NA Chairman Vuong Dinh Hue (Photo: VNA) Theamended laws were officially passed on January 18, as part of the 15th NA’s 5th extraordinary session.
The revised Land Law saw 432 out of the 477 NAdeputies present at the session voting in favour, or 87.63% of the total number of legislators.
Consisting of 16 chapters and 260 articles, thislaw specifies the land ownership regime, rights, and responsibilities of thestate representing the collective ownership of the people over land. It alsoaddresses unified land management, land use and management regimes, as well asthe rights and obligations of citizens and land users regarding land within thecountry’s territory.
The amended law, except for some of its specificprovisions, will come into force on January 1, 2025.
Meanwhile, the amended Law on CreditInstitutions sailed through the legislature with 450 yes votes, or91.28% of the total NA deputies.
The law, comprising 15 chapters and 210 articles, will be effective from July 1this year.
It outlines provisions regarding credit institutions’ establishment,organisation, operations, early intervention, special control, restructuring,dissolution, and bankruptcy. It also addresses the establishment, organisation,operations, early intervention, dissolution, and termination of activities ofbranches of foreign banks.
Additionally, the law covers the establishment and operations of representativeoffices in Vietnam of foreign credit institutions and other foreignorganisations engaged in banking activities. It further regulates the handlingof bad debts and collateral assets of bad debts held by credit institutions,branches of foreign banks, and organisations fully owned by the State with thefunctions of buying, selling, and handling debts./.
VNA
