The revised Land Law was passed by Vietnamese National Assembly in January this year. VNA/VNS Photo

SYDNEY – The revised Land Law, which was passed by the Vietnamese National Assembly in January 2024, is expected to attract capital from overseas Vietnamese (OV), said Chairman of the Vietnamese Business Association in Australia (VBAA) Trần Bá Phúc.

Talking to the Vietnam News Agency’s resident correspondents in Australia, Phúc hailed the amended law for providing greater assurance for OVs by explicitly guaranteeing their rights. This serves as a motivation to encourage them to return to the home country and invest more boldly.

Phúc, who is also Vice Chairman of the Business Association of Overseas Vietnamese (BAOOV), said that the law has been revised towards greater transparency and more beneficial to OVs.

It is a step in the right direction he said, adding that it is relevant to the current situation of the country as well as the Vietnamese community abroad, aim to stimulate economic breakthroughs and create favourable conditions for domestic enterprises and OVs.

Phúc viewed these changes as a reflection of the Vietnamese Government's open policy in attracting capital and resources from abroad, as well as fostering connections between OVs and the homeland.

Many OVs want to contribute to the development of the homeland through remittances and reinvestment. Real estate offers a particularly attractive avenue for them to do so.

The revision also underscores the Vietnamese Party and State’s consistent policy of considering OVs an inseparable part of the nation, he stressed.

Phúc suggested that the Vietnamese Government should intensify the dissemination of information about the revised Land Law and show its earnest and active implementation of the law in line with the outlined spirit to instil motivation and confidence among residents as well as the Vietnamese community and foreign businesses abroad who will prepare plans and encourage their involvement.

He predicted that the real estate market in Việt Nam will recover positively, becoming more vibrant in the coming years, thereby bringing benefits to the people and domestic businesses as well as OVs who are living and working in countries and territories around the world. VNS