Hanoi (VNA) - The amended Land Law and amended Law on Credit Institutions were officially passed on January 18, as part of the 15th National Assembly (NA)’s ongoing 5th extraordinary session.

The revised land law saw 432 out of the 477 NA deputies voting in favour, or 87.63% of the total deputies.

Consisting of 16 chapters and 260 articles, this law specifies 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 regarding land within the country’s territory.

The amended law, except for some of its specific provisions, will come into force on January 1, 2025.

According to Chairman of the NA Economic Committee Vu Hong Thanh, the project holds special importance in the nations’ political, economic, social, defence, security, and environmental aspects. Largely affecting people from all walks of life and business communities, it is a complex and challenging one.

Before being approved, it was presented to the NA at four sessions, two conferences of full-time deputies, and eight official meetings of the Standing Committee. It underwent adjustments and incorporated the opinions of agencies, organisations, experts, scientists, and more than 12 million public opinions.

Meanwhile, the amended Law on Credit Institutions sailed through the legislature with 450 yes votes, or 91.28% of the total NA deputies.

The law, comprising 15 chapters and 210 articles, will be effective from July 1 this year.

It outlines provisions regarding credit institutions’ establishment, organisation, operation, early intervention, special control, restructuring, dissolution, and bankruptcy. It also addresses the establishment, organisation, 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 Vietnam of foreign credit institutions and other foreign organisations 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 organisations fully owned by the State with the functions of buying, selling, and handling debts./.