Vietnam's New Investment Law Aims to Boost Growth, Cut Costs
The Ministry of Finance is preparing a draft Law on Investment to boost growth and reduce costs for citizens and businesses. This law is one of 47 draft laws set for discussion at the National Assembly's 10th session. Notably, the draft law aims to simplify outbound investment procedures and remove restrictions on certain business sectors.
The draft law, compiled by the Ministry of Finance, seeks to foster growth and support production by reducing costs for both citizens and enterprises. One key proposal is to abolish outbound investment procedures, encouraging Vietnamese enterprises to invest abroad.
The draft law also considers removing restrictions on 20 conditional business sectors and industries. This includes accounting service business, tax procedure service business, and rice export. Additionally, it proposes a shift to a foreign exchange management model under the State Bank of Vietnam (SBV).
For major projects requiring special mechanisms or policies, the prime minister will have the authority to approve the investment policy after obtaining consent from the Standing Committee of the National Assembly. The draft law promotes decentralisation in investment policy approval, granting the prime minister and provincial-level people's committee chairpersons authority over most projects.
The draft Law on Investment, scheduled for submission and debate at the National Assembly's 10th session, aims to foster growth and reduce costs. By simplifying outbound investment procedures and removing restrictions on certain business sectors, the law seeks to support both citizens and enterprises. The Ministry of Finance's proposal, if approved, is expected to have a significant impact on Vietnam's investment landscape.
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