Clarifying the strategic, long-term role of foreign investment

There should be specific regulations on other forms of investment incentives.

National Assembly Deputy Bui Thi Quynh Tho ( Ha Tinh ) said that the draft Law cuts many procedures related to investment and business conditions; promotes decentralization and delegation of power in investment management.

National Assembly Delegate Bui Thi Quynh Tho (Ha Tinh) speaks

Concerned about the form and subjects of investment incentives in Article 15 of the draft Law, delegate Bui Thi Quynh Tho said that the draft Law omits investment incentives for projects with capital scale greater than 6,000 billion VND and revenue of over 10,000 billion VND. Instead, the draft Law adjusts towards large-scale investment projects and investment projects using a lot of labor according to the Government's regulations suitable for each period. Agreeing with this subject, the delegate said that the Government should be assigned to regulate it flexibly and in accordance with socio -economic activities of each period.

However, the draft Law adds Point d, Clause 2, Article 15 on “other forms of investment incentives according to the Prime Minister ’s decision”. Delegate Bui Thi Quynh Tho is concerned about “other forms of investment incentives” and suggests more specific regulations to clearly identify the subjects related to these incentive policies.

Delegates at the discussion session of Group 14

Regarding the form of investment support, the draft Law removes Article 18 and assigns the Government to provide detailed instructions, including regulations on capital disbursement and implementation of investment support forms.

Delegate Bui Thi Quynh Tho said that the draft Law needs to stipulate the form of investment support to have a legal basis to guide the implementation of support for related subjects to enjoy investment support policies. Therefore, the delegate suggested that the content of the form of investment support in Article 18 should be kept the same as the current Law.

Proposal to assign the Government to develop and organize the implementation of a national strategy on foreign investment

National Assembly Deputy Do Thi Lan (Quang Ninh) noted that Article 7 of the draft Law stipulates conditional investment and business sectors, which can be understood as applying generally to all investment activities, including domestic investment activities, foreign investment in Vietnam and Vietnamese investment abroad.

National Assembly Delegate Do Thi Lan (Quang Ninh) speaks

However, Article 43 of the draft Law stipulates that overseas investment is conditional and lists five specific industries. Delegate Do Thi Lan said that this provision lacks consistency in the draft Law and does not accurately reflect the nature of overseas investment activities, which are international in nature and are mainly regulated by the laws of the place receiving the investment.

According to delegate Do Thi Lan, for overseas investment activities, Vietnamese investors do not carry out business investment activities within the territory of Vietnam but only transfer capital, assets or technology abroad for investment in accordance with the provisions of law in the country receiving the investment. The delegate proposed that the drafting agency study and review, consider removing Article 43 or converting this Article into a principled provision and assign the Government to specify in detail the list of overseas investment industries that need special control based on the assessment of the impact on financial security, national security and strategic interests of the country instead of listing it "rigidly" in the draft Law.

Regarding the principles of implementing foreign investment activities, delegate Do Thi Lan observed that this content was built on the basis of inheriting the current Investment Law and only provided principles and formalities, not clearly demonstrating the strategic and long-term role of foreign investment in the process of national economic integration and development.

The delegate suggested that the drafting agency study and amend and supplement Article 40 of the draft Law to specify the State's policy orientation in encouraging overseas investment and assign the Government the responsibility to organize and implement it. At the same time, add to Clause 3, Article 40 of the draft Law the following content: The Government develops and organizes the implementation of a national strategy on overseas investment in accordance with the socio-economic development orientation in each period.

Source: https://daibieunhandan.vn/lam-ro-vai-tro-chien-luoc-dai-han-cua-dau-tu-ra-nuoc-ngoai-10395278.html