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Two new laws announced

VGP - The Presidential Office on February 19 organized a press conference to announce two new laws which were approved at the fifth extraordinary session of the 15th National Assembly (NA).

February 20, 2024 3:24 PM GMT+7
Two new laws announced - Ảnh 1.

Vice Chairman of the Presidential Office Pham Thanh Ha (standing) reads the President's order announcing two laws, Ha Noi, February 19, 2024 - Photo: VGP

They are the Land Law (revised) and the Law on Credit Institutions (revised).

The Land Law consists of 16 chapters and 260 articles, delineating the land ownership regime, rights and responsibilities of the state representing the collective ownership of the people over land.

It also addresses unified land management, land use and management regimes, as well as the rights and obligations of citizens and land users concerning land within the country's territory.

Except for certain specific provisions, the amended law will take effect on January 1, 2025.

Meanwhile, the Law on Credit Institutions comprises 15 chapters and 210 articles and it is scheduled to become effective from July 1 this year.

It outlines provisions regarding credit institutions' establishment, organization, operation, early intervention, special control, restructuring, dissolution, and bankruptcy.

It also addresses the establishment, organization, operation, early intervention, dissolution, and termination of activities of branches of foreign banks.

Additionally, the law covers the establishment and operation of representative offices in Viet Nam of foreign credit institutions and other foreign organizations engaged in banking activities.

It further regulates the handling of bad debts and collateral assets of bad debts held by credit institutions, branches of foreign banks, and organizations fully owned by the State with the functions of buying, selling, and handling debts./.