The revised Land Law was finally passed by the National Assembly last week. David Lim, a partner of Zico Law firm and also head of the Vietnam Business Forum’s (VBF) Land Subdivision, told VIR that the new law had made an effort to remove unintentional inconsistencies in the use of terminology which has caused confusion in the past. “There is greater clarity on the rights of foreign investors and foreign invested companies. Compensation for land is also intended to be extended to cover more scenarios involving foreign investors,” Lim said. He further commented that in terms of land prices, there were provisions to more clearly define valuations which would reduce the uncertainty faced by land users. “This will give more confidence to investors to determine the financial viability of their projects,” he added. Regarding the mortgaging of land, the requirement that land could only be mortgaged to raise funds for production or business purposes alone was also expected to be removed. “This will expand the right of land users to raise funds by using their land as collateral,” Lim added. The revised Land Law which was passed last Friday was long overdue. The Land Law was first passed in 2003… Read full this story
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