The National Assembly (NA) will hold the second session of the 16^th National Assembly, expected from October 17 to November 20, 2026. The agenda includes a review and vote on the amendments of three real estate laws – the Land Law, Housing Law, and Real Estate Business Law - which were first reviewed by the NA at its first extraordinary session in August 2026. 

Previously, the Politburo issued Resolution 79-NQ/TW on the State Economy (January 6, 2026), which set a target to amend the Land Law in 2026. The Central Committee subsequently issued Resolution 21-NQ/TW (July 28, 2026), followed by the Government Resolution 278/NQ-CP (September 18, 2026), which sets out guiding principles for amendments to the Land Law and related legislation.

Our view: Positive — improving the legal framework and broader development opportunities

We continue to believe the legal reforms reflect the Government’s continued willingness to adjust policy, with a consistent focus on improving land-use efficiency and transparency while improving housing affordability. The proposed amendments aim to enhance policy effectiveness and better align implementation with these objectives. However, as the draft legislation remains under review and is subject to change, the proposals should be viewed as preliminary. Meanwhile, effective implementation will also depend on detailed guidance and compliance by relevant stakeholders, with the impact likely to vary across individual real estate companies.

Land valuation framework: The proposed land valuation framework, based on land price tables and adjustment coefficients, aims to provide a more consistent and standardized approach to determining land-use fees and land rents. The adjustment coefficients are intended to allow flexibility in reflecting market conditions.

Measures to encourage more efficient land use: The Draft Amended Land Law proposes progressive annual payments for delayed land use. Separately, the Ministry of Finance has proposed amendments to the Non-Agricultural Land Use Tax Law, including a 0.2% tax rate on land classified as abandoned, unused, or delayed in use. These measures aim to discourage prolonged non-use of land and encourage more timely development, subject to final regulations and implementation.

Housing affordability: The Draft Amended Housing Law introduces a dedicated regulatory framework for rental housing, consistent with the Government's policy direction outlined in May 2026 to improve housing access. We view this as an opportunity for developers to diversify their housing offerings and serve eligible households, rather than an indication of a broad shift from for-sale commercial housing toward rental housing. The practical impact will depend on detailed implementing regulations, available incentives, and developer participation.

We also see a more supportive policy backdrop for private-sector participation in infrastructure development through PPP structures, including BT projects; this could broaden development opportunities for private developers, although participation will likely depend on balance-sheet capacity, execution capabilities, and alignment with their project pipelines. 

As Vietnam’s real estate legal framework has continued to evolve toward greater compliance and transparency, we expect the transition to the amended laws to be relatively smooth. Developers with strong financial positions and established project execution track records, such as VHM, KDH, and NLG among our covered names, are already well positioned to develop and monetize their land banks, with the amended laws, once effective, potentially providing further support to project execution and development opportunities.

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