Starting August 1, 2024, three key laws - the 2024 Land Law, the amended Housing Law, and the amended Real Estate Business Law came into effect.

Prime Minister Pham Minh Chinh has signed to issue an official dispatch directing ministries, sectors, and localities to effectively implement the Land Law, Housing Law, and Real Estate Business Law, all of which came into force on August 1.

Prime Minister Pham Minh Chinh has signed to issue an official dispatch directing ministries, sectors, and localities to effectively implement the Land Law, Housing Law, and Real Estate Business Law, all of which came into force simultaneously on August 1.

The Land Law, the Law on Real Estate Business, and the Housing Law, all to be effective from August 1, are expected to help remove pending roadblocks to real estate projects and promote the transparency of the market, according to insiders.

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.

Only 40,000 out of about 100,000 individual brokers in the domestic real estate market have brokerage practising certificates, according to the Vietnam Association of Real Estate Brokers (VARS).

Experts say the key to revitalizing the real estate market lies in the swift refinement of the legal framework, specifically through the issuance of detailed guidelines for laws, particularly the Land Law and the Real Estate Business Law.