Law On Construction Vietnam In Allegheny
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In the development stage, the 2023 Real Estate Business Law requires that before sales begin, the developer must disclose complete and accurate information about the project. Regarding project timelines, the 2024 Land Law imposes additional taxes for projects that do not put land into use or show a delay in land use.
Private ownership of land is not permitted in Vietnam and the people hold all ownership rights with the State as the administrator. However, the laws of Vietnam allow ownership of a right to use land. This right is called the Land Use Right (“LUR”).
In Vietnam, land belongs to the ownership of the entire people. Land does not belong to the ownership of any legal or natural person, including the State. The State is merely the representative owner, responsible for the unified management of land. Therefore, the concept of land ownership does not exist in Vietnam.
“The 2024 Land Law addresses five key areas: protecting land users' rights, ensuring market transparency and fairness, improving land use efficiency, updating land finance policies and enhancing State management,” he said.
Construction Law No. 50/2014/QH13. This Law, consisting of 168 articles divided into ten Chapters, prescribes the rights, obligations and responsibilities of agencies, organizations and individuals and the state management in construction investment activities.
This Law deals with the establishment, organization, restructuring, dissolution, and relevant activities of enterprises, including limited liability companies, joint-stock companies, partnerships, sole proprietorships, and groups of enterprises.
However, the Đổi Mới Policy (Chính sách Đổi Mới) refers specifically to these reforms that sought to transition Vietnam from a command economy to a socialist-oriented market economy. The Đổi Mới economic reforms were initiated by the Communist Party of Vietnam in 1986 during the party's 6th National Congress.
This Law prescribes for the land ownership, powers and responsibilities of the State in representing the entire-people ownership of land and uniformly managing land, the land management and use regimes, and the rights and obligations of land users over the land in the territory of Vietnam.
