The new law, which has 16 chapters and 260 articles, received support from 432 out of 477 deputies at the session.

This is a major law project of paramount importance to the country’s politics, socio-economic development, national defense, security, and environmental protection. It has a profound impact on all walks of life and the business community as well.

According to Vu Hong Thanh, chairman of the National Assembly’s Economic Committee, the law project has been prepared thoroughly by the National Assembly, the National Assembly Standing Committee (UBTVQH), the Government and relevant agencies and organizations.

In fact, it was debated at four legislature sessions, two full-time National Assembly deputies conferences, and eight National Assembly Standing Committee meetings. It was revised by the law formulating agencies after considering opinions of agencies, organizations, experts, scientists, businesses and people.

Among the revised issues, the agencies completed provisions on the rights and obligations regarding land use of Vietnamese people residing abroad, and the transfer of real estate projects of an economic organization with foreign investment capital.

The law is scheduled to take effect as from January 1, 2025, except for some specific provisions.

The same day, the National Assembly approved the amended law on Credit Organisations.

Source: VOV