On January 8 and 9, 2024, the Standing Committee of the National Assembly (NA) held a meeting to review and prepare for the upcoming extraordinary NA meeting. Accordingly, the NA officially determined to organize an extraordinary NA meeting from January 15 to January 18, 2024, and the NA plans to vote for the approval of the Amended Land Law and Amended Law on Credit Institutions, and other resolutions at the upcoming meeting. The NA Chairman has requested the NA Standing Committee to prioritize further discussion on three points, including: (1) land recovery to implement commercial housing projects, (2) the method and authority/ responsibility for determining land prices, and (3) the land development fund.

Previously, at the November 2023 NA meeting, the NA passed the Amended Housing Law and the Amended Real Estate Business Law but postponed approval for the Amended Land Law to the next meeting (please see our Sector Flash dated November 27, 2023). According to a statement by the Secretary General of the National Assembly on December 18, 2023, the NA plans to organize an extraordinary meeting in mid-January 2024 to review and vote on the Amended Land Law, Amended Law on Credit Institutions, and other resolutions. The NA Chairman has highlighted the importance of the Amended Land Law and has pushed relevant committees to focus on finalizing the Amended Land Law while ensuring quality and feasibility.

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