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Lawmakers examine draft amendments to Investment Law

Update: August, 12/2014 - 08:45
NA Chairman Nguyen Sinh Hung said the two laws would improve the business environment in Viet Nam. He said the laws should address business ethics, preventing trade fraud and the connection between investment activities and enterprises.— VNA/VNS Photo Nhan Sang

HA NOI (VNS) — The revised Investment Law should help ensure people's right to run businesses that are not prohibited by law, lawmakers said during a discussion yesterday.

NA vice chairman Uong Chu Luu said that regulations on prohibited and conditional businesses were some of the most important contents of the revised law.

"The regulations must strictly follow the Constitution adopted last year with the principle that people have the right to do businesses that are not prohibited by law," he said.

Luu urged relevant agencies to speed up the process of compiling a list of banned businesses.

Minister of Planning and Investment Bui Quang Vinh said that the ministry had asked other ministries and agencies to propose businesses to add to the list, but few had made such suggestions.

Vice chairman Luu also said that it was necessary to review sector-specific laws such as those on banking, healthcare and the stock market.

"Any laws that fail to address the current situation should be revised or even removed," he said.

Chairman of the NA Justice Committee Nguyen Van Hien said the law should permit some degree of flexibility.

"Because of the changing socio-economic situation, some types of businesses should be prohibited only in certain cases," he said. "The National Assembly's Standing Committee should be empowered to decide which businesses to ban."

Phan Trung Ly, chairman of the NA Legal Committee, said that it was important to carefully consider the draft revised Investment Law to ensure that it cohered with related laws. In particular, he cautioned, regulations on prohibited business must be in line with those regulated in the revised Law on Enterprises.

At previous meetings, members of NA Standing Committee predicted that the Investment Law would create a more transparent investment environment and lead to breakthroughs in administrative reforms, thus making investment and State management more efficient and resolving difficulties for investors.

The committee members also discussed the draft revised Bidding Law and revised Law on Enterprises.

NA Chairman Nguyen Sinh Hung said the two laws would improve the business environment in Viet Nam. He said the laws should address business ethics, preventing trade fraud and the connection between investment activities and enterprises.

During the five-day meeting, which began yesterday, the NA Standing Committee will discuss bills on vocational training, National Assembly organisation and State Audit and a resolution on Viet Nam joining world peacekeeping forces. — VNS

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