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Vietnam National Assembly Discusses Investment Law Amendments to Accelerate Institutional Reforms for Growth
Vietnam's National Assembly is deliberating key draft laws, including amendments to the Investment Law, aiming to boost growth and remove institutional barriers. Progress is also being made in digitizing customs procedures with AI and refining land acquisition and compensation rules, reflecting comprehensive reforms for sustainable development.
The 16th National Assembly of Vietnam commenced its first extraordinary session in Hanoi on August 3. This session is scheduled to deliberate and decide on 15 draft laws, four draft normative resolutions, and a range of major issues concerning national development. Notably, amendments to the Law on Investment, including a review of conditional business sectors, are under discussion. This aligns with the breakthroughs in institutions and reforms outlined in Resolution No. 19-NQ/TW of the Party Central Committee, aimed at renewing Vietnam's development model. The National Assembly seeks to enhance the quality of laws, effectively address institutional obstacles, and generate momentum for growth. Additionally, proposed amendments to the Law on Customs are being considered, aiming to establish a legal framework for converting fragmented customs documents into standardized digital data, enabling AI-driven information processing and automated customs clearance. This reflects Vietnam's commitment to technological innovation and digital transformation to adapt to global changes and achieve sustainable development goals. Furthermore, efforts are underway to refine rules on land acquisition, compensation, valuation, decentralization, and the capture of land-generated added value, striving for a harmonious balance of interests among stakeholders. The Law on E-commerce is also being revised, shifting focus from primarily consumer protection to clearly defining the legal responsibilities of all participants in the digital marketplace, including platforms, businesses, online sellers, and influencers. These institutional reforms are being advanced under the leadership of the Communist Party of Vietnam, with close coordination among the National Assembly, the Government, and relevant agencies. The proposed introduction of special mechanisms to protect dynamic and innovative officials, while preventing corruption and waste, emphasizes improving governance effectiveness. This signifies Vietnam's strategic move from organizational restructuring to establishing a more effective governance system. Information Source: VietnamPlus English
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VietnamPlus English