National Assembly finalizes resolution on breakthrough in private economic development

At noon on May 17, the National Assembly passed a Resolution on a number of special mechanisms and policies for private economic development with a series of breakthrough policies.

A view of the National Assembly session on the morning of May 17. Photo: QUANG PHÚC

Prioritize the application of civil, economic , and administrative measures.

Accordingly, regarding improving the business environment, the resolution requires strict handling of acts of abuse and misuse of inspection and examination to harass and create difficulties for businesses, household businesses, and individual business owners. It also calls for a strong shift from pre-inspection to post-inspection, coupled with improved effectiveness and efficiency of inspection and supervision.

Shift the management of business conditions from licensing and certification to the public disclosure of business conditions and post-inspection, except for a few sectors that are required to undergo licensing procedures according to regulations and international practices. Avoid discrimination between entities of different economic sectors in the mobilization, allocation, and use of capital, land, resources, assets, technology, human resources, data, and other resource assets.

The resolution also states that acts that restrict competition, unfair competition, abuse of dominant position, and abuse of monopoly position will be strictly dealt with according to the law. Media outlets, organizations, and individuals are strictly prohibited from engaging in harassment, negative practices, or disseminating false or inaccurate information that negatively impacts businesses, entrepreneurs, household businesses, and individual business owners.

Members of the National Assembly vote to approve resolutions. Photo: QUANG PHÚC

For civil and economic violations and cases, priority is given to applying civil, economic and administrative measures first; enterprises, business households and individual businesses are allowed to proactively remedy violations and damages. In cases where the practical application of the law may lead to criminal prosecution or not, criminal prosecution shall not be applied.

For violations that warrant criminal prosecution, priority should be given to proactive, timely, and comprehensive measures to remedy economic consequences. These measures serve as an important basis for the prosecuting authorities to consider when deciding on initiation of proceedings, investigation, prosecution, trial, and subsequent handling measures. Retroactive application of legal provisions to disadvantage businesses, household businesses, and individual business owners is prohibited.

Delegates attending the National Assembly session on the morning of May 17. Photo: QUANG PHÚC

Timely and effective handling of evidence and assets without affecting the proof and resolution of cases; promptly rectifying the consequences of damage, putting assets into exploitation and use, in order to unlock resources for development, avoiding loss and waste; ensuring the interests of the State and the legitimate rights and interests of organizations and individuals.

Many policies provide support regarding access to land and finance.

The resolution also states: support for businesses in accessing land and premises for production and business.

Regarding support for renting public land and properties, the State supports small and medium-sized enterprises, supporting industrial enterprises, and innovative enterprises in renting unused or underutilized public land and properties in the locality.

Regarding financial and credit support, private sector businesses, household businesses, and individual businesses receive a 2% annual interest rate subsidy from the State when borrowing capital to implement green and circular projects and apply environmental, social, and governance (ESG) standards.

Regarding tax and fee support, corporate income tax will be exempted for a period of 2 years and reduced by 50% for the following 4 years for income from innovative startup activities of innovative startup businesses, innovative startup investment fund management companies, and intermediary organizations supporting innovative startups.

Members of the National Assembly vote to approve resolutions. Photo: QUANG PHÚC

Income from the transfer of shares, capital contributions, investment rights, share purchase rights, or capital contribution purchase rights in innovative startup businesses is exempt from personal income tax and corporate income tax.

Exemption from personal income tax for 2 years and reduction of 50% of tax payable for the next 4 years for income from salaries and wages of experts and scientists received from innovative start-ups, research and development centers, innovation centers, and intermediary organizations supporting innovative start-ups.

Small and medium-sized enterprises are exempt from corporate income tax for 3 years from the date of initial issuance of their business registration certificate.

The resolution also states that household businesses and individual business owners will no longer apply the lump-sum tax method from January 1, 2026. Household businesses and individual business owners will pay taxes according to the law on tax administration. The collection and payment of business license fees will cease from January 1, 2026.

Ordering, limited bidding, and direct contracting for key projects.

The resolution also outlines provisions for supporting research, development, and application of science and technology, innovation, and digital transformation.

Minister of Finance Nguyen Van Thang presents the draft Resolution of the National Assembly on mechanisms and policies for the development of the private economy. Photo: QUANG PHUC

Regarding support for improving corporate governance capacity and human resource quality, the resolution states: allocating state budget to implement a training program for 10,000 CEOs by 2030; providing free legal consulting services and training in corporate governance, accounting, taxation, and human resources for small and micro enterprises, household businesses, and individual businesses.

Regarding support for the formation of medium and large enterprises and pioneering enterprises, the resolution clearly states that orders, limited bidding, and direct contracting will be used for key national projects. The State will expand the participation of private sector enterprises in key projects of great significance to socio-economic development and national projects through direct investment, public-private partnerships, or other cooperation models between the State and private sector as prescribed by law.

Competent persons and investors are allowed to choose to apply one of the forms of ordering, limited bidding, designated bidding, or other appropriate forms as prescribed by law to implement strategic fields, key and important national scientific research projects and tasks, high-speed railways, urban railways, platform industries, spearhead industries, energy infrastructure, digital infrastructure, green transport, national defense, security, and urgent and urgent tasks on the basis of ensuring publicity, transparency, quality, progress, efficiency, and accountability.

The State develops programs and allocates budgets to support the formation and development of medium and large enterprises, and private economic groups of regional and global scale through programs such as: the program to develop 1,000 exemplary enterprises that are pioneers in science and technology, innovation, digital transformation and green transformation, high-tech industries, and supporting industries; and the "Go Global" program to support access to markets, capital, technology, branding, distribution channels, logistics, insurance, consulting, legal services, business dispute resolution, trade, mergers and acquisitions, and connections with multinational corporations...

PHAN THAO

Source: https://www.sggp.org.vn/quoc-hoi-chot-nghi-quyet-ve-dot-pha-phat-trien-kinh-te-tu-nhan-post795654.html