Vietnam Business Law is a website managed by lawyers of Venture North Law Limited (VNLaw). Venture North Law Limited (VNLaw) is a Vietnamese commercial law firm. We won the Rising Law Firm of the Year Award at the Southeast Asia Law Awards for the years 2020 and 2021 held by The Legal 500. Very few Vietnamese law firms have achieved a similar regional recognition.
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In this post, we continue to discuss the Draft on Law on Real Estate Business, which was recently published for public comments. Part 1 of our discussion can be found Here.
This post is written by Nguyen Hoang Duong and Nguyen Quang Vu.
The Ministry of Natural Resource and Environment (MONRE) recently published a draft new land law (Draft) for collection of public comments before submitting the Draft to the National Assembly. Among other notable changes introduced by the Draft, the change to regulations on land rental payment method may attract attention. While this issue has been briefly covered by our comment of draft Land Law, below are our in-depth comments on the proposed change:
Under the Draft, the land users, who lease land from the Government, may select to pay land rental on either annual basis or lump-sum basis for the whole term if their lands are (i) lands for implementing projects of agricultural manufacturing, forestry, aquaculture, salt production, or (ii) lands for industrial zone, industrial cluster, export-processing zone, or hi-tech zone. With respect to other types of land, the only option available to the land user is payment of land rental on an annual basis. This regulation appears to be an unwelcome change given that under the current Land Law 2013, the land users are free to choose a suitable land rental payment method regardless of their types of land. In addition, this gives rise to several issues as discussed below.
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On 28 June 2023, the State Bank of Vietnam (SBV) issued Circular 6 (Circular 6/2023) to amend Circular 39/2016 on lending activities of credit institutions (CIs) and foreign bank branches (FBBs). Circular 6/2023 will take effect from 1 September 2023.
Circular 6/2023 introduces stricter control over lending activities conducted by CIs and FBBs. In this post, we will summarize some of the key points of Circular 6/2023.
Circular 6 provides for certain new scenarios where CIs and FBBs are prohibited from providing loans. These cases include:
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In May 2023, Ministry of Construction and VCCI jointly held a Seminar on Draft of new Law on Real Estate Business (Draft Real Estate Business Law) to collect opinions and comments from enterprise community and experts. The Draft Real Estate Business Law appears to be the latest version having been published before it is submitted to the National Assembly. The new Law on Real Estate Business is scheduled to be adopted by the National Assembly in November 2023. We will try to highlight some notable changes introduced by the Draft Real Estate Business Law in this post and subsequent posts.
This post is written by Nguyen Hoang Duong and Nguyen Quang Vu.