Urban Development Law takes effect on October 1

On October 1, the Urban Development Law came into effect, bringing about significant changes in urban governance and urban development. The law emphasizes comprehensive decentralization, granting cities greater autonomy over various aspects such as planning and development, economic mechanisms, and investment policies. Cities are now allowed to control socialization for professional and technical activities, as well as manage administrative procedures within their own budget.

The law also introduces pilot implementation of innovative mechanisms not yet covered by existing laws, encouraging the diversification of resources for infrastructure development. This includes the involvement of private sector entities and public-private partnerships, which is expected to reduce the burden on the state budget while generating more opportunities for businesses.

Notably, the law focuses on transit-oriented development, empowering city governments to use their budgets for compensation, support, resettlement, land acquisition, urban embellishment, and development. This approach aims to shorten processing times and foster a more conducive environment for urban growth, putting people at the center and improving the quality of life.

Real estate developer Keppel, originally known for property development in Vietnam, has expanded its global presence into energy, infrastructure, and digital connectivity. Meanwhile, Singapore-headquartered Keppel has transformed into a global asset manager and operator, broadening its footprint into various sectors beyond property.

In conclusion, the Urban Development Law marks a pivotal moment in urban governance and development, offering cities the opportunity to transform potential into growth while fostering a more stable legal framework and greater initiative in decision-making.