Official: Law on Capital 2024 which comes into force in Vietnam from January 1, 2025

Official: Law on Capital 2024 which comes into force in Vietnam from January 1, 2025

Capital Law 2024 stipulates the position and role of the Capital; policies, and responsibilities for building, developing, managing, and protecting the Capital.

The Capital of the Socialist Republic of Vietnam is Hanoi.

Concerning the application of Capital Law 2024:

(i) In case of different provisions between Capital Law 2024 and other laws or resolutions of the National Assembly on the same issue, the provisions of Capital Law 2024 shall apply, except for the case specified in (ii).

(ii) In cases where laws or resolutions of the National Assembly issued after the effective date of Capital Law 2024 have different provisions from those of Capital Law 2024 on the same issue that need to be applied, specific regulations on the application of the law must be immediately stipulated in those laws or resolutions; in cases where there are no specific regulations on the application of the law and the application of such provisions is necessary for the building, development, management, and protection of the Capital, the Standing Committee of the National Assembly shall decide on the application as proposed by the Government of Vietnam and report to the National Assembly at the nearest session.

(iii) Legal normative documents detailing the contents of Capital Law 2024 and legal normative documents issued to exercise the authority granted in Capital Law 2024 shall be applied in cases where there are multiple legal normative documents with different provisions on the same issue.

More details can be found in Capital Law 2024, which takes effect in Vietnam from January 1, 2025, with the following provisions taking effect from July 1, 2025:

- Management and use of underground space as stipulated in Article 19 of Capital Law 2024;

- Establishment of commercial and cultural development zones as stipulated in Clause 7, Article 21 of Capital Law 2024;

- Development of science and technology, innovation, and digital transformation as stipulated in Article 23 of Capital Law 2024;

- Controlled trial implementation as stipulated in Article 25 of Capital Law 2024;

- Implementation of build-transfer contracts as stipulated in Article 40 of Capital Law 2024.

Capital Law 2012, Resolution 97/2019/QH14, Resolution 160/2021/QH14, Resolution 115/2020/QH14 expire from January 1, 2025.

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