When shall the Law on Credit Institutions in 2024 in Vietnam take effect?

When shall the Law on Credit Institutions in 2024 in Vietnam take effect?

Recently, at the 5th extraordinary session of the 15th National Assembly, the Law on Credit Institutions in 2024 was officially passed.

The Law on Credit Institutions in 2024 consists of 15 chapters and 210 articles (compared to the amended Law submitted to the National Assembly at the 6th session, 4 articles were removed, 11 articles were added, 15 articles were kept, and some technical issues were adjusted to other articles) and will come into effect on July 1, 2024.

When shall the Law on Credit Institutions in 2024 in Vietnam take effect? - image from internet

Which entities have the authority to pass the Law on Credit Institutions in 2024 in Vietnam?

Pursuant to Article 5 of the Law on Organization of the National Assembly in 2014 stipulating regulations on making and amending laws as follows:

Making and amending laws

1. The National Assembly shall decide on legislative programs at the proposal of the Standing Committee of the National Assembly.

2. Before being submitted to the National Assembly, bills shall be verified by the Ethnic Council or Committees of the National Assembly and commented by the Standing Committee of the National Assembly.

3. The National Assembly shall discuss, consider and pass a bill into a law at one or several of its sessions, depending on the contents of the bill.

As regulations above, the National Assembly have the authority to pass the amended Law on Credit Institutions.

What are purposes of promulgation of laws of the National Assembly in Vietnam?

Pursuant to Article 15 of the Law on Promulgation of legislative documents in 2015 stipulating laws, resolutions of the National Assembly as follows:

Laws, resolutions of the National Assembly

1. The National Assembly shall promulgate laws to prescribe:

a) Organizational structure and operation the National Assembly, the President, the Government, People’s Courts, the People’s Procuracies, National Election Council, State Audit Office of Vietnam, local governments, administrative - economic units, and other agencies established by the National Assembly;

b) Human rights, basic rights and obligations of citizens that must be prescribed by law according to the Constitution, restrictions on human rights and citizenship; crimes and punishments;

c) Basic policies on national finance and state budget; imposition, adjustment, or cancellation of taxes;

d) Basic policies on culture, education, healthcare, science, technology, and environment;

dd) National defense and security;

e) Policies on ethnics and religions of the State;

g) Ranks in the People’s armed forces; diplomatic ranks; other state ranks; medals and honorable titles of the State;

h) Basic diplomatic policies;

i) Referendum;

k) Mechanism for protection of the Constitution;

l) Other issues within the competence of the National Assembly.

2. The National Assembly shall promulgate resolutions to prescribe:

a) Ratio of distribution of revenues and obligatory expenditures between central government budget and local government budgets;

b) Pilot implementation of some new policies within the competence to decide of the National Assembly that are not regulated by any law or different from applicable regulations of law;

c) Suspend or extend the implementation period of the whole or part of a law or resolution of the National Assembly in order to meet urgent requirements for socio-economic development, assurance of human rights and citizenship;

d) Prescribe states of emergency and other special measures for ensuring national defense and security;

dd) Declare amnesty;

e) Decide issues within the competence of the National Assembly.

As regulations above, the National Assembly shall promulgate laws to prescribe:

- Organizational structure and operation the National Assembly, the President, the Government, People’s Courts, the People’s Procuracies, National Election Council, State Audit Office of Vietnam, local governments, administrative - economic units, and other agencies established by the National Assembly;

- Human rights, basic rights and obligations of citizens that must be prescribed by law according to the Constitution, restrictions on human rights and citizenship; crimes and punishments;

- Basic policies on national finance and state budget; imposition, adjustment, or cancellation of taxes;

- Basic policies on culture, education, healthcare, science, technology, and environment;

- National defense and security;

- Policies on ethnics and religions of the State;

- Ranks in the People’s armed forces; diplomatic ranks; other state ranks; medals and honorable titles of the State;

- Basic diplomatic policies;

- Referendum;

- Mechanism for protection of the Constitution;

- Other issues within the competence of the National Assembly.

Best regards!