Consumer sovereignty in the framework of social justice, economic equality and environmental balance, within and across borders

NA passes investment law with prohibited industries clarified

November 27, 2014

– The National Assembly approved an amended Law on Investment which reduces the number of prohibited sectors from 51 to six on November 26, 2014. About 85 per cent of delegates voted for the changes.

The six prohibited sectors banned from investment and businesses are corpse, tissue and body-part trading; prostitution; human asexual reproduction; the trading of drugs and chemical substances specified in an appendix of the law; and the trading of species of wild plants and animals specified either in appendices of the law or the Convention on International Trade in Endangered Species (CITES).

The amended Investment Law is also expected to improve the investment environment and increase benefits for investors and businesses by creating a clearer legal framework and resolving the difficulties in investing activities for enterprises.

It will become effective on July 1, 2015.

Yesterday, more than 85 per cent of NA members also approved the Law on Enterprise.

Accordingly, all citizens are free to conduct any business not banned by the law. Enterprises do not need to include their business lines in the business registration certificate, which helps to simplify bureaucratic procedures and reduce a large amount of work for registration offices.

The NA also discussed the amended draft Law on State Audit.

NA member Tran Van Minh from Quang Ninh Province said the allocated time for the auditing process should be clearly identified to ensure transparency and increase the responsibilities of the State Audit and the organisation being audited.

Other NA members expressed concern that the draft Law suggested expanding the auditing process to other individuals and organisations besides those that manage and use State budget, funds and assets. However, resources, time and financial capacity of the State Audit was limited.

NA members also agreed that the draft Law should clarify the tightening of co-ordination among agencies and organisations, ministers, localities and sectors in terms of supporting State auditors. They said that the auditing process could only be efficient if suggestions and results from the auditing process were used efficiently.

The results of the auditing process, except for confidential sectors, should be publicised on the website of the corresponding sector of the organisation that was audited, according to NA member Vu Xuan Truong from Nam Dinh Province.

The NA also passed the amended Law on Management and Use of State Property, amended Law on Special Consumption Tax and the amended Law on several tax laws yesterday.

It also discussed the draft Law on Occupational Safety and Hygiene regulations. The draft is expected to create a legal framework for entities to establish labour relations, contributing to the safety, health, rights and lawful interests of employees and employers.

The law will strengthen occupational accident and disease prevention through better control of risk, adverse factors in workplaces, simplifying administrative procedures and ensuring greater enforcement of existing laws.

At the discussion yesterday, many agreed with the draft Law to cover those working without labour relations, such as workers in trade villages and household businesses.

Deputies pass state capital, taxation laws

Lawmakers ratified the law on the management and use of state capital in production and business during their plenary session in Hanoi on November 26, with 85.11 percent of votes in favour.

With 10 chapters and 66 articles, the law stipulates how State-owned enterprises, individuals and organisations manage and use the State capital.

A bill to amend and supplement the Law on special consumption tax won 73.64 percent of approval, under which, online games and soft drinks are subject to special consumption tax, among others, from January 1, 2016.

Under the taxation law which garnered 85.51 percent of votes, preferential tax will be given to agro-forestry and fishery firms working in poor areas.

Discussing the Law on labour safety and hygiene, deputies asked for all workers being covered by the law and more rounds of inspections in the workplaces from the grassroots to central levels.

They also talked in depth policies on insurance against labour accidents, occupational diseases, and local authorities’ responsibility for reporting cases of accidents at work.