HANOI. Jan. 18 (Xinhua) – The Vietnamese National Assembly (NA) approved the amended land law on Thursday at its fifth extraordinary meeting, Vietnam News Agency reported.

NA Chairman Vuong Dinh Hue said by passing the law, the legislators had accomplished one of the most important legislative tasks of the 15th-term National Assembly.

The law will take effect on Jan. 1, 2025, except for some specific provisions.

Vu Hong Thanh, chairman of the NA’s Economic Affairs, said it was a major and complicated law project, bearing special meaning and importance in the country’s politics, socio-economy, national defense, security, and environmental protection. It has also a profound impact on all walks of life and businesses.

The draft amended land law, which was open for public feedback, has received more than 12 million comments.

At the fifth extraordinary meeting which concluded on Thursday, the NA deputies also passed an additional allocation of more than 63.72 trillion Vietnamese dong (2.59 billion U.S. dollars) for five sectors and fields, namely national defense, security, State management, science and technology, and transport.

The allocation consists of nearly 58 trillion Vietnamese dong for 32 key transport projects.

The legislators also passed the amended Law on Credit Institutions.