Deputy Head of the Office of the President Pham Thanh Ha chaired the press conference.

Deputy Head of the Office of the President Pham Thanh Ha announced the Orders on promulgating the Laws passed by the 15th National Assembly at the 5th Extraordinary Session. Photo: Van Diep/VNA

Completing the legal framework for handling credit institutions

The Law on Credit Institutions (amended) consists of 15 chapters and 210 articles, effective from July 1, 2024.

The Law regulates the establishment, organization, operation, early intervention, special control, reorganization, dissolution, and bankruptcy of credit institutions; the establishment, organization, operation, early intervention, dissolution, and termination of operations of foreign bank branches; the establishment and operation of representative offices in Vietnam of foreign credit institutions and other foreign organizations with banking activities; the handling of bad debts and collateral of bad debts of credit institutions, foreign bank branches, and organizations in which the State owns 100% of the charter capital and has the function of buying, selling, and handling debts.

The development of the Law aims to perfect the legal regulations on the organization and operation of credit institutions, handle the difficulties and shortcomings of the current Law on Credit Institutions, promote the application of science and technology in the banking sector and develop modern banking products and services; strengthen self-inspection, internal control, self-responsibility of credit institutions, enhance publicity and transparency in banking activities; perfect the legal framework on handling credit institutions facing liquidity risks; and legalize a number of regulations on handling bad debts of credit institutions.

Land price list regulations are built annually.

Deputy Minister of Natural Resources and Environment Le Minh Ngan introduces the Land Law (amended). Photo: Van Diep/ VNA

The Land Law (amended) consists of 16 chapters and 260 articles, effective from January 1, 2025, except for some specific provisions.

Notably, the Law removes the Government's regulations on land price frameworks; specifies principles, bases, and methods for land valuation; and stipulates that land price tables are developed annually. The first land price table will be announced and applied from January 1, 2026, and will be adjusted and supplemented from January 1 of the following year. The land price table will be developed according to value zones and standard land plots for areas with digital cadastral maps and land price databases.

The Law specifically stipulates the time for determining land prices, the time for calculating land use fees and land rents for each case of land allocation, land lease, permission to change land use purposes, land use extension, change of land use form, and adjustment of land allocation and land lease decisions that change the area, land use purpose, and land use term. The People's Committee at the competent level must issue a specific land price decision within no more than 180 days from the time of land price determination.

In case of applying land prices in the land price list to calculate land use fees and land rents, the People's Committee at competent level must record land prices in decisions on land allocation, land lease, permission to change land use purpose, land use extension, adjustment of land use term, and change of land use form.

Supplementing the regulation that annual land rent is applied stably for a 5-year cycle from the time the State decides to lease land and allows the change of land use purpose. Land rent for the next cycle is calculated based on the land price list of the year in which the next land rent is determined. In case the land rent increases compared to the previous cycle, it will be adjusted but not exceeding the rate prescribed by the Government for each period.

Decentralize the authority to decide on specific land prices to the Chairman of the People's Committee at the district level. Specify 4 land valuation methods in the Law, stipulate conditions for application of each land valuation method; assign the Government to prescribe other land valuation methods after receiving the consent of the National Assembly Standing Committee; in case of applying land valuation methods to determine specific land prices but the results are lower than the land prices in the Land Price List, the land prices in the Land Price List will be used. Expand the composition of the Council for specific land valuation to ensure independence and objectivity in the valuation process...

According to VNA