The National Assembly (NA) today [January 18] ratified the revised Land Law with 87.6% of the deputies present voting in favor.

Overview of the session. Photo: quochoi.vn

Earlier, in the explanatory report, Head of the NA’s Economic Committee Vu Hong Thanh stated that the Land Law is a crucial legislative project.

Thanh said the Standing Committee of the National Assembly, the Government, and relevant agencies had meticulously prepared the legislative project.

He noted that the draft law, comprising 16 chapters and 260 articles, adheres to constitutional principles and fits seamlessly into the existing legal framework.

Under the revised law, there have been recommendations against specifying the residual method for land valuation.

In this regard, he pointed out that land valuation is a complex issue. “The provisions in the draft law have been seriously considered and studied by the NA and the Government to design valuation methods that are both inheritable and practical. Simultaneously, there are innovations but with comprehensive applicability for specific and long-term cases,” said Thanh.

The bill sets out principles and defines the content and conditions for applying each valuation method.

“The drafting agencies have carefully considered and unanimously agreed to maintain the provision in the draft law regarding the residual method of land valuation,” he continued.

In the current context of Vietnam's economic development, using the method based on estimating future values is necessary due to the lack of existing information on similar projects that have formed and transacted to apply other valuation methods.

Moreover, both in science and practice, the residual method is currently used globally as well as in Vietnam, he continued.

This revised law will take effect from January 1, 2025. Based on the delegates' opinions and the government's proposal, the draft law provides for early enforcement of Article 190 and Article 248 from April 1, 2024.