Amending the Law to be closer to the policy of making private enterprises the most important driving force of the economy

Vice Chairman of the National Assembly Vu Hong Thanh chaired the meeting. Photo: media.quochoi.vn

Presenting the report, Minister of Finance Nguyen Van Thang said that the revised and supplemented regulations in the draft Law on Enterprises comply with the principles of ensuring freedom of business, reforming administrative procedures, improving the investment and business environment, and enhancing the effectiveness of state management of enterprises.

Regarding market entry, the draft Law has abolished two provisions to reduce the paperwork that businesses and individuals must submit and simplify the information that businesses must declare to the business registration authority. By authenticating personal identification based on connection with the National Population Database during the process of establishing a business, it will help management agencies monitor the personal identity and legal status of the business founder right from the beginning without affecting the process of free market entry of businesses and without increasing administrative procedures.

To address difficulties and shortcomings in corporate governance and enhance the effectiveness of "post-audit" work for enterprises, the draft Law amends and supplements 21 contents related to amending a number of contents related to corporate governance to ensure compliance with the practical operations of various types of enterprises; amends a number of regulations to enhance the responsibility of agencies and localities in state management of enterprises, especially post-audit to minimize the situation of virtual capital and fake capital, enhance transparency in business operations; promotes the integration of information sharing between state management agencies to ensure the improvement of efficiency and effectiveness of state management without affecting business operations, while enhancing information transparency, creating safety for people and businesses in the business environment.

Minister of Finance Nguyen Van Thang presented the report. Photo: media.quochoi.vn

In order to meet international commitments on anti-money laundering under the National Action Plan on Anti-Money Laundering for the period 2021-2025, the draft Law amends and supplements 24 contents on providing, storing and sharing information related to beneficial owners of enterprises. The new regulations and supplements on this content do not create administrative procedures, minimizing compliance costs for enterprises.

In the report on the review of the draft Law, Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai proposed clarifying the impact of creating additional administrative procedures and compliance costs when stipulating additional responsibilities for declaring information about beneficial owners when carrying out procedures for registering business establishment and notifying changes to business registration contents, especially regarding the conditions to ensure the level of meeting the requirements for reforming administrative procedures and improving the investment and business environment to increase the persuasiveness of the proposed amendments and supplements.

At the same time, it is necessary to continue reviewing and researching regulations on "beneficial owners of enterprises" at a reasonable level and ensuring conditions for the performance of enterprises' obligations in accordance with Vietnam's reality, ensuring the goal of creating a favorable investment and business environment for enterprises.

Discussing at the meeting, Permanent Deputy Chairwoman of the National Assembly's Committee for People's Aspirations and Supervision Le Thi Nga requested that the drafting agency continue to review and ensure consistency and synchronization between the Law on Anti-Money Laundering and the Law on Enterprises, as well as regulations on the legal term "beneficial owner"; review the draft laws that are being simultaneously submitted to the National Assembly at the ninth session, ensuring the consistency of the draft Law with the legal system.

National Assembly Chairman Tran Thanh Man speaks. Photo: media.quochoi.vn

Politburo member and National Assembly Chairman Tran Thanh Man requested the drafting agency to closely follow the spirit of the Resolution of the 11th meeting of the 13th Central Executive Committee, making private enterprises the most important driving force of the economy; thereby amending and supplementing a number of articles of the Enterprise Law with the spirit of creating maximum favorable conditions for the development of enterprises; cutting administrative procedures, cutting costs for enterprises.

The National Assembly Chairman also proposed reviewing and designing reasonable regulations to avoid creating additional pressure on business operations.

Concluding the meeting, Vice Chairman of the National Assembly Vu Hong Thanh said that the National Assembly Standing Committee agreed to submit the draft Law to the National Assembly for consideration at the ninth session.

Source: https://hanoimoi.vn/sua-luat-sat-voi-chu-truong-dua-doanh-nghiep-tu-nhan-thanh-dong-luc-quan-trong-nhat-cua-nen-kinh-te-700203.html