In brief

At its 21st session (from 15 March to 20 March 2023), the National Assembly Standing Committee of Vietnam (NASC) considered and gave remarks on a number of essential draft legislation to be passed this year.

In detail

The 21st session is a monthly meeting of the NASC. In this session, NASC reviewed, among others, the draft Law on Housing (amended), draft Law on Bidding (amended), draft Law on Prices (amended), draft Law on Water Resources (amended), and draft Law on Cooperatives (amended).

In addition, the NASC also approved the supplementation of the draft Law on Credit Institutions (amended) and the draft Law on Citizen Identification (amended) to the legislative plan of the National Assembly (NA), following which those two draft laws will be discussed at the fifth session of the NA (in May this year), and approved at the sixth session (in October this year).

Summarized below are some notable draft legislation given remarks by the NASC at the 21st session.

Date Draft legislation Key takeaways
15 March 2023 Draft Law on Prices (amended)
  • Major issues to be addressed: price stabilization fund and measures; valuation of goods and services; allocation of authority between relevant state agencies; etc.
Draft Law on Bidding (amended)
  • Must stay consistent with other laws and bills (e.g., draft Law on Land, etc.)
  • Major issues to be addressed: selection of contractors and investors; bidding for projects using land; etc.
Draft Law on Water Resources (amended)
  • Must stay consistent with other laws (e.g., Law on Planning)
  • Major issues to be addressed: registration and license for the exploitation and use of water resources; etc.
16 March 2023 Draft Law on Cooperatives (amended)
  • Major issues to be addressed: transfer of capital contributions of members in cooperatives and unions of cooperatives; etc.
17 March 2023 Draft Law on Credit Institutions (amended)
  • Supplemented to the NA's legislative plan for discussion among NA delegates at the fifth session of the NA (in May 2023) and for approval at the sixth session of the NA (in October 2023)
  • Must stay consistent with other laws and bills (e.g., Law on Anti-money Laundering, Law on Anti-terrorism, etc.)
  • Major issues to be addressed: fintech, digital banking, weak credit institutions, cross-ownership, bad debts, etc.
Draft Law on Citizen Identification (amended)
  • Supplemented to the NA's legislative plan for discussion among NA delegates at the fifth session of the NA (in May 2023) and for approval at the sixth session of the NA (in October 2023)
Draft Law on Housing (amended)
  • Must stay consistent with other laws and bills (e.g., draft Law on Land, draft Law on Bidding, draft Law on Prices, etc.)
  • Major issues to be addressed: house ownership of foreigners; condominium ownership and use term; social housing; etc.