Vietnam’s Land Law 2024: Extending Property Rights to Overseas Vietnamese in Real Estate
1. New Legal Framework Under Vietnam’s Land Law.
Vietnam’s Land Law 2024, effective August 1, extends property ownership rights to overseas Vietnamese (Viet Kieu). Clauses No. 3 and 6 in Article No. 4 allow land allocation, leasing, and acknowledgment of land use rights for domestic residents, Vietnamese citizens abroad, and expatriates, provided they meet the necessary requirements.
Check out: 2025 Vietnam Real Estate Law: Key Benefits for Overseas Vietnamese Investors!
2. Attracting Remittances.
The legal changes aim to attract remittances, a vital foreign capital source for Vietnam. According to the State Commission for Overseas Vietnamese Affairs, around 6 million Vietnamese live abroad, with an increasing number since 2015.
Remittances have consistently placed Vietnam among the top 10 recipients globally, totaling $190 billion from 1993 to 2022, nearly matching disbursed FDI in the same period. Approximately 25% of annual remittances are directed towards real estate investments.
3. Market Trends and Future Prospects of Vietnam’s New Land Law.
The Vietnam Association of Realtors (VARS) predicts that the Land Law reforms will boost the real estate market by attracting more capital. There is a growing interest in medium and high-end properties in major cities among Viet Kieu and international investors.
To sustain this interest, it is suggested that the government enhances infrastructure, introduces favorable tax policies, ensures transparency, and protects investor rights. Real estate enterprises should focus on high standards in design, construction, and amenities, and facilitate legal procedures and transactions.
4. Long-Term Impact.
According to experts, the legal changes will catalyze Vietnam’s real estate market, attracting more investments from overseas Vietnamese. The stable political environment, improving economic conditions, and rising housing prices globally further drive demand for property ownership in Vietnam. The influx of remittances and investment from overseas Vietnamese will significantly contribute to the country’s socio-economic development.
