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NA explores bankruptcy, investment

Update: November, 19/2013 - 09:32
A construction site on Nhat Tan Bridge in Ha Noi. Lawmakers yesterday discussed the law on public investment which expects to help better manage and improve effectiveness of public investment as well as reduce corruption. — VNA/VNS photo Huy Hung

HA NOI (VNS)  — The National Assembly yesterday discussed the amended Law on Bankruptcy and the Law on Public Investment.

Most lawmakers applauded the amendments to the Law on Bankruptcy in order to institutionalise the Party's policies and improve current shortcomings. The amendment is also necessary to create a legal framework to restructure the economy.

However, deputy Nguyen Thi Nguyet Huong from Ha Noi said the new bankruptcy regulations were irrational since it would create difficulties for businesses.

She said the regulations would put businesses under stricter supervision, but might also hinder operations. Moreover, it was also hard to define bankruptcy.

Huong also pointed out that the lawmakers needed to identify enterprises that were incapable of paying their debts. Time was also needed for negotiations between enterprises and lenders.

Deputy Nguyen Quoc Binh from Ha Noi agreed on the regulations for management teams, assets liquidation and the new term for people who managed assets after bankruptcy.

He said that these people needed to be knowledgeable and have adequate experience in economics and enterprise management.

During the discussion about the Law on Public Investment, Deputy Trinh The Khiet of Ha Noi expressed his concerns over the regulation on investors.

He said in many existing public projects, investors were not punished for violations, and that public investment created opportunities for corruption.

Constitution amendments

Lawmakers will face a decision to approve draft amendments to the 1992 Constitution next Thursday, with National Assembly Chairman Nguyen Sinh Hung urging them to consult with constituents before November 28.

"We will continue collecting the opinions to have the best and most comprehensive draft," Hung said,

"Though there will still be different opinions, we will do our best and take our responsibilities to the utmost to follow the majority so that when it is approved, the amendments gain the highest consensus," he pointed out.

The NA head stressed the Constitution's important role in the country's economic and political system, national defence and public security as well as ensuring the country's development.

"In the last two years, we have collected opinions from experts, scientists and all classes of the people at home and abroad for the draft amendments to the best," he said.

According to a report by Chairman of the NA Law Committee Phan Trung Ly, land retrieval and local administration dominated discussions on the amendments.

Ly, who is also head of the compiling board of the Committee on draft amendments to the 1992 Constitution, said regarding land retrievals, the committee had suggested to supplement one principle of land retrieval.

"Following the principle, the Government can retrieve land being used by organisation and individual in accordance to law and must be considered for approval by the National Assembly or People's Committee's provincial level for the purposes of national defense and public security, national and public interests and benefits, economic and social development," he said,

"The retrieval must be transparent and opened with compensation in accordance to the law," he added. — VNS


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