Focus on foreign investment policy

At Discussion Group No. 14 (including the National Assembly Delegation of Quang Ninh, Ha Tinh, and An Giang provinces), Deputy Head of the National Assembly Delegation of An Giang Province, Ly Anh Thu, commented that Article 7 of the draft Investment Law (amended) stipulates conditional investment and business sectors, and Article 43 stipulates conditional overseas investment sectors and professions (banking, insurance, securities, press, radio, television, and real estate business) are not really suitable in terms of structure and logic of the legal system.

Delegate Ly Anh Thu speaks.

The delegates proposed that the Drafting Committee study, review and consider adjusting Article 43 according to option 1: Remove the separate provision on "conditional foreign investment sectors and occupations", because this content has been covered in Article 7, and in practice, it is not necessary to separate it. Option 2 is to retain the provision in Article 43 but convert it into a principled provision, assigning the Government to specify in detail the list of foreign investment sectors and occupations that need special control, based on the assessment of the impact on financial security, national security, and the country's strategic interests, instead of listing it rigidly in the law.

“The amendments and supplements in the above direction will help ensure the logic in the draft law, while correctly reflecting the nature of overseas investment activities as international activities, mainly regulated by the laws of the investment-receiving country; thereby, increasing transparency, synchronization and feasibility in law enforcement,” delegate Ly Anh Thu emphasized.

Article 40 stipulates the principles for implementing overseas investment activities, on the basis of inheriting the current Investment Law. According to the delegate, overseas investment activities have received attention, orientation and support in terms of policies, incentive mechanisms and implementation tools, but not really commensurate with their level. Meanwhile, overseas investment is currently an inevitable trend of the global economy . Many countries such as China, Korea and Singapore have issued national strategies on overseas investment.

Delegate Ly Anh Thu proposed: “From the above reality, it is recommended that the Drafting Committee study and amend and supplement Clause 3, Article 40: “The Government develops and organizes the implementation of the National Strategy on overseas investment in accordance with the socio-economic development orientation in each period”. The amendment and supplementation in the above direction will help the overseas investment policy to be more specific and feasible, contributing to making overseas investment an important tool in the foreign economic development strategy, supporting Vietnamese enterprises to reach out to international markets, increasing competitiveness and enhancing the country's position in the global value chain”.

In addition, the delegate proposed that the drafting agency consider and remove Clause 2, Article 46 “Investors update the National Investment Information System when changing contents other than those prescribed in Clause 1 of this Article”, because it is not consistent with the general policy on reducing and simplifying administrative procedures. It is necessary to study and amend Clause 2, Article 52 “The Ministry of Finance shall assist the Government in unifying state management of investment in Vietnam and shall have the following duties and powers…”.

According to the delegate, the word “help” only has a supporting and advisory nature, while in reality the Ministry of Finance is the agency assigned by the Government to perform the state management function in the field within its jurisdiction. The use of the word “help” clearly reduces legal responsibility and does not properly represent the position, role and authority of the ministry in the system of state administrative agencies.

GIA KHANH

Source: https://baoangiang.com.vn/chu-trong-chinh-sach-dau-tu-ra-nuoc-ngoai-a466861.html