New regulations on land prices

The Government has just issued Decree No. 71/2024/ND-CP regulating land prices, effective from the effective date of Land Law No. 31/2024/QH15 (August 1, 2024).

This Decree specifically stipulates the procedures and contents of determining land prices according to 4 methods, including: comparison, income, surplus, and land price adjustment coefficient.

In addition, this decree also specifically stipulates factors affecting land prices such as: location, location of land plots, land areas; traffic conditions; land use term...

New regulations on buying and selling corporate bonds by credit institutions

The State Bank of Vietnam (SBV) issued Circular 11/2024/TT-NHNN dated June 28, 2024 amending and supplementing a number of articles of Circular 16/2021/TT-NHNN regulating the purchase and sale of corporate bonds by credit institutions and foreign bank branches. This Circular takes effect from August 12, 2024.

Circular 11/2024/TT-NHNN adds Clause 14 to Article 4 on principles of buying and selling corporate bonds.

Accordingly, the issuing enterprise must send to the credit institution information about related persons as prescribed in the Law on Credit Institutions before the time the credit institution purchases corporate bonds. Related persons of the issuing enterprise are organizations and individuals having relations with the issuing enterprise as prescribed in Clause 24, Article 4 of the Law on Credit Institutions.

At the same time, this circular also adds Clause 15 to Article 4 as follows: Credit institutions must use non-cash payment services when making payments in the purchase and sale of corporate bonds in accordance with the provisions of law on non-cash payments.

Land Law, Housing Law, Real Estate Business Law come into effect

On June 29, 2024, the National Assembly passed the Law amending and supplementing a number of articles of the Land Law No. 31/2024/QH15, the Housing Law No. 27/2023/QH15 and the Real Estate Business Law No. 29/2023/QH15, all of which will take effect from August 1, 2024.

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Many new regulations related to land will take effect from August 2024. Photo: Hong Khanh

The 2024 Land Law consists of 16 chapters and 260 articles. Notably, this 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 built annually.

The 2023 Housing Law consists of 13 chapters and 198 articles. This law has basic new points related to the national housing development strategy, provincial housing development programs and plans; housing development; renovation and reconstruction of apartment buildings; social housing policies...

The 2023 Law on Real Estate Business consists of 10 chapters and 83 articles. This law has a number of new points related to the scope of the law; types of real estate and real estate projects put into business; public information about real estate and real estate projects put into business; conditions for organizations and individuals when doing real estate business...

New regulations on compensation, support and resettlement when the State acquires land

The Government issued Decree No. 88/2024/ND-CP dated July 13, 2024 regulating compensation, support and resettlement when the State acquires land, effective from August 1, 2024.

Accordingly, the land price for calculating land use fees when compensating with land with a different purpose of use than the type of land recovered for households, individuals, and people of Vietnamese origin residing abroad who are using residential land or owning houses attached to land use rights in Vietnam is the land price determined according to the land price list at the time of approval of the compensation, support, and resettlement plan.

In case of compensation by land lease with land rent paid in one lump sum for the entire lease term, the land price for calculating land rent is the specific land price decided by the competent People's Committee at the time of approval of the compensation, support and resettlement plan.

Land price for calculating land use fee and land rent when compensating with land with a different purpose than the type of land recovered for economic organizations with recovered residential land is the specific land price decided by the competent People's Committee at the time of approving the compensation, support and resettlement plan.

Amending regulations on indirect investment abroad

On June 28, 2024, the State Bank of Vietnam issued Circular 23/2024/TT-NHNN amending and supplementing a number of articles of Circular No. 10/2016/TT-NHNN dated June 29, 2016 guiding a number of contents prescribed in Decree No. 135/2015/ND-CP dated December 31, 2015 of the Government regulating indirect investment abroad.

Circular amending and supplementing the principles for implementing the program of rewarding shares issued abroad.

In addition, this circular also adds other forms of stock awards abroad that do not generate cash flows abroad. Current regulations only mention direct stock awards and stock purchase rights awards with preferential conditions.

This Circular takes effect from August 12, 2024.

Amending regulations on lending limits of people's credit funds

The State Bank of Vietnam issued Circular 13/2024/TT-NHNN dated June 28, 2024 amending and supplementing a number of articles of Circular 32/2015/TT-NHNN regulating limits and safety ratios in the operations of people's credit funds. This Circular takes effect from August 12, 2024.

Circular 13/2024/TT-NHNN amends and supplements Article 8 on restrictions and limits on lending by people's credit funds.

The Board of Directors decides on loans to appraisers and loan approvers at the People's Credit Fund with a value of VND 100 million or more or a lower value according to the internal regulations of the People's Credit Fund. The remaining cases are implemented according to the internal regulations of the People's Credit Fund.

Regulations on commercial bank network operations

The State Bank of Vietnam issued Circular No. 32/2024/TT-NHNN dated June 30, 2024 regulating the operational network of commercial banks.

This Circular regulates the operational network of commercial banks, including: establishment, opening of operations, change of name, change of location, termination of operations, dissolution of branches, transaction offices, representative offices, and public service units in the country; branches, representative offices, and subsidiary banks abroad; change of branches managing transaction offices; conversion of domestic branches into transaction offices and vice versa; conversion of legal forms of foreign subsidiary banks of commercial banks...