Strengthening business autonomy and the State's management role

However, there are opinions suggesting adding enterprises with investment capital from political organizations, the Vietnam Fatherland Front, and socio-political organizations to the subjects of application of the Law.

On the afternoon of June 6, the National Assembly Standing Committee gave opinions on receiving, explaining, and revising the draft Law on Management and Investment of State Capital in Enterprises.

Create a legal basis for investment and capital management activities.

Briefly presenting the report on explanation, acceptance and revision of the draft Law, Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai said that the draft Law consists of 8 chapters and 59 articles; clearly demonstrating the rights and responsibilities of enterprises in deciding or adjusting business strategies and annual business plans of enterprises; capital mobilization; investment decisions in accordance with the provisions of the law on investment and other relevant laws; salary, remuneration, bonuses...

The provisions in the draft Law demonstrate the enhancement of autonomy, responsibility, and self-responsibility of enterprises and ensure the State's management role as owner at an appropriate level.

However, there are opinions suggesting adding enterprises with capital invested by political organizations, the Vietnam Fatherland Front, and socio-political organizations to the subjects of application of the Law.

According to the National Assembly's Economic and Financial Committee, the charter capital of enterprises belonging to political organizations, the Vietnam Fatherland Front, and socio-political organizations, socio-professional organizations assigned by the State upon establishment, not only includes state capital but also uses many other sources of capital. Therefore, including this group of enterprises in the scope of regulation of the draft Law will not ensure consistency with the objectives and subjects of regulation of the Law.

In order to create a legal basis for investment and capital management activities of the above organizations at enterprises, the draft Law stipulates that political organizations, the Vietnam Fatherland Front and socio-political organizations are allowed to apply the provisions of this Law to carry out capital management and investment at enterprises and assign the Government to provide detailed regulations on state capital management at enterprises belonging to these organizations.

Regarding capital mobilization and lending, there are suggestions to clearly define the conditions, authority, and responsibilities of each entity in deciding to mobilize and lend capital and to supplement regulations so that enterprises can proactively decide on the capital sources used for lending as well as lending interest rates for subsidiaries.

Institutionalizing the provisions of Resolution No. 12-NQ/TW "closely managing and supervising the mobilization and use of capital by state-owned enterprises", ensuring that lending is done for the right purpose, safely and effectively, the draft Law stipulates that enterprises are only allowed to decide to lend capital to subsidiaries with a value not exceeding the value of capital contribution.

In case of exceeding this level, the enterprise shall report to the owner's representative agency for consideration and approval. At the same time, the draft Law assigns the Government to specify the conditions for guarantees and loans in order to control risks and prevent abuse.

Such regulations have basically covered the issues that delegates are concerned about, ensuring harmony between the autonomy in production and business activities of enterprises and the requirement for strict supervision and management of state capital.

There are suggestions to supplement and not apply the criteria for capital preservation and development to a number of enterprises performing national defense, security and socio-political tasks assigned by the Party and State.

The Draft Law has been revised to: "The preservation and development of enterprise capital is assessed on the basis of the overall efficiency of the enterprise, excluding impacts due to the implementation of political, defense, security tasks, non-profit tasks, testing of new technologies, new business models and impacts of objective factors."

Ensure feasibility in implementation

Speaking at the meeting, National Assembly Chairman Tran Thanh Man suggested carefully reviewing each article, clause, and article, "avoiding duplication or unreasonableness between the provisions"; at the same time, it is necessary to clarify a number of concepts, especially those related to "state capital in enterprises," "state capital investment in high-tech enterprises, large investment, creating momentum for rapid development for other sectors, fields and economic sectors," "key, essential sectors of the economy"... to ensure feasibility in implementation.

Regarding the information system for management and state investment in enterprises (Article 8), the National Assembly Chairman emphasized: "This is an important content related to the management, inspection and supervision of state capital management and investment activities in enterprises.

Therefore, the draft Law needs to consider specific regulations on the content, components, and information exploitation mechanism of this system. Based on the framework principles, the Government is assigned to issue a decree and the Ministry of Finance to issue a circular to provide more detailed instructions."

In addition, the National Assembly Chairman suggested that the draft Law needs to have more strict and precise regulations on preserving and developing enterprise capital, in accordance with the direction in Resolution 57-NQ/TW, Resolution 68-NQ/TW, and Resolution No. 198/2025/QH15.

Basically agreeing with the content of the draft Law, Chairman of the National Assembly's Committee on Law and Justice Hoang Thanh Tung proposed clarifying the relationship between the two terms "business strategy" and "development strategy" or unifying the usage for businesses to implement, avoiding having to issue two different strategies.

In addition, Mr. Hoang Thanh Tung said that the draft Law has more strict regulations, assigning the Government to regulate the transfer of investment projects; however, it is necessary to regulate the contents in more detail to ensure transparency and consistency in implementation.

Earlier, in the afternoon of the same day, the National Assembly Standing Committee gave opinions on the draft Resolution of the National Assembly on amending or abolishing the financial management mechanism and special income of state administrative agencies and units.

Source: VNP

Source: https://phunuvietnam.vn/tang-cuong-quyen-tu-chu-cua-doanh-nghiep-va-vai-tro-quan-ly-cua-nha-nuoc-20250606175915992.htm