Legislature gathers over hefty laws

Tuesday, 23/05/2017
The third session of the 14th National Assembly kicked off this morning, with major solutions to accelerate the country’s growth on the agenda.

At the opening ceremony of the session, National Assembly Chairwoman Nguyen Thi Kim Ngan stated that the National Assembly is very important in institutionalising the Constitution, implementing regulations on the market economy, and boosting the economic restructuring process.

During the 22-day session, the legislature will consider and raitfy 13 laws and five draft resolutions and provide comments for another five drafts (see box).

“These laws and resolutions are very important and they have drawn great attention from the public,” Ngan said.

During the session, the National Assembly will also review, debate, and give opinions on a number of reports regarding the socioeconomic situation of 2016 and set objectives for 2017. In addition, the NA will evaluate the implementation of the 2016 national budget and make proposals for 2017.

Ngan stated that the local economy has been witnessing positive developments, such as the improving investment and business climates, rising living standards, as well as the elevating global position and prestige of the country.

The government reported to the legislature that the economy grew by 5.1 per cent in this year’s first three months—the lowest first-quarter growth rate in the last few years.

However, Deputy Prime Minister Truong Hoa Binh, who dictated the government’s report on Vietnam’s economic situation in this year’s first four months and the whole of 2017, stated that the government would have to make great efforts to reach the growth target of about 6.7 per cent earlier set by the National Assembly.

“Enterprises’ production and confidence are on the rise,” Binh said.

The General Statistics Office reported that last year, that a record number of more than 110,000 enterprises were newly established, with a total registered capital sum of over VND891 trillion ($40.5 billion). This is far higher than 2015’s 94,754 newly-registered enterprises and VND601.5 trillion ($27.34 billion). In addition, 27,000 enterprises resumed operations, another encouraging figure.

During this year’s first four months, Vietnam saw nearly 40,000 newly-established enterprises registered at $16.82 billion, up 14 and 49 per cent, respectively. The economy’s total newly-registered and newly-added capital was $37.5 billion.

Thirteen laws for consideration and ratification at the third session of the 14th National Assembly:

Law on Railway (amended)

Law on Foreign Trade Management

Law on the Management, Usage of Weapon, Explosives and Supporting Tools

Law on Supporting Small- and Medium-sized Enterprises

Law on the Management and Usage of State-owned Assets (amended)

Law on Water Resources

Law on Technology Transfer (amended)

Law on the Responsibility in Compensation of the State (amended)

Law on Guard

Law on Tourism (amended)

Law on Legal Aid (amended)

Law on Planning

Law on amending and supplementing a number of articles of the Penal Code No.100/2015/QH13; Resolution on the implementation of the Penal Code (if there is)


Theo VIR

Disclaimer: The above information is collected from independent sources outside the company and should be best considered a reference only. VCBS does not bear responsibility for any unwanted consequences arising from its use.