On the morning of August 24, with the majority of delegates in favor, the National Assembly passed the Law on Urban Development. This Law consists of 5 chapters, 66 articles, and takes effect from October 1, 2026.
Before being approved by the National Assembly, Member of the Party Central Committee, Minister of Justice Hoang Thanh Tung reported on receiving and explaining a number of issues related to the provisions in the law.
Minister Hoang Thanh Tung said that the Government has seriously absorbed, revised, and ensured the full institutionalization of the Party's guidelines and orientations, establishing breakthrough and outstanding mechanisms and policies to meet the requirements of special urban development, including Ho Chi Minh City, other cities, special economic zones and sea encroachment urban area projects.
This also contributes to the implementation of the goal of double-digit growth and rapid and sustainable development of the country in the new era.
Regarding some major contents that have been absorbed and revised, according to the Minister of Justice, the law supplements the authority of the City People's Council (HĐND) in locally adjusting the overall plan of the city, ensuring the requirement for unified state management of planning, the connection between the city's planning and planning in special economic zones in cases where special economic zones are located in the city.
Regarding the International Financial Center in Vietnam, the law has adjusted the authority to regulate "conditions, order, and procedures for licensing the establishment of banks with investment banking activities at the International Financial Center in Vietnam, issuing international financial products through the International Financial Center in Vietnam" from the International Financial Center's operating agency in the city to the City People's Council and supplemented the condition that there must be opinions from the Ministry of Finance and the State Bank of Vietnam.
The Law also supplements regulations that members of the International Financial Center in Vietnam are allowed to provide financial services and other support services at the center under the establishment and operation license for domestic organizations to transact and attract international capital on the basis of strictly and fully complying with regulations on foreign exchange management, anti-money laundering, anti-terrorism financing, anti-radical weapons proliferation financing and public debt management.
The Law also supplements Article 19 on mechanisms and policies to promote the development of coastal urban areas.
In which, regulations on investment principles, construction, and development of sea encroachment urban areas; conditions for strategic investors; authority to decide on a number of economic - technical indicators, land use indicators; mineral exploitation mechanisms serving the project.
In particular, the law also clearly states that strategic investors implementing investment projects to build sea encroachment urban areas are investors selected to implement projects according to the provisions of Clause 5 or Clause 6, Article 36 of this Law and are entitled to incentives and support. Including the operating term of the investment project to build sea encroachment urban areas not exceeding 70 years.
