Illustrative image (Photo: VNA) Sydney (VNA) – The revised Land Law, which was passed by the Vietnamese National Assembly in January 2024, is expected to lure capital fromoverseas Vietnamese (OV), said Chairman of the Vietnamese BusinessAssociation in Australia (VBAA) Tran Ba Phuc.
Talking to the Vietnam News Agency’s resident correspondents in Australia, Phuc hailed the amended law, saying it provides greater assurancefor OVs by explicitly guaranteeing their rights. This serves as a motivation toencourage them to return to the home country and invest more boldly.
Phuc, who is also Vice Chairman of the Business Associationof Overseas Vietnamese (BAOOV), noted that thelaw has been revised towards greater transparency and more beneficial to OVs.
It is a step in the rightdirection, adding that it is relevant to the current situation of the countryas well as the Vietnamese community abroad, aiming to stimulate economicbreakthroughs and create favourable conditions for domestic enterprises andOVs.
Phuc viewed these changes as a reflection of the Vietnamesegovernment's open policy in attracting capital and resources from abroad, aswell as fostering connections between OVs and the homeland.
Many OVs want to contribute to the development of thehomeland through remittances and reinvestment. Real estate offers aparticularly attractive avenue for them to do so.
The revision also underscores the Vietnamese Party andState’s consistent policy of considering OVs an inseparable part of the nation,he stressed.
Phuc suggested that the Vietnamese Government shouldintensify the dissemination of information about the revised Land Law and showits earnest and active implementation of the law in line with the outlinedspirit to instill motivation and confidence among residents as well as theVietnamese community and foreign businesses abroad who will prepare plans inthe coming time and encourage their involvement.
He predicted that the real estate market in Vietnam willrecover positively, becoming more vibrant in the coming years, thereby bringingbenefits to the people and domestic businesses as well as OVs who are livingand working in countries and territories around the world./.
