National Assembly Vice Chairman Nguyen Duc Hai chairs the session (Photo: quochoi.vn)

The Law on Real Estate Business was adopted in 2014, becoming effective on July 1, 2015. While it has yielded accomplishments, there are identified deficiencies that need to be revised.

A majority of National Assembly deputies concurred that the draft revised Law on Real Estate Business effectively institutionalizes the Party's guidelines and resolutions and the 2013 Constitution, and relevant legal regulations. These promote robust management of the real estate market and land use rights, fostering sustainable growth of the real estate market and contributing to Vietnam’s socio-economic development.

Deputy Nguyen Dai Thang of Hung Yen province (Photo: quochoi.vn)

Deputy Nguyen Dai Thang of Hung Yen province said, "We should revise the draft Law on Real Estate Business in alignment with other laws being revised by the National Assembly, including the draft revised Land Law and the draft revised Housing Law to ensure the consistence of the legal system and avoid overlapping."