Vietnam Accelerates Development with Revised Land Law, Aiming for Resource Mobilization and Equity

Vietnam is entering a new phase of development with the revision of the Land Law 2024, aiming to unlock the potential of land resources while maintaining strict management. This revision aligns with Resolution No. 21-NQ/TW of the Central Committee, focusing on institutionalizing the viewpoints and orientations for amending the Land Law and related laws. The core principle of the revision is to "unlock land resources without loosening management; promote development without allowing the loss of public assets, or increasing inequality, or affecting the legitimate rights and interests of the people, organizations, and businesses." This positions land in a new role as a driver for national development and establishes mechanisms to thoroughly resolve emerging issues. Furthermore, the revision aims to ensure legal certainty in land transactions, enhance land price transparency, and clarify livelihood restoration plans associated with land acquisition. These policies reflect a positive shift in thinking regarding land policy. Under Vietnam's one-party system, land is a fundamental basis for economic development, and its management and utilization are among the state's top priorities. Historically, land-related issues have often been a source of social discontent and corruption. This revision appears intended to address these challenges and pursue a more sustainable and equitable development model. Particularly, as economic ties with China deepen, efficient domestic resource utilization will be crucial for enhancing economic self-reliance.