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Vietnamese President promulgates new laws
Ngoc Mai 21:48, 2024/02/19
The adoption of the revised Land Law and the revised Law on Credit Institutions is expected to have a significant impact on socio-economic activities.

The Office of the President today [February 19] announced the State President’s order to promulgate the revised Land Law and revised Law on Credit Institutions, both of which were approved by the National Assembly at its extraordinary session in January.

 Overview of the press briefing. Photo: VNA

Revised Land Law addresses key issues

During the press conference, Deputy Minister of Natural Resources and Environment Le Minh Ngan revealed that the revised Land Law, set to be effective on January 1, 2025, comprises 16 chapters and 260 articles, amending and supplementing 180 out of 212 articles of the 2013 Land Law and introducing 78 new articles.

Regarding the rights and obligations of land users, Ngan noted that the law has refined provisions on the rights of Vietnamese nationals residing abroad, especially those who hold Vietnamese citizenship and are entitled to the same land rights as individuals living in the country.

Groups of land users consisting of household members are entitled to rights and obligations similar to those of individual land users.

Concerning land requisition, Ngan said that the law has provided explicitly for cases where the State requisitions land for socio-economic development purposes, including national and public interests, the construction of public works, government agency headquarters, and infrastructure projects. Other cases cover various criteria such as housing, production areas, land portfolio development, minerals, underground works, and instances where the State reclaims land for auction or bidding to increase budget revenue.

Specific provisions outline the basis and conditions for land requisition for national defense, security, socio-economic development for national interests, and public interests.

Regarding compensation, support, and resettlement when the State reclaims land, the new law has amended and supplemented compensation principles to diversify the forms of compensation, be it through land with the same purpose as the reclaimed land, money, alternative land, or housing.

It concretizes the principle of "adequate resettlement, ensuring livelihoods and living conditions equal to or better than the previous residence" through criteria for resettlement areas concerning technical infrastructure, social infrastructure, and resettlement location. Resettlement areas can be established for one or more projects. The new law also standardizes land use rights certificates and property ownership rights attached to land.

The law also clarifies the authority to issue certificates, distinguishing between the state management role (recognizing land use rights) and the provision of public services by registration agencies (issuing certificates).

The professionalization of the issuance of certificates serves as a basis for the unification of land registration and land dossier management from the central to the local level.

Provincial People's Committees are tasked with regulating other legal documents related to land use rights that existed before October 15, 1993, to adapt them to local conditions.

 Creating conditions for the public to supervise the banking sector

Commenting on the amended Law on Credit Institutions, Deputy Governor of the State Bank of Vietnam (SBV) Doan Thai Son stated that the overarching objective in drafting the law was to limit the abuse and manipulation of credit institutions' activities by large shareholders and shareholder groups.

This principle was made concrete through various provisions. Alongside the goal of tightening discipline and governance, the intermediate goal was to democratize the operations of credit institutions. Therefore, the law also broadens the concept of "related parties" in determining major shareholdings through "interest relationships" or ownership activities, and governance to avoid dominance in lending.

The new law also requires that the names of individuals and organizations owning more than 1% of the charter capital and related parties be published on the bank's website. On an annual basis, credit institutions must disclose this information to the General Meeting of Shareholders, Members' Congress, and the Council of Members of the credit institution.

"Thus, the new regulations create a monitoring channel from the public, including the media, towards both the owners and management of credit institutions," Son stated. The new law has also reduced the ownership ratio limits of institutional shareholders, shareholder groups, and related parties, with a five-year roadmap to gradually reduce the lending limits.

Speaking further on transparency measures in banking operations, Son noted that the law focuses on enhancing governance standards, limiting the involvement of related parties in governance. The new law also restricts the maximum amount of credit granted to customers with a five-year roadmap for reduction.

He emphasized that tightening regulations in the new law is only a technical measure; the most important aspect is the organizational implementation. "The implementation process requires close coordination between the SBV and relevant ministries to ensure strict enforcement of regulations and timely handling of violations," Son said.

The Law on Credit Institutions consists of 15 chapters and 210 articles and will enter into force on July 1, 2024. It regulates the establishment, organization, operations, early intervention, special supervision, restructuring, dissolution, and bankruptcy of credit institutions; the establishment, organization, operations, early intervention, dissolution, and termination of operations of foreign bank branches.

The law also regulates the establishment and operations of representative offices in Vietnam of foreign credit institutions, other foreign organizations engaged in banking activities, handling bad debts, collateral assets of bad debts of credit institutions, foreign bank branches, organizations in which the State owns 100% of the charter capital with functions of buying, selling and handling debts.

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TAG: Vietnam news vietnam land law vietnam law on credit institutions 2024
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