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On 18 January 2024, the National Assembly of Vietnam passed the new Law No. 32/2024/QH15 on Credit Institutions ("New Law") at the fifth extraordinary meeting of the National Assembly. The New Law will have a major impact on the development of the banking sector in Vietnam.
The New Law will come into effect and replace the Current Law1 from 1 July 2024, except for the provisions on enforcement of security over real estate, which will take effect from 1 January 2025, and certain transitional provisions regarding the operation of credit institutions.
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1 Law No. 47/2010/QH12 on Credit Institutions was passed by the National Assembly on 16 June 2010, as amended and supplemented by Law No. 17/2017/QH14 on amendment and supplement of a number of articles of the Law on Credit Institutions passed by the National Assembly on 20 November 2017 ("Current Law").
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