Nat. Asssembly adopted revised Land Law
Ha Noi, May 31 (VNA) -- The ninth session of the 10th National Assembly adopted the draft law on the amendment and supplementation to some articles of the Land Law on May 31.
The draft law still affirms that land is public property placed under the State's management.
The revised Law includes stipulations on land prices and land use planning-plan, authorised levels on land allocation, lease, changing land use purpose, compensation for land clearance, and procedures of transferring land use right, and authorized levels to grant certificates of land use right.
Regarding overseas Vietnamese residents' land use right, the old law stiputated that these people while investing in Viet Nam was only allowed to rent land and not to own houses linked to the land use right.
To encourage them to invest in the country, the revised Law permits overseas Vietnamese residents to buy houses linked to the land use right while making long-term investment and living in Viet Nam.
Non-governmental organizations operating in Viet Nam have the right to rent houses for use as their offices.
The Land Law was issued in 1993 and revised in 1998.--VNA
