On July 23, the President’s Office of Viet Nam held a press conference to announce the Presidential Order promulgating five laws that were passed by the 15th National Assembly during its 7th session.
At the press conference, Deputy Minister of Natural Resources and Environment Nguyen Thi Phuong Hoa stated that the amendments and supplements to certain provisions of the Land Law, the Real Estate Business Law, and the Credit Institutions Law will take effect on August 1, 2024, instead of January 1, 2025. Thus, from August 1, the Land Law, the Real Estate Business Law, and the Credit Institutions Law will officially be in force.
Overview the press conference
Previously, the government proposed to the National Assembly that the Land Law take effect earlier to unlock resources, awaken potential, and maximize the value of land resources, thereby meeting the expectations and desires of localities, businesses, and citizens.
Regarding the preparation of sub-law documents to ensure the early effectiveness of these laws, Deputy Minister Nguyen Thi Phuong Hoa noted that three detailed decrees have been issued for the Land Law: Decree No. 42/2024/NĐ-CP on marine encroachment activities, Decree No. 71/2024/NĐ-CP dated June 27, 2024, on land pricing, and Decree No. 88/2024/NĐ-CP dated July 13, 2024, on compensation, support, and resettlement when the state recovers land.
The remaining decrees are being developed by the Ministries of Natural Resources and Environment, Finance, and Agriculture and Rural Development according to regulations.