Two newly-adopted laws announced

Hanoi: The Presidential Office held a press conference on February 19 to announce the President’s order announcing two laws that were approved by the 15th National Assembly during its fifth extraordinary session, namely the Land Law (revised) and the Law on Credit Institutions (revised).

The Law on Credit Institutions (revised), comprising 15 chapters and 210 chapters, will take effect from July 1, completing legal regulations regarding the organisation and operations of credit institutions and dealing with shortcomings of the current law.

Along with promoting the application of science and technology in the banking sector and the development of modern banking products and services, it strengthens self-inspection, internal control, and self-responsibility of credit institutions towards enhancing openness and transparency in banking activities, while perfecting the legal framework for handling credit institutions facing liquidity risks and bad debt of credit institutions.

Meanwhile, the Land Law (revised) h
as 16 chapters and 260 articles. It will be effective from January 1, 2025, except for some particular articles.

Notably, it removes regulations on the Government’s land price framework while stipulating principles, foundations, and methods of land pricing. Under the revised law, a land price list will be made on an annual basis. The land price list will be first announced and applied from January 1, 2026, and will be adjusted and supplemented from January 1 of the following year.

Meanwhile, the authority of land pricing will be given to the heads of the People’s Committees at the district level, according to the law./.

Source: Vietnam News Agency