National Assembly Chairman Vương Đình Huệ chairs the National Assembly Standing Committee's 29th plenary session on Monday afternoon in Hà Nội.—VNA/VNS Photo Nhan Sáng

HÀ NỘI — The National Assembly Standing Committee opened its 29th plenary session on Monday afternoon in Hà Nội to give opinions on several important topics.

In his opening speech at the session, National Assembly Chairman Vương Đình Huệ said the 29th session was the first regular session of the National Assembly Standing Committee this year.

The session would focus on giving opinions on several important issues to prepare for the fifth extraordinary session of the National Assembly, which was scheduled to open on January 15.

Huệ said during the 1.5-day session of the National Assembly Standing Committee, the committee would consider and give opinions on the explanation, reception and revision of the draft of the amended Land Law; the draft of the amended Law on Credit Institutions; the draft Resolution on several specific mechanisms and policies to remove difficulties and obstacles and speed up the implementation of National Target Programmes; and the interpretation of provisions in Clause 1, Article 6 of the Law on Public Investment.

The committee would also consider the capital supplement of the medium-term Public Investment Plan with central budget capital for the period 2021-25 from the general reserve source, and the capital supplement of the medium-term Public Investment Plan for the Việt Nam Electricity (EVN) from the reserve source of the medium-term public investment plan.

Huệ also said that the amended Land Law was believed to be a very important law, having profound impacts on all aspects of society, all classes of people, and the business community in the immediate and long term.

The drafting and verifying agencies had prepared very carefully and received comments from experts and scientists many times, as well as collecting 12 million people's opinions.

The National Assembly also considered and gave opinions on the draft amended law at its three sessions. The National Assembly Standing Committee also gave opinions on it many times, he said.

The draft amended law had been completed and concreted Resolution No. 18-NQ/TW of the Party Central Committee, closely followed the Constitution, the Party's guidelines, and current regulations so far, he added.

Huệ said the draft amended law should have been passed at the National Assembly’s sixth plenary session (in November 2023). However, the National Assembly Standing Committee agreed with the Government to submit the draft amended law to the National Assembly at the next session of the National Assembly so that some major contents, which received different comments, would be considered more meticulously.

The major contents included land recovery to implement commercial housing projects, projects that combined housing and commercial services; land valuation methods, authority and responsibility to decide on land valuation; and projects to create land funds.

Then, he told members of the National Assembly Standing Committee to make more comments on the draft amended law to submit to the National Assembly for consideration and approval at its extraordinary session.

Regarding the draft amended Law on Credit Institutions, he said that the law had a profound impact on many issues, including monetary and financial policies, macroeconomics, safety and security of the national financial and monetary system.

He said the National Assembly gave opinions on the draft amended law at two sessions. The National Assembly Standing Committee and National Assembly leaders also gave their specific instructions on the draft amended law many times.

He ordered the National Assembly Standing Committee to suggest further improvements to some contents of the draft amended law so that the draft amended law would have the best quality, be consistent with the legal system, meet practical requirements, and restructure the system of credit institutions and banks in the future.

He urged the review of regulations on financial group management, cross-ownership resolution, transitional regulations, bad debt handling and collateral in the draft law. — VNS