Real estate offers a particularly attractiveavenue for them to do this.
Ann Huynh praised the amended law for its inclusivity andclarity, saying that the new provisions provide greater assurance for OVs andforeign investors by explicitly guaranteeing their rights. She noted that the land law now clearly outlines the biddingprocess for land parcels in projects. Additionally, it prioritises landownership for ethnic minorities and households who previously held land butlacked formal documents. These features showcase the Vietnamese Government's commitmentto diversity and inclusivity in the distribution of land rights, she said. To address the issue of unsold properties in Vietnam, Ann Huynh proposedleveraging the new policy to attract a broader pool of buyers, including OVs. Projectswith a more diverse customer base will benefit from increased liquidity, thus generatingcash flows and providing investors with resources necessary to completeunfinished projects, launch new developments, and better satisfy the market demand. However, Ann Huynh underlined the need for protective measures to ensure socialbalance in the future. It is important to ensure Vietnamese citizens have access tohome ownership opportunities, she said. The Government also needs to consider the situation of foreignbuyers who might not reside in Vietnam for a long time due to their jobs abroad, she said, proposing that specific projects should allow OVs tohold full ownership rights./.
The revised Land Law, which was passed at the 15th National Assembly’s fifth extraordinary session, holds great significance in the country’s political, socioeconomic life and national defence and security as well as has impacts on people from all walks of life and the business community.
The revised Land Law, recently passed by the National Assembly, is expected to attract capital from overseas Vietnamese (OV) across the world, said Chief of the Office of the Vietnam-Japan Business Association (VJBA) Dang Thai Minh.
Koizumi Kenichi, a Japanese real estate investment expert, has praised the amended Land Law that was passed by the Vietnamese National Assembly earlier this year, believing that one specific amendment will be very welcome to foreign companies.
The amended Land Law, freshly passed at the 15th National Assembly (NA)'s 5th extraordinary session in early 2024, is a positive step for foreign nationals of Vietnamese origin, encouraging them to invest in Vietnam, said Le Thuy Tien, director of Mori Pharmacy Ltd and Mori Healthcare in Japan.
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Ann Huynh, an employee of a real estate company in Virginia, the US. (Photo: VNA) 
