The 5th extraordinary session of the 15th National Assembly (Photo: SGGP)

With hundreds of new points, the amended Land Law affects subjects in the political, socio-economic, and environmental fields as well as national defense and security. The most prominent content directly related to the rights and benefits of land users are as follows:

1. The State is allowed to retrieve land for socio-economic growth for national and public benefits in 32 cases. This is to exploit the land resource more effectively for socio-economic development in a more modern way, for the implementation of social security policies, and for the protection of both the environment and cultural heritages.

2. When transferring the land use right, related people have to return the exempted or reduced money. This is to minimize negativities in cases to enjoy incentives offered by the State. This matter needs further investigation for cases of families under the State’s preferential treatment policies and people not receiving preferential treatments in land use purpose change.

3. The conditions to change land use purposes are more strictly regulated. The amended Land law adds more detailed conditions so that real estate transfers can be done more transparently and law breaking activities can be minimized.

4. Businesses can receive the transfer of land use right for rice paddy lots. This might lead to substantial increases in agricultural land price, ensuring the correct value and market price for land use right transfers.

5. People are allowed to sell the assets on a land lot as well as land lease rights to other businesses. This regulation makes way for enterprises dealing with properties in industrial parks. It ensures the rights on assets and of asset owners, the rights related to land use and lease.

6. People not fulfilling their financial duties for a land lot will have that lot taken away. This contributes to reducing cases of hoarding assigned land lots and avoiding major damages to the land resource.

7. Businesses have to complete the resettlement plan before carrying out land retrieval. The resettlement area must have sufficient technical and public facilities which are consistent with the approved detailed planning by competent authorities as well as local traditions and customs.

8. Enterprises can enjoy land rent reduction or exemption when they construct accommodations for workers in industrial parks. This is expected to increase the supply of real estate for rent, and in the long run, to decrease house rents.

9. The land price frameworks are abolished, and the price is now identified according to market principles. This is considered the most important content in the amended Land Law. Basically, this gives more benefits to landowners, while real estate businesses can more easily perform the land clearance task in compliance with the market mechanism.

Source: SGGP