ANNOUNCE TWO NEWLY-ADOPTED AMENDED LAWS

The Office of the President announced the promulgation of two Laws passed by the National Assembly at the 5th extraordinary session, including the Land Law (amended) and the Law on Credit Institutions (amended).

Picture: National Assembly deputies press the button to pass the amended law

The Law on Credit Institutions (amended) will take effect from July 1, will promote the application of science and technology in the banking sector, complete and update regulations on the operations of credit institutions, strengthening internal control and transparency in banking activities as well as perfecting the legal framework for handling functional credit frameworks facing payment and debt risks of institutional credit.

The Land Law (amended) will take effect from January 1, 2025, and will eliminate the Government's regulations on land price brackets. Principles, bases and methods for land valuation will be established annually. At the same time, the authority to determine land prices will be assigned to the head of the district People's Committee.

Cre: https://en.vietnamplus.vn/two-newlyadopted-laws-announced/279669.vnp