The 15th National Assembly concluded its fifth extra-ordinary meeting on the morning of January 18, under Chairman Vuong Dinh Hue.

During the three-and-a-half-day sitting, the legislature passed the Land Law (amended) and the Law on Credit Institutions (amended), and resolutions on specific mechanisms and policies for national target programs and on the allocation and utilization of nearly VND64 trillion ($2.6 billion) for tasks and projects in five sectors, together with decisions on many other issues.

The amended Land Law, which consists of 16 chapters and 260 articles, 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.

Meanwhile, the amended Law on Credit Institutions comprises 15 chapters and 210 articles, and will be effective from July 1, 2024.

The resolution on mechanisms to decentralize the management and implementation of national target programs is considered an important step following the supreme supervision process by the NA at the previous meeting, towards promptly removing difficulties and obstacles to accelerate progress and ensure the effective implementation of three national target programs on building new-style rural areas, sustainable poverty reduction, and socio-economic development in ethnic minority and mountainous areas, according to NA Chairman Hue.

In his closing remarks, he suggested that the government continue to review, amend, and supplement relevant documents to ensure consistency and alignment with the resolution, and to urgently allocate resources and enhance decentralization between central and local agencies to create favorable conditions for ministries, sectors, and localities to speed up implementation and soundly accomplish the objectives in national target programs.

NA deputies also scrutinized and made decisions related to financial and budget plans. The legislature approved the allocation and utilization of nearly VND64 trillion ($2.6 billion) for tasks and projects in five sectors: national defense, security, State management, science and technology, and transportation. Notably, VND58 trillion ($2.4 billion) will be earmarked for 32 key transportation projects.

Along with national projects the NA has decided to invest in since the beginning of its term, and the resolution on piloting specific policies on investment in the construction of road infrastructure and transport facilities approved at the NA’s sixth meeting in October and November last year, finance and budget-related issues decided in this session are a crucial prerequisite for expediting the implementation of key projects, including promoting the development of a harmonious and modern strategic infrastructure network, especially expressways, coastal roads, airports, and regional linkage projects, contributing to realizing the goal of having over 3,000 km of expressways in the country by 2025.