Việt Nam News

Chairman of the National Assembly's Economic Committee Vũ Hồng Thanh. He said the Committee is all for the proposal. — VNA/VNS Photo An Văn Đăng

HÀ NỘI — The Government has proposed to move forward the effective dates of three critical laws by five months.

The proposed effective dates for the Law on Land, the Law on Housing and the Law on Real Estate Business, have been moved from January 1 next year to August 1, 2024.

The Government believes that introducing the laws earlier will help address the existing problems in land valuation, land acquisition and resettlement compensation.

The move would also strengthen the legal framework for real estate, unlock land resources, boost the realty market's growth and accelerate the implementation of social housing projects.

However, the government also acknowledges that bringing forward some provisions could create complications for several projects that are in the process of selecting investors.

This could impact the business operations of enterprises, including project timelines, leading to increased compliance costs and potentially triggering negative reactions from the business community.

Therefore, the Government also proposes maintaining the original effective date of January 1, 2025, for Section 10 of Article 25 and eight other articles (Articles 253 to 260) in the Law on Land.

Regarding Section 4 of Article 260, the Government believes that bringing the provision into effect on August 1 could expedite the completion of land-related procedures for agencies under the Ministry of Defence and the Ministry of Public Safety.

Yet the Government suggests postponing its effective date to January 1, 2025, to give them more time to deal with the procedures.

According to Vũ Hồng Thanh, Chairman of the National Assembly's Economic Committee, they are all for bringing in the laws earlier, but are concerned that it would put local authorities in a tight spot as they have to "rush" the issuance of relevant sub-law documents, potentially compromising the quality of these documents.

The Committee urged the Government to prepare a report clarifying its impact on to-be-issued sub-law documents and suggesting solutions to the problem.

The proposal has been met with mixed reactions among National Assembly deputies.

While some support the expedited implementation, others call for a more cautious approach, emphasising the need for throughout preparation and comprehensive guidelines before the laws take effect.

The National Assembly will discuss and vote on the proposal during its ongoing 7th session.

Concurrently, it has been proposed that Articles 200 and 201 of the Law on Credit Institutions take effect early from August 1, 2024, to ensure consistency in collateral regulations. — VNS