Land Law issued
Amendments will impact foreign investors
Law on Land No. 45/2013/QH13 (“new Land Law”) came into effect on 1 July.
Some notable points include:
• The new Land Law changes and adds in a number of definitions. In particular, the term “foreign invested enterprise” (“FIE”) is officially referred to as a land user (rather than being generally referred to as “foreign organisations and individuals” as previously). FIEs are now defined as comprising: 100% foreign owned enterprises, joint venture enterprises and Vietnamese enterprises in which foreign investor(s) purchase shares, or with which it merges or which it acquires. This clearer definition of FIE corrects the previous inconsistency between land laws and other laws, especially the Law on Investment, and should remove some of the confusion in implementation of land laws.
•For land valuations, provincial People’s Committees will no longer issue annual land price lists. Instead, the central Government will issue a land price range for each type of land every five years, and will adjust this range if market prices change by more than 20%. Based on this land price range, provincial People’s Committees will issue land price lists every five years, and determine specific land prices on a case by case basis. Land pricing consultancy organisations may be involved in such issuance and adjustment of land price ranges and land price lists if so requested.
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