National Assembly's Vice President Nguyễn Khắc Định chaired the discussions on draft revised Law on Housing and a draft amended Law on Real Estate Business in Hà Nội on October 2. — VNA/VNS Photo

HÀ NỘI — The National Assembly (NA) Standing Committee took up a draft revised Law on Housing and a draft amended Law on Real Estate Business in Hà Nội on Friday as part of its ongoing seventh session.

Deputies heard the Government's submissions and verification reports on both bills. The changes to the 2023 Law on Housing are meant to write the Party and State's socialist-oriented market economy policies into law, with a new emphasis on rental housing. They also aim to fix problems that have emerged in practice, keep the legal system consistent, and create a transparent, safer legal environment with lower compliance costs. The bill is also intended to improve the business climate and streamline administrative procedures.

The draft amended Law on Real Estate Business will cut and simplify a number of investment and business conditions, including rules on registered names and business registration, and training certification requirements for trading floors, brokers, managers and consultants. It also seeks to reduce several administrative procedures. To clear up obstacles, the draft sharpens definitions of real estate business, projects, existing and future-formed real estate.

The NA Committee for Legal and Judicial Affairs, the NA Committee for Economic and Financial Affairs and other agencies praised the Government and the Ministry of Construction, the drafting agency, for moving quickly to finish the bills.

Deputies broadly backed many of the changes and said the bills are eligible to go to the NA for consideration, with possible adoption at its second session. They nonetheless urged further review of several regulations before submission, particularly fundamental issues that could directly affect the housing and real estate markets.

They said the drafts must be checked for how fully they convert Party guidelines and policies into law, with regulations that are comprehensive, consistent and free of gaps needing further consultation with competent authorities. Because the bills are closely tied to other laws, deputies also stressed that they must align with related legislation, including laws the NA will consider in the same session.

Lawmakers noted that the bills contain numerous new rules that could considerably affect society, State management, production and trade. They called for more thorough study to ensure the rules meet management needs while remaining workable in practice, supporting healthy and stable housing and real estate markets.

They also proposed a detailed assessment of how feasible the new mechanisms and policies are, what resources enforcement will require, and how far administrative procedures can be simplified while making State management more effective and efficient. Deputies further called for a review of incentive mechanisms so that policies, once enshrined in law, can be enforced in practice. — VNA/VNS