Sign up | Log in



Home  >>   Daily News  >>   Vietnam News  >>Investment  >> New Investment Law should cut red tape: NA
NEW UPDATES Asean Affairs   26 June 2014  

New Investment Law should cut red tape: NA

Vietnam: National Assembly deputies agreed yesterday that revisions to the Investment Law should bolster investors' confidence through further cuts in red tape related to investment activities.

While discussing Government proposals as well as the verification report of the National Assembly Economic Committee, they concurred with the latter's assessment that a revised Investment Law was needed to improve policies and speed up administrative reforms.

The deputies also mentioned the need to enhance State management of investment, clarify the fields that the State prioritises for investment and improve investment certificate granting procedures.

The deputies proposed that the drafting committee examines other legal documents to ensure their provisions are consistent with the revisions proposed to the current Investment Law.

Deputy Vu Tien Loc and other deputies also remarked that amendments to the Enterprise Law and Investment Law would have direct impact on the performance of all businesses in Viet Nam.

They said they expected the revised investment law to offer "breakthrough solutions" for improving the business climate in Viet Nam and help the country take full use of opportunities arising from the Trans-Pacific Partnership (TPP) agreement currently under negotiation.

Loc wanted the drafting committee to consider eliminating several procedures related to investment registration and the issuance of investment certificates.

He suggested that the very need for an investment certificate could be removed except for projects that need to be strictly controlled by the State through rigorous registration procedures. The proposed revisions do not mention this distinction, he noted.

Loc said investors should have the right to invest in State-owned projects, but they should be strictly managed by authorised agencies to avoid harm to public benefit.

Agreeing with Loc, deputies Nguyen Phi Thuong and Mai Anh Tuyet said the revised law should also ensure that once investors fulfill conditions related to land-use incentives, they are not required to deal with further administrative procedures.

Deputies Le Cong Dinh and Nguyen Thi Nguyet Huong said the draft committee should make sure that the regulations on investment incentives are clear.

Deputy Nguyen Van Canh wanted the draft committee to clarify provisions on incentives for indigenous products saying this was of crucial importance for the domestic economy.

He said Viet Nam has set itself the target of becoming an industrialised country by 2020, but it was still not making hi-tech products for export.

He said the government should clarify regulations regarding 100 per cent locally-made products that are meant for local consumption or exports.

Without incentives for local production and locally-made products, favourable conditions would not be created for the for domestic support industry to grow, he added.

Also yesterday, the ongoing seventh session of the National Assembly passed the revised Law on Customs with 92.37 per cent of the vote.

Consisting of eight chapters and 104 articles, the revised law aims to make the national Customs department a professional, modern, transparent and effective agency.

Environment law

Later in the afternoon, more than 86 per cent of National Assembly deputies approved a draft revised Environment Protection Law.

The revised law contains 20 chapters and 170 articles stating that protecting the environment is the responsibility of all agencies, organisations, households and inviduals.

It says that organisations and individuals who benefit from the environment are responsible for providing financial support for environment protection activities.

Likewise, those who pollute the environment have to make proper compensation in accordance with the law.

In addition, the law says that environmental protection should be in harmony with economic development, social protection, biodiversity preservation and adapting to climate change. It also says environment protection needs to be related to appropriate use of natural resources and waste reduction.

The new law also says that the national environment protection plan contains ans assessment of the current environmental status, environmental management, environmental and climate change forecast and waste management, among others.

The NA also discussed the contents of the Law on the Enforcement of Civil Judgments.

Deputies Tran Ngoc Vinh, Ho Van Nam, Nguyen Thai Hoc, Tran Dinh Long from Hai Phong, Dong Nai, Phu Yen and Dac Nong respectively said the court's roles in the enforcement of civil judgment were currently vague. They said many of the court's judgments were unclear and unworkable.

When enforcement agencies requested explanations, adjustments or reconsideration, their requests often received late responses, leading to delayed enforcement and prolonged complaints or protests.

They therefore stressed the need for increasing the responsibilities and rights of the court in law enforcement so that the court could better supervise the enforcement of their judgements and ensure practical effectiveness of their judgements. — VNS

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                            June 26, 2014 Subsribe Now !
• Thailand urges EU to review its decision on punitive measures Subcribe: Asean Affairs Global Magazine
• Phapros aims for Rp 620 billion in sales this year
• New Investment Law should cut red tape: NA
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• City bounces back amid challenges
• Asian ministers' meeting on disaster risk reduction kicks off in Bangkok
Asean Analysis                    June 25, 2014

• Asean Analysis June 25, 2014
Over three in four in Singapore plan their leisure trips less than a month in advance: GfK
Advertise Your Brand

Asean Stock Watch    June 25, 2014
• Asean Stock Watch-June 25, 2014
The Biweekly Update
• The Biweekly Update  June 13, 2014

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand