HANOI, July 18 (Xinhua) -- Vietnam's 2024 land law set to take effect next month is hoped to bring about investment opportunities in relevant sectors, requiring stakeholders to make good preparations, Vietnam News Agency reported Thursday, citing experts.

Chau Viet Bac, deputy general secretary of the Vietnam International Arbitration Center, said when the law came into effect, it would serve as a premise for changes in the business investment situation of not only related industries such as real estate but also many others such as finance, construction, and service.

Phan Duc Hieu, a member of the National Assembly Economic Committee, said the new regulations allowing overseas Vietnamese to own houses and land use rights will motivate this community to actively engage in long-term investment activities at home.

Regarding industrial real estate, experts held that the law will provide more options to investors as they can rent land with annual or one-time land use fees, depending on the needs of the businesses, said the report.

The revised land law was adopted by the Vietnamese National Assembly early this year. It is set to take effect from Aug. 1.

           Source: Xinhua| 2024-07-18 13:34:00