Giving wings to the economy

On May 4-5, General Secretary To Lam signed and promulgated Resolution No. 68 of the Politburo on the development of the private economy. Resolution 68, along with Resolution No. 66 on reforming the work of drafting and implementing laws to meet the requirements of development in the new era and Resolution No. 57 on breakthroughs in science and technology development, innovation, and national digital transformation, has completed a solid legal framework, a prerequisite for the economy to "take off" in the new era.

However, whether the aforementioned resolutions will be implemented smoothly and quickly depends largely on the speed and quality of lawmaking at the 9th session of the 15th National Assembly, currently taking place in Hanoi . Of course, the institutionalization of important central government guidelines is not a new undertaking; a series of draft laws and resolutions have been urgently developed and finalized over the past period.

First and foremost, we must mention the amendments and additions to several articles of the 2013 Constitution. In practice, the existence of many small-scale administrative units disperses resources, fails to utilize the advantages and potential of localities for socio-economic development, and creates difficulties in planning and the rational, economical, and efficient use of resources for the country's socio-economic development.

In this context, amending and supplementing certain articles of the 2013 Constitution at this time is absolutely necessary, creating a constitutional basis for implementing the revolution in streamlining the organizational structure, building, perfecting, and improving the efficiency of the political system, and meeting the requirements and tasks of rapid and sustainable national development.

Along with the Constitution, a series of draft laws that form the "pillars" of the economy will be submitted to the National Assembly for consideration and approval, with many significant changes. A clear example is the draft revised Enterprise Law, which stipulates that personal and organizational identification can be used to replace all traditional documents in business registration, thereby reducing the amount of paperwork that businesses and individuals must submit and simplifying the information that businesses must declare to the business registration authority.

Regarding corporate governance, this draft law amends 14 provisions and adds 7 provisions aimed at strengthening the "post-inspection" responsibilities of agencies and local authorities in the state management of businesses. Minister of Finance Nguyen Van Thang affirmed before the National Assembly Standing Committee that these adjustments and additions do not create new administrative procedures and will minimize compliance costs for businesses.

The draft law amending and supplementing several articles of seven laws: Investment, Enterprise, Bidding, Land, Public Investment, Public-Private Partnership (PPP) Investment, and Management and Use of Public Assets, is expected to be passed by the National Assembly at its 9th session. This will create conditions for the Government to be more flexible in its management, while businesses will quickly benefit from new policies. Specifically, the draft PPP Law adds provisions allowing individual investors to participate in PPP projects; permits the application of BOT contracts for upgrading and expanding infrastructure; and adds provisions for terminating PPP contracts prematurely when the commercialization of scientific and technological products is ineffective.

In addition, the Standing Committee of the National Assembly has decided on many other practical support measures to improve the business environment and encourage businesses to invest and develop. The Standing Committee unanimously agreed to issue a resolution on supplementing cases eligible for exemption or reduction of land use fees and land rent for organizations engaged in innovation, research and development of digital technology; key digital technology product manufacturing projects, software products, semiconductor chips, artificial intelligence, etc. The Standing Committee also agreed to reduce land rent by 30% in 2025 to support people and businesses in developing production and business, with a broader scope of application compared to the 2024 policy.

Finally, it is no coincidence that Resolution No. 66 not only addresses innovation in lawmaking but also devotes significant space to law enforcement. If we liken a unified, predictable, and business-friendly legal environment to one wing, then the effectiveness of law enforcement is the other wing. For the economy to "take off," it needs both wings to be strong.

ANH THU

Source: https://www.sggp.org.vn/chap-canh-cho-nen-kinh-te-post794049.html