Politics

Two newly-adopted laws announced

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).
Two newly-adopted laws announced ảnh 1Vice Chairman of the Presidential Office Pham Thanh Ha (standing) reads the President’s order announcing two laws that were approved by the 15th National Assembly during its fifth extraordinary session (Photo: VNA)
Hanoi (VNA) – The Presidential Office held apress conference on February 19 to announce the President’s order announcing two laws that were approved by the 15th National Assembly during its fifth extraordinarysession, namely the Land Law (revised) and the Law on Credit Institutions(revised).

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

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

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

Notably, it removes regulations on the Government's landprice framework while stipulating principles, foundations, and methods of land pricing. Under the revised law, a land price list will be made on an annualbasis. 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 followingyear.

Meanwhile, the authority of land pricing will be given tothe heads of the People’s Committees at the district level, according to thelaw./.
VNA
#15th National Assembly #Land Law (revised) #Law on Credit Institutions (revised) #Vietnam #Vietnam news #Vietnam News Agency
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