The revised Land Law, which was passed by the Vietnamese National Assembly in January 2024, is expected to lure capital from overseas Vietnamese (OV), said Chairman of the Vietnamese Business Association in Australia  (VBAA) Tran Ba Phuc.

Talking to the Vietnam News Agency’s resident correspondents in Australia, Phuc hailed the amended law, saying it provides greater assurance for OVs by explicitly guaranteeing their rights. This serves as a motivation to encourage them to return to the home country and invest more boldly.

Phuc, who is also Vice Chairman of the Business Association of Overseas Vietnamese (BAOOV), noted that the law has been revised towards greater transparency and more beneficial to OVs.

It is a step in the right direction, adding that it is relevant to the current situation of the country as well as the Vietnamese community abroad, aiming to stimulate economic breakthroughs and create favourable conditions for domestic enterprises and OVs.

Phuc viewed these changes as a reflection of the Vietnamese government’s open policy in attracting capital and resources from abroad, as well as fostering connections between OVs and the homeland.

Many OVs want to contribute to the development of the homeland through remittances and reinvestment. Real estate offers a particularly attractive avenue for them to do so.

The revision also underscores the Vietnamese Party and State’s consistent policy of considering OVs an inseparable part of the nation, he stressed.

Phuc suggested that the Vietnamese Government should intensify the dissemination of information about the revised Land Law and show its earnest and active implementation of the law in line with the outlined spirit to instill motivation and confidence among residents as well as the Vietnamese community and foreign businesses abroad who will prepare plans in the coming time and encourage their involvement.

He predicted that the real estate market in Vietnam will recover positively, becoming more vibrant in the coming years, thereby bringing benefits to the people and domestic businesses as well as OVs who are living and working in countries and territories around the world.

VNA