Authorized by the Prime Minister, Minister of Finance Nguyen Van Thang presents the Draft Law at the meeting – Photo: VGP
|
On May 17, the National Assembly listened to the Presentation and Verification Report of the Draft Law amending and supplementing a number of articles of 7 laws, including: Law on Bidding; Law on Investment in the form of Public-Private Partnership (PPP); Customs Law; Law on Export and Import Taxes; Investment Law; Public Investment Law; and Law on Management and Use of Public Assets.
The draft aims to promote decentralization, devolution, and administrative reform in the fields of investment, finance, and budget. Minister of Finance Nguyen Van Thang stated that the improvement of laws in these areas is receiving close attention and direction from the Party, National Assembly, Government, and Prime Minister to serve the work of rearranging and organizing local government apparatus.
According to Mr. Thang, the amendments aim to create incentives for the development of science, technology, innovation, and national digital transformation, as well as boost economic growth. These goals have been set out in important documents such as Resolutions No. 18-NQ/TW, 27-NQ/TW, and 57-NQ/TW of the Politburo, and Resolution No. 60-NQ/TW of the 13th Party Central Committee, with expectations of achieving 8% growth in 2025 and double-digit growth in the following years.
“With the changing socio-economic situation, laws in the fields of investment, finance, and budget have encountered many obstacles in implementation and need to be reviewed and amended. The Government has identified these 7 laws as needing amendment and supplementation to meet practical demands and provide impetus for priority areas,” emphasized Minister Nguyen Van Thang.
The draft law sets out to fully institutionalize the guidelines of the Party and State on the development of science and technology, innovation, and digital transformation; reorganization of the state apparatus; and promotion of decentralization and administrative reform in investment and finance. At the same time, the amendments are expected to promptly remove obstacles, unblock, and efficiently utilize resources for economic development, ensuring legal synchronization and improving the business environment.
Reporting on the verification of the draft, Chairman of the National Assembly’s Committee for Economic and Financial Affairs Phan Van Mai stated that the Committee agreed with the necessity of the amendments based on political, legal, and practical grounds mentioned in the Government’s Presentation.
However, the Committee requested the Government to direct relevant agencies to carefully review and focus on amending urgent content to address obstacles, especially in the field of science and technology. The amendments must go hand in hand with ensuring streamlined procedures for enterprises while maintaining tight management, transparent and effective post-inspection mechanisms, and avoiding policy loopholes.
Specifically, regarding the Law on Bidding , the verifying agency suggested considering the allowance of investors to choose the form of direct appointment based on the scale and nature of the project. While this may shorten the implementation time, there is also a risk of creating a “favor-asking” mechanism, giving rise to direct appointments for affiliated enterprises and making it difficult for small and medium-sized enterprises to access bidding.
On the PPP Law, the Committee proposed a careful consideration of abolishing the regulation prohibiting the application of direct charging fees from users. This needs to be fully assessed for impact, especially in projects for the improvement and expansion of existing transport infrastructure, to ensure a balance of interests between the State, enterprises, and people.
For the Public Investment Law, the majority of the Committee members agreed to supplement two new contents, including policies for special public investment projects and tasks for land clearance preparation. However, detailed guidance is necessary to ensure unity within the legal system.
Regarding the remaining laws, such as the Customs Law, Export and Import Tax Law, Investment Law, and Law on Management of Public Assets, the Committee agreed in principle but requested the Government to closely review the provisions related to incentives for innovation and digital transformation to prevent abuse. The mechanisms for supervision, post-inspection, and risk handling should be strengthened to ensure transparency and effectiveness in implementation.
– 15:14 05/17/2025
Reviewing and Allocating Over $430 Million for Land Clearance of the Ho Chi Minh City’s Ring Road 4 Project through Dong Nai Province
The proposed Vành Đai 4 (Ring Road 4) project in Ho Chi Minh City, stretching across 47 kilometers of Đồng Nai, presents a substantial financial undertaking. With an estimated cost of over 10,000 billion VND required solely for land clearance, this endeavor underscores the magnitude of investment needed to pave the way for this ambitious road development project.
Proposed Establishment of the Free Trade Area in Haiphong
The Free Trade Area in Hai Phong City will boast a range of mechanisms and preferential policies to attract investment. With its strategic location and well-developed infrastructure, this dynamic zone is set to become a thriving hub for businesses, offering a plethora of incentives to those seeking to establish their footprint in this vibrant economy.
The Mega Project: Unveiling the $1.5 Billion Venture by Kinh Bac and the Trump Organization in Hung Yen
“The Prime Minister has instructed that, in exceptional cases, investor selection should be carried out through a special designated process, provided it adheres to legal regulations and the specific mechanisms approved by the competent authority.”
Transforming a $3.3 Million Relocation Housing Project into Social Housing
The People’s Committee of Kon Tum Province has approved a proposal to convert resettlement housing into social housing to meet the needs of workers and laborers.
“Subsidized Interest Rates: Empowering Private Enterprises with 2% Annual Interest Rate Support”
“On the morning of May 15, the National Assembly listened to the Government’s proposal on a draft resolution on special mechanisms and policies to develop the private economic sector. This sector is expected to become the core driving force of the economy.”
