Vietnam just changed its real estate law. It was supposed to be more liberal and less restrictive, opening up the real estate market to a broader audience, including individuals of Vietnamese overseas also known as Viet Kieus. But guess what? Instead of creating opportunities, this new law is a land of restrictions and complications that leave foreign buyers of Viet Kieu stuck in almost the same old situation. And the best part? The new updated law itself is so long, it makes War and Peace look like a short story. Why make it simple when we can make it more complicated, right?

The new law, effective from August 1 of this year, was hyped as a revolutionary step forward. Streamlined land use planning, transparent land allocation, market-based land valuation. The goal was to simplify processes, reduce fraud, and create a fairer real estate market. On paper, it sounds like a dream come true.

But here’s the kicker – these changes come with a mountain of bureaucracy and red tape. The promised ease and accessibility? Still a far cry from reality. And that’s what we are going to decipher about this new real estate law for you today and how it is going to impact real estate in Vietnam.

The reason behind this New Land Law in 2024

This law was rushed following the collapse of the Vietnamese real estate market last year, hoping these changes would help the market bounce back. Check out the latest video from Attorney Ken Duong as he will give you in detail about the new land law and how it would effect to Viet Kieu and also foreigners.