Vietnam's National Assembly Discusses Petroleum Policy Shift from Investment Incentives to Global Competitiveness

Vietnam's 16th National Assembly, during its ongoing first extraordinary session, has engaged in constructive discussions regarding legislative amendments aimed at shifting its petroleum policy focus from investment incentives to enhancing global competitiveness. Top leader To Lam emphasized the necessity of a top-to-bottom review of legal and institutional systems, designing legislation to be "ahead of the curve" to foster growth rather than reacting to crises, thereby avoiding squandered opportunities and falling behind. The Assembly heard proposals and verification reports on two bills: the Law amending and supplementing several articles of the Law on Customs, and the Law revising Article 6 and Appendix IV on the list of conditional business lines under the Law on Investment. These amendments are intended to strengthen the foundation for Vietnam's economy to boost its competitiveness in the global market and achieve sustainable growth. National Assembly Chairman Tran Thanh Man confirmed that the 16th NA’s second session will open on October 20 and be conducted in two phases. He also noted that the requirement that "every citizen live and work in accordance with the Constitution and the law" remains hollow unless people can fully access, understand, and actually use the rules that govern their lives, highlighting the importance of not only legal frameworks but also public awareness and fairness in law enforcement. Furthermore, lawmakers stressed the importance of incorporating feedback from enterprises and those directly affected by regulations into policy-making, calling for a practical approach to more effectively advance business environment reforms. Prime Minister Le Minh Hung stated that diplomacy has also contributed to mobilizing external resources, expanding markets, attracting investment, and promoting sci-tech and innovation, thereby supporting productivity gains, economic restructuring, and sustainable development. This underscores the recognized role of diplomacy in deepening international cooperation and accelerating economic development for Vietnam. Source: VietnamPlus English