Tag: law

Under the new law, State-owned enterprises are now permitted to invest in real estate and to purchase securities.

The law, scheduled to take effect on January 1, 2026, is expected to promote national digital transformation process, paving the way for domestic tech enterprises to grow sustainably, integrate deeply into the global market, and contribute to establishing a new position for Viet Nam on the world stage.

The law (revised) was passed by the National Assembly on February 18 as a legal framework for streamlining the Government apparatus.

Provision among new contents in Mineral and Geological Law passed by the National Assembly on November 29 and effective from next July 1.

Hanoi Accelerates 2024 Land Law Rollout, Pilots Groundbreaking Policies

Government Pushes for Amendment to Value Added Tax Law, Adding 12 Taxable Goods

Law is scheduled to take effect from January 1, 2025.

At the Real Estate Forum 2022 on October 28, with the theme “Supply of real estate in Ho Chi Minh City: Practical issues to be solved”, Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HoREA), said transparency in the market has improved with clear mechanisms and policies. However, safety and stability are still of concern due to the overlap between the Land Law 2013 and the Law on Housing 2014 and other legal documents.

Many localities are announcing the auction of land use rights as the end of the year approaches. Northern Nam Dinh province will auction 74 land plots, the central highlands’ Dak Lak province 52 land plots, and northern Quang Ninh province 17 land plots. These auctions are being conducted openly, honestly, and equally, and protecting the legitimate rights and benefits of participating parties.

At a meeting with leaders of commercial banks on October 16, Prime Minister Pham Minh Chinh asked them to comply with the law and strengthen their governance capacity. Vietnam’s commercial bank sector has continually grown in scale, quality, and financial capacity. Total assets at joint stock commercial banks stand at VND7.5 quadrillion ($307.15 billion) and at four State-owned commercial banks more than VND7 quadrillion (286.7 billion).

The Legislative Research Institute under the National Assembly Standing Committee has said that the legal framework on the ownership of virtual assets will focus on identifying the legal nature of virtual assets and building specific criteria for licensing to operate crypto asset exchanges and intermediaries in the field in Vietnam. Vietnamese law does not currently recognize ownership of virtual and digital assets.

After five years of implementation, certain provisions in the Law on Pharmacy are no longer consistent with actual circumstances and the process of international integration, causing many difficulties for pharmaceutical enterprises. The Ministry of Health has proposed revising the Law, supplementing certain provisions such as simplifying drug registration procedures and applications for circulation registration certificates.

In regard to the draft revised Land Law, the Ministry of Natural Resources and Environment (MoNRE) has said that it will not tax those with many houses but on the use of the land. High tax rates will be imposed on speculators who buy land and projects but then do not invest, instead waiting for the market to increase to sell for profit.

The Law on Prices and the legal framework on valuations have now been implemented for a decade. From recent mistakes relating to valuation activities and the quality of appraisers, it is clear that, if not corrected, these will be further corrupted, distorting prices in economic transactions, abetting wrongdoings, and causing losses of State budget and property.

Amendments to the Law on Medical Examination and Treatment have become necessary. Financial mechanisms are now an issue in the health sector that requires a legal corridor for medical examination and treatment facilities to feel secure.

Analysts believe that positive points in the revised Law on the Insurance Business include the removal of limits on investment in stocks and corporate bonds and the granting of permission to invest in trust funds. The revised law also allows foreign investors to own up to 100 per cent of charter capital in insurance or reinsurance companies.

On October 11, with the National Assembly Standing Committee agreeing to add three resolutions on specific mechanisms for Hai Phong city and Nghe An and Thua Thien-Hue provinces to the 2021 law and ordinance development program, the draft on the pilot specific mechanism for these three localities will be submitted to the National Assembly (NA) at the end of the month.

The Ministry of Justice has submitted to the government a report on amendments and supplements to the Law on Investment in order to attract investors, make use of land resources, and supply the real estate market, thus contributing to the reduction of house prices.

The new law is expected to create a comprehensive legal framework for the emergence and development of the digital technology industry.