There needs to be strong enough mechanisms and policies to attract private investment in railways.

On the morning of November 11, National Assembly deputies listened to Minister of Finance Nguyen Van Thang present a report on the draft Investment Law (amended).

Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai presented the review report on the draft Investment Law (amended) on the morning of November 11. Photo: QUANG PHUC

Presenting the report, Minister Nguyen Van Thang said that the draft law will remove difficulties and obstacles in institutions and laws; reduce and simplify procedures in investment and business, creating favorable conditions for people and businesses; perfect regulations on conditional investment and business sectors and conditions for investment and business, and at the same time reduce some unnecessary and unreasonable sectors and professions...

The draft also continues to promote decentralization and delegation of authority to approve investment policies. Accordingly, the draft law only stipulates the authority to approve investment policies of the Prime Minister and the Chairman of the Provincial People's Committee and decentralizes all projects under the authority of the National Assembly to the Prime Minister to speed up the implementation of procedures. In particular, for important projects, there should be special mechanisms and policies different from the provisions of laws, ordinances, and resolutions of the National Assembly, the National Assembly Standing Committee, and the Government to approve investment policies after receiving the consent of the National Assembly Standing Committee.

The draft continues to simplify the procedures for approving investment policies. Accordingly, the provisions in the draft Decree guiding the law on the content of investment policy appraisal will be in the direction of eliminating and simplifying some contents of investment policy appraisal that are wide in scope, overlap with the appraisal contents in the project implementation steps or are not really necessary to be considered immediately at the stage of approving investment policies such as appraisal contents related to technology, housing progress, etc. This is to simplify the content of investment policy appraisal. On that basis, the draft law supplements the provisions to abolish Clause 2, Article 13 of the Law on Technology Transfer on appraisal or giving opinions on technology in the stage of deciding on investment policies according to the provisions of the Investment Law.

Delegates attending the National Assembly session on the morning of November 11. Photo: QUANG PHUC

Regarding the procedures for establishing economic organizations of foreign investors, the draft allows foreign investors to establish economic organizations without requiring an investment project before establishment, but must meet the market access conditions for foreign investors that meet the regulations when carrying out procedures for establishing economic organizations. This will help the investment and business environment become more open and attractive to foreign investors, promote investment attraction, and ensure equal treatment between domestic investors and foreign investors when carrying out this procedure.

Regarding conditional investment and business sectors and business conditions, the draft supplements regulations as a basis for reviewing, screening and defining investment and business sectors and business sectors that really need to conduct "pre-inspection" and transfer sectors and business sectors that currently regulate investment and business conditions applicable to output products and services that can be controlled by technical regulations and standards issued by competent authorities to the "post-inspection" mechanism.

Minister of Finance Nguyen Van Thang presented the Report on the draft Law on Investment (amended) on the morning of November 11. Photo: QUANG PHUC

Presenting the review of the draft Investment Law (amended), regarding the approval of investment policies, Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai suggested a thorough review, only in really necessary cases should the implementation of the investment policy approval process be regulated; continue to research and thoroughly argue the basis and rationale for removing the entire authority of the National Assembly in approving investment policies.

Regarding business investment sectors and professions; list of conditional business investment sectors and professions and business conditions; list of prohibited business investment sectors and professions, the Committee proposes to continue to study, review, streamline, and reduce conditional business investment sectors and professions, substantially reduce business investment conditions, and only retain the truly necessary conditions for constitutional reasons of ensuring national defense, security, order, ethics, and public health.

Regarding the management of foreign investment activities in Vietnam, the committee recommends a thorough and extremely cautious review of regulations allowing foreign investors to establish economic organizations without requiring an investment project before establishment.

Delegates attending the National Assembly session on the morning of November 11. Photo: QUANG PHUC

Regarding the amendment of Point c, Clause 3, Article 24 of the Railway Law, the Committee found that the Party and State have had policies on the need to issue appropriate mechanisms, policies and solutions to remove obstacles, speed up the investment process of national railways and urban railways, and have preferential policies to encourage the private economic sector to participate with the State in strategic areas, key and important national scientific research projects and tasks (such as high-speed railways, urban railways, etc.); national railway and urban railway projects often have large investment rates, long payback periods and high risks.

Therefore, the Committee believes that there needs to be strong enough mechanisms and policies to increase the attractiveness of investment projects, attract the private economic sector to invest in this important field, towards the goal of building national railway infrastructure and urban railways to create an important driving force for the country's socio-economic development.

PHAN THAO

Source: https://www.sggp.org.vn/can-co-co-che-chinh-sach-du-manh-de-thu-hut-tu-nhan-dau-tu-duong-sat-post822856.html