The Land Law's stipulations allow overseas Vietnamese (OVs) to own properties in Vietnam without any limit on quantity, just like their fellow citizens inside the country. Illustrative image. — VNA/VNS Photo

VIENTIANE — Many Vietnamese in Laos have shared the belief that the amended Land Law, passed by the National Assembly earlier this year, will significantly contribute to national socio-economic development.

They referred to the law’s stipulations allowing overseas Vietnamese (OVs) to own properties in Việt Nam without any limit on quantity, just like their fellow citizens inside the country.

It will encourage OVs to do real estate business at home and attract a massive influx of investments from abroad, they said.

Moc Savanh Hongkham, Chairman of Phu Gia Steel Industry Co., Ltd., who has lived and worked in Laos for more than 20 years, expressed his joy at the new regulation as he always wishes to own real estate in the homeland.

The legal change has satisfied the aspirations of Vietnamese not only in Laos but also in other foreign countries, he said, adding that Vietnamese expats now can obtain real estate ownership and directly engage in the trading.

Chairman of the General Association of Vietnamese People in Laos Pham Van Hung stressed that the expansion of land use rights for OVs demonstrates the Party’s and the State’s attention to them.

The new regulation is necessary as more and more OVs return to Việt Nam to do business or settle down.

It helps OVs feel secure about the investment, and ease risks in the trading, and at the same time contributes to spurring the domestic real estate market, and luring more investments to Việt Nam, he said. — VNS