NA Ratifies Amended Land, Credit Institution Laws

6:12:34 AM | 1/29/2024

During the concluding session of the 5th Extraordinary Session on January 18, 2023, the National Assembly ratified the Land Law (amended), the Law on Credit Institutions (amended), and two pivotal resolutions. These legislative enactments hold substantial significance and bear profound implications for the political, economic, and social fabric of the nation.

General Secretary Nguyen Phu Trong along with other leaders from the Party, State, and National Assembly attends the opening ceremony of the 5th Extraordinary Session of the 15th National Assembly

One of the most important legislative tasks accomplished

In a meeting where the draft Land Law (amended) was presented, Chairman of the National Assembly’s Economic Commission, Vu Hong Thanh, emphasized the significance of the Land Law. He noted that it is a substantial legislative project with profound implications for the country’s political, social, economic, defense, security, and environmental sectors, impacting all walks of life and the business community. He also acknowledged the complexity and difficulty of this law project.

The revised draft law, comprising 16 chapters and 260 articles, has been comprehensively understood and institutionalized in line with Resolution 18-NQ/TW dated June 16, 2022, from the 5th meeting of the 13th Party Central Committee. It is consistent with the Constitution and the legal system. The completion of specific contents and issues, despite differing opinions, aligns with the country’s actual conditions and is implemented following the viewpoints determined in Resolution 27-NQ/TW dated November 9, 2022, from the 6th meeting of the 13th Party Central Committee.

National Assembly Chairman Vuong Dinh Hue confirmed that the passage of the amended Land Law represents the completion of one of the most crucial legislative tasks of the 15th National Assembly term. He said, “The adoption of the amended Land Law at this session, along with the amended Housing Law and the amended Law on Real Estate Business at the last 6th session, fulfills the requirement for completing consistent policies and laws on land management and use. This is in accordance with the development institutions of a socialist-oriented market economy, ensuring that land resources are managed, exploited, and used in the most economical, sustainable, and effective manner.”

Furthermore, the National Assembly ratified the amended Law on Credit Institutions, which regulates the formation, organization, operation, early intervention, special control, reorganization, dissolution, and bankruptcy of credit institutions. It also covers the formation and operation of representative offices in Vietnam of foreign credit institutions and other foreign organizations with banking activities, and the handling of bad debts and collateral assets of bad debts.

Chairman Hue noted that the Law on Credit Institutions, with its comprehensive and consistent amendments and supplements, expediently institutionalizes Party policies and guidelines. It perfects banking institutions in line with socialist-oriented market principles, meets the requirement for restructuring commercial banks and credit institutions, and ensures the safety, health, stability, and sustainability of the banking system. It enhances openness and transparency in accordance with common international standards and practices, completes the legal basis for handling bad debts and cross-ownership, promotes the application of science and technology, especially digital technology in the banking sector, and develops current high value-added banking products and services.

During this session, the legislative body also adopted two important resolutions: the Resolution on specific mechanisms and policies for the implementation of national target programs, and the Resolution on supplementing the centrally funded medium-term public investment plan for the 2021-2025 period. This is from the general reserve source corresponding to the increase in central budget revenue in 2022 for public investment tasks and projects, and supplementing the medium-term public investment plan for the Vietnam Electricity Group from the reserve source of the medium-term public investment plan.

Accelerating the enactment of the laws

National Assembly Chairman Hue highlighted the successful passage of the laws, attributing this achievement to the meticulous, scientific preparation and the unwavering determination of the National Assembly Standing Committee, the Government, the Vietnam Fatherland Front, National Assembly agencies, deputies, and other relevant entities.

In light of these legislative advancements, Chairman Hue urged the Government to allocate resources promptly, prepare necessary conditions, and initiate specific plans to expedite the implementation of the amended Land Law. He also called for the urgent development and promulgation of documents detailing and guiding the transition, as per the Government’s authority, and for ministries and central agencies to issue corresponding documents.

Furthermore, Chairman Hue requested the Government to concentrate on disseminating the contents of the amended Law on Credit Institutions and its enforcement documents. He emphasized the need for urgent research and proposed improvements to the Law on State Bank, the Law on Deposit Insurance, and related laws to establish a consistent legal foundation for the enforcement of the amended Law on Credit Institutions.

Regarding the resolution on specific mechanisms and policies for the implementation of national target programs, Chairman Hue affirmed the National Assembly’s supreme oversight role, which enabled the prompt removal of obstacles and accelerated the progress of three national target programs. He suggested that the Government continue to review, revise, and supplement relevant documents to ensure synchronization and consistency with this resolution. He also advocated for the urgent allocation of resources, the strengthening of reasonable decentralization of power between central and local governments, and the empowerment of ministries, agencies, and localities to expedite progress and achieve program goals.

On the subject of financial and budgetary issues, Chairman Hue noted the National Assembly’s decision to allocate and use nearly VND64 trillion for tasks and projects in five fields, including national defense, security, state administration, science-technology, and transport. This includes nearly VND58 trillion for 32 key transport projects. He underscored that these financial and budgetary decisions are crucial for accelerating key projects, fostering the development of a synchronous and modern strategic infrastructure system, particularly highways, coastal roads, ports, and regional connectivity projects, with the aim of achieving more than 3,000 km of expressways by 2025.

Reflecting on the success of the first session in 2024, Chairman Hue encouraged the National Assembly to maintain its spirit of “active legislation, effective oversight, timely policymaking, breakthrough development”. He expressed his hope that the National Assembly will work alongside the Government and political agencies to successfully achieve socioeconomic development tasks in 2024 and the 2021-2025 period, thereby facilitating the rapid and sustainable development of the country.

By Quynh Anh, Vietnam Business Forum