National Assembly Chairman Vuong Dinh Hue has just signed to certify the Land Law (amended) and the Law on Credit Institutions (amended).
On January 18, 2024, at the 5th Extraordinary Session, the National Assembly voted to pass two draft laws.
This is the result of a process of close coordination, careful, thorough, scientific, early and remote preparation, with great efforts and determination of the National Assembly Standing Committee, the Government, the Vietnam Fatherland Front, the National Assembly agencies, National Assembly deputies, relevant agencies and organizations; mobilizing all resources with a truly open-minded, listening and democratic spirit; making the most of the wisdom and contributions of experts, scientists, the business community, voters and people nationwide; a valuable lesson in innovation of thinking, working methods, and drastic actions to continue improving the quality and effectiveness of legislative work as well as other decisions of the National Assembly.
After the session, implementing the provisions of the Law on Promulgation of Legal Documents, the agencies conducted a technical review of the document after its approval. National Assembly Chairman Vuong Dinh Hue signed to certify the Law document according to regulations.
The 2024 Land Law was passed by the 15th National Assembly to institutionalize Resolution No. 18-NQ/TW dated June 16, 2022 of the Central Executive Committee on "continuing to innovate and perfect institutions and policies, improving the effectiveness and efficiency of land management and use, creating momentum to turn our country into a high-income developed country."
The promulgation of the Land Law is a key task in the orientation of perfecting land institutions and policies in accordance with the socialist-oriented market economic institution with the goal of creating a legal corridor for the management and economical, effective and sustainable use of land resources, maximizing land resources to meet the requirements of promoting industrialization, modernization, ensuring national defense, security, environmental protection, and adapting to climate change.
The 2024 Land Law consists of 16 Chapters and 260 articles, focusing on perfecting regulations and policies on:
(1) Building a synchronous land use planning system at 3 levels; innovating the process, content, and methods of making land use planning and plans.
(2) Land allocation, land lease, change of land use purpose; land allocation and land lease are mainly carried out through land use rights auctions and bidding for projects using land; strict regulations on cases of land allocation and land lease without land use rights auctions and bidding for projects using land; specific regulations on cases of land lease with one-time payment in accordance with the nature and purpose of land use, ensuring stable revenue sources.
(3) Authority, purpose, scope of land recovery, conditions, specific criteria for land recovery for socio-economic development for national and public interests; on compensation, support, resettlement, land recovery for national defense, security purposes, socio-economic development for national and public interests.
(4) Mechanism for determining land prices according to market principles, inspection and supervision mechanisms of the Central Government and People's Council in developing land price lists...
(5) Land for ethnic minorities; land managed and used by agricultural and forestry companies.
(6) Granting of Certificates of land use rights and house ownership rights attached to land.
(7) Multi-purpose land use regime; agricultural land combined with trade and services; national defense and security land combined with production and economic construction activities; religious land combined with other purposes; multi-purpose land with water surface; sea encroachment activities...
(8) Decentralize authority to localities in land management and use in the area, and at the same time establish monitoring, inspection and examination mechanisms in central management through regulations on land information systems and centralized and unified land databases; promote administrative reform and digital transformation in the field of land management and use; ensure centralized and unified management, operation, connection and information sharing from the central to local levels.
The Law on Credit Institutions 2024 was passed by the 15th National Assembly at the 5th Extraordinary Session of the 15th National Assembly in a cautious and thorough manner, ensuring the requirements for restructuring the credit institution system in accordance with the Party's policies and resolutions of the National Assembly; ensuring the principles of a socialist-oriented market; having continuity; ensuring consistency in the legal system, in accordance with accounting standards and international practices; enhancing the autonomy and self-responsibility of credit institutions; increasing the resilience of the credit institution system; and strengthening the inspection, examination and supervision of banks.
The Law consists of 15 chapters and 210 articles, an increase of 5 chapters and 47 articles compared to the current Law on Credit Institutions, focusing on perfecting regulations and policies on:
(1) Organizing, administering, operating, and managing risks of credit institutions; preventing and limiting manipulation and domination of credit institutions' operations through regulations such as: strict standards and conditions for managers and executives of credit institutions; strengthening the duties and powers of the Board of Directors, Board of Members, and Supervisory Board of credit institutions; expanding regulations on related persons of certain types of credit institutions, reducing the shareholding ratio of institutional shareholders of credit institutions, reducing credit limits according to a specific roadmap; enhancing information disclosure and transparency.
(2) The operations of credit institutions must both meet the requirements for ensuring operational safety and create conditions for credit institutions to provide diverse products and services, including through electronic means; supplement regulations on controlled testing mechanisms in the banking sector.
(3) The organization and operation of policy banks aim to affirm their legal status and create conditions for the development of these banks.
(4) Handling weak credit institutions such as regulations on early intervention, special control, and special lending to credit institutions on the basis of enhancing the self-responsibility of credit institutions, ensuring the safety and soundness of the credit institution system.
(5) Handling bad debts and secured assets on the basis of legalizing a number of appropriate contents in Resolution No. 42/2017/QH14 of the National Assembly.
(6) State management, inspection, examination and supervision in the banking sector.
(VNA)
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