VINACHEM

(VOV) 89.54% of the National Assembly deputies voted to approve a resolution on next year’s socio-economic development which aims to obtain a higher economic growth rate than in 2014. The resolution sets the GDP growth rate at 6.2%, the CPI at 5%, the poverty reduction rate between 1.7% and 2%, and job generation for 1.6 million people.

In order to obtain the above targets, the NA has asked the Government to take drastic measures to restructure the economy and growth model, reform the administration, particularly procedures on investment, construction, land, custom, and banking credit, and resolve bad debts to reduce the rate to below 3% next year.

Nguyen Van Phuc, Vice Chairman of the National Committee for Economic Affairs, said: “Vietnam will continue to effectively implement international commitments, negotiate and sign bilateral and multilateral free trade agreements, contribute to the formation of the ASEAN community by 2015, and enhance communication to support enterprises and people in the integration process.

Vietnam will prepare sufficient conditions for the organization of the 132nd IPU in Hanoi, expand international cooperation with countries, strengthen national defense and social security, and protect national sovereignty, all in line with international law.”

The NA deputies voted to approve a resolution on the state budget estimate for 2015 with an overspend rate of 5%.

In regards to the revised Enterprise Law, a number of deputies said that the highlight of the bill was to remove the institution on banned business areas and business areas that can be allowed under certain condition to the Investment Law to assure the unity of the entire legal system on business and trading.

Earlier many deputies spoke highly of revisions to the Investment Law which reduced the number of banned business areas from 51 to 6 professions and the number of provisionary business areas from 386 to 272.

This is considered the focal point of the Investment Bill with the aim to create the best conditions for investors to do business freely and be a new driving force on the national economy.

Minister of Planning and Investment Bui Quang Vinh said: “The most outstanding part of the revision is to change the law making approach. That is the banned business areas written in the law, while people can invest in any areas not set out in the legal document. This is the biggest change of the government and the NA. Another good point is the investment protectionism for enterprises, including both domestic and foreign businesses toward transparency and matching international practices. Thirdly, the administrative procedure for registration for granting investment certificates will be abolished for domestic investment projects. Foreign investors will be treated equally along with domestic investors once they are presented with investment certificates.”

Deputies asked the government to soon promulgate business conditions ahead of 1st July 2015 when the new Investment Law takes effect.