National Assembly passes Capital Law (revised)
VGP - The National Assembly passed the Capital Law (revised) during its seventh session on June 28 morning.
Lawmakers vote for Capital Law (revised), Ha Noi, June 28, 2024
The revised law, comprised of seven chapters with 54 articles, clearly defines the position and role of the capital city; policies and responsibilities for construction, development, management, and protection of the capital.
It will take effect from January 1, 2025. Cases which are regulated in Item 2, Article 54 will come into force from July 1, 2025.
The law paves the way for further resources on implementing the subdivision plans for the Red River and Duong River, establishing cultural industrial centers in advantageous areas along these rivers.
The Hoa Lac High-Tech Park will receive priority investment in technical infrastructure, with provisions for compensation, resettlement, and worker housing.
The law encourages the development of metro lines in Ha Noi using the Transit-Oriented Development (TOD) model, with the city retaining 100 percent of revenue from certain fees to reinvest in public transport infrastructure.
The law stipulates that if tax revenues exceed estimates, the government will deduct 30 percent of the increased revenues to reward the city, in addition to the stipulated revenue sharing. Additionally, Ha Noi will retain 100 percent of the increased revenue from adjusted fees to fund infrastructure and public services.
Ha Noi is allowed to pilot a venture capital fund using state budget resources to support high-tech enterprises, science and technology firms, and startups and to innovation and commercialization of scientific and technological products.
For maintaining public order, Ha Noi can impose fines of up to twice the general amount set by the government./.
