National Assembly (NA) Chairman Vương Đình Huệ speaks at the meeting. — VNA/VNS Photo

HÀ NỘI — National Assembly (NA) Chairman Vương Đình Huệ asked the NA Economic Committee to continue providing consultancy for the NA on important national issues like the five-year socio-economic development plan, public investment plan and five-year financial plan.

At a working session with the committee in Hà Nội on Wednesday, Huệ praised the committee’s work, saying the legal system for investment and business has been gradually improved.

He ordered the committee to help the NA, the NA Standing Committee and the Government review overlaps and shortcomings in laws relating to investment and businesses and propose necessary changes to these laws.

The mechanisms of law should not only be systematic but also flexible to better serve development, he said.

The NA leader said the fourth industrial revolution has changed life rapidly and new global economic models and business ways were born, affecting traditional economic activities but it is also bringing in fiscal space for the development of Việt Nam, he said.

“We can implement the sandbox mechanism to liberate production capacity,” he said, referring to a regulatory field where technology firms operate and test new ideas to help the local economy catch up with global developments.

The amended Law on Investment allowed this mechanism but it was time to clarify which issues will be implemented by the Government and which will be implemented by the NA, he said. — VNS