Vietnam promulgates new Land Law, Credit Institutions Law
VOV.VN - The Office of the President on February 19 announced the President’s decision to promulgate the amended Land Law and the amended Law on Credit Institutions which was passed by the National Assembly at its recent extraordinary session.
The new Land Law comprises 16 chapters and 260 articles, with 180 articles amended and 78 new articles added compared to the 2013 Land Law. It is expected to provide a firm legal framework to enhance land management efficiency and create new momentum for Vietnam to become a high-income country by 2045.
Among changes, Vietnamese people residing abroad who have Vietnamese nationality and are Vietnamese citizens have full rights related to land like their compatriots in the fatherland.
The law is scheduled to take effect on January 1, 2025.
Meanwhile, the amended Law on Credit Institutions that has 15 chapters and 210 articles stipulates that commercial banks in Vietnam are required to reduce the ownership ratios of organisations, shareholders, and related parties. The legislation asks commercial banks and foreign bank branches to develop backup plans in cases of early intervention.
The ownership limit for individual shareholders remains unchanged at 5%, but now banks must disclose information about shareholders holding stakes of 1% or more instead of the previous 5%.
The law is due to come into force on July 1, 2024.
