Deputies at the morning discussion on Friday. — VNA/VNS Photo Doãn Tấn

HÀ NỘI — The Government may be authorised to ease market access conditions for foreign investors as part of proposed amendments to the Law on Investment, while revisions to the Law on Bidding aim to simplify procedures and improve procurement efficiency.

Minister of Finance Nguyễn Văn Tuấn presented the draft amendments to the Law on Investment and the revised Law on Bidding to the National Assembly on October 23.

The draft amendments to the Law on Investment comprise of three articles and introduce four new forms of investment support.

The proposed legislation provides for support for supply chain development, high-tech manufacturing, investment in fixed assets, and cooperation between businesses and higher education institutions, vocational education establishments, and science and technology organisations.

It also adds exemptions from or reductions in fees for the use of marine areas as a form of investment incentive, aligning the provisions with legislation on marine resources, the environment and islands.

The Government would be authorised to decide on special investment incentives and support measures within its jurisdiction.

The draft introduces provisions allowing the Government, based on socio-economic conditions and State management requirements, to consider easing market access conditions for foreign investors stipulated in laws, National Assembly resolutions, ordinances and resolutions of the National Assembly Standing Committee, as well as international treaties to which Việt Nam is a party.

Where market access restrictions in sectors subject to conditional access for foreign investors are prescribed in laws, National Assembly resolutions, ordinances or resolutions of the National Assembly Standing Committee, the Government would have to seek the Standing Committee’s opinion before issuing a decision.

Phan Văn Mãi, chairman of the National Assembly’s Economic and Financial Committee, said the committee broadly supported the direction of expanding market access for foreign investors. However, he said the proposed authority granted to the Government to consider and decide on market access conditions required careful consideration.

Regarding special investment incentives and support, the committee called for clearer fundamental principles and criteria for determining which projects would qualify. These should be linked to implementation results and investors’ commitments.

The criteria should ensure that supported projects generate spillover effects, drive development and strengthen the economy’s competitiveness, while limiting the delegation of major policy decisions to subordinate legal documents. — VNS