(VOVworld) – National Assembly (NA) deputies on Tuesday adopted the revised laws on housing and real estate business.

Housing demand in Vietnam is bigger than supply

The revised law on housing comprises 13 chapters with 183 articles on housing ownership, development, management, and use and on the state management on housing in Vietnam.

The amended law expands housing ownership for overseas Vietnamese and foreign organisations and individuals.

The revised law on real estate business,s which includes 6 chapters and 82 articles, has comprehensively adjusted issues relating to the field to ensure unity and reduce any overlap between the law and land law, the civil code, and investment law. There are many new points in the revised law including the expansion of real estate business scope for domestic organisations and individuals, overseas Vietnamese, and foreign-invested enterprises. 

Minister of Construction Trinh Dinh Dung told media:

“The revised laws have met the most important principle, which is the development of real estate and housing should be in line with planning and improve state management at both the central and provincial levels instead of leaving it to the market. It’s also necessary to ensure a healthy market. The revised housing law has clarified the need to develop both commercial and social housing with state support. The law is a step to concretize people’s rights on housing which is set out in the Constitution. The approval of these two laws will be a legal foundation for socio-economic development and improving public living conditions.”