Early forecasting to prevent and limit risks

Continuing the program of the first plenary session, this morning, April 19, the Economic and Financial Committee examined the draft Resolution of the National Assembly on the International Financial Center in Vietnam and the draft Law amending and supplementing a number of articles of the following laws: Law on Bidding; Law on Investment under the public-private partnership model; Law on Customs; Law on Export Tax and Import Tax; Law on Investment; Law on Public Investment; Law on Management and Use of Public Assets.

According to the Draft Resolution of the National Assembly on the International Financial Center in Vietnam, the draft Resolution consists of 6 Chapters and 36 Articles. Regarding the authority to establish, the draft Resolution assigns the Government to issue a Decree on the establishment of an international financial center, which stipulates a number of main contents such as the objectives and orientations for the development of an international financial center; roadmap and development plan; boundaries of the international financial center; functions, tasks, powers and organizational structure of agencies and organizations in the international financial center; specific mechanisms and policies for the international financial center under the authority of the Government.

Vice Chairman of the National Assembly Vu Hong Thanh speaks. Photo: Ho Long

Agreeing with the issuance of the National Assembly Resolution on the International Financial Center in Vietnam, however, the opinions of the Economic and Financial Committee suggested that it is necessary to assess more specifically both the positive and challenging aspects, the level of risk, the ability to manage risks; clarify the impact of having an international financial center; and which international experiences are considered appropriate to apply in Vietnam's reality.

Regarding tax policies in the international financial center, there are suggestions to review all tax incentives to ensure attractiveness but not too high a difference, ensuring no violation of international commitments; procedures for enjoying incentives need to be simple and transparent; there must be a control mechanism and specific instructions to avoid abuse causing budget loss.

To ensure a suitable, transparent and equal legal basis, it is recommended to clarify the model, organizational structure and tasks of the International Arbitration Center under the International Financial Center, its relationship with the Vietnam International Arbitration Center; the validity of judgments, the organization of enforcement; its own advantages and differences compared to the current dispute resolution mechanism.

View of the meeting. Photo: Ho Long

According to the Draft Law on amending and supplementing a number of articles of the Law on Bidding; Law on Investment under the public-private partnership model; Law on Customs; Law on Export Tax and Import Tax; Law on Investment; Law on Public Investment; Law on Management and Use of Public Assets, the draft Law consists of 9 Articles.

The law-making aims to fully institutionalize the Party and State's policies and orientations on science and technology development, innovation, and digital transformation; reorganize the state apparatus; promote support, decentralization, delegation of power, and reform of administrative procedures on investment, finance, and budget; promptly remove difficulties and obstacles, clear up and effectively use resources for economic development, science, technology, innovation, and national digital transformation; ensure the unity and synchronization of the legal system; improve the investment and business environment; and promote economic growth.

Deputy Chairman of the Economic and Financial Committee Nguyen Huu Toan speaks. Photo: Ho Long

The Economic and Financial Committee agreed with the need to amend and supplement the Laws and proposed that the process of researching and receiving the draft Law should be reviewed and compared with the provisions of the Constitution and the Laws being amended and supplemented to ensure consistency.

Regarding the amendment and supplementation of a number of articles of the Law on Bidding, the Economic and Financial Committee suggested that the drafting agency study and supplement appropriate regulations on strengthening supervision of bidding packages such as: procurement of goods and services for science and technology tasks; competitive bidding packages; appointment of investors; selection of investors in special cases... to increase transparency, efficiency and responsibility in managing bidding activities, while promptly detecting and handling violations that cause loss of state budget.

Speaking at the meeting, Vice Chairman of the National Assembly Vu Hong Thanh stated that the draft Resolution of the National Assembly on the International Financial Center in Vietnam is a very new content, which was commented on by the National Assembly Standing Committee at the 44th Session. Regarding the legal basis and practical basis, the Government's Proposal clearly stated that the innovation of the growth model requires an international financial center to attract resources, contributing to realizing the target of 8% growth and double-digit growth in the coming period.

The Vice Chairman of the National Assembly said that the current dossier submitted to the National Assembly has policies that are different from the previous plan, and the political basis needs to be clarified to ensure completeness and solidity. At the same time, careful research is needed, and there are specific and special mechanisms to help increase competitiveness and strongly attract international resources. At the same time, it is necessary to prepare complete dossiers and documents to submit to competent authorities for consideration and decision.

Member, full-time National Assembly member at the Economic and Financial Committee Phan Duc Hieu speaks. Photo: Ho Long

According to the Vice Chairman of the National Assembly, the National Assembly Standing Committee has agreed in principle that the National Assembly only has the policy of establishing an international financial center with general framework principles, and assigns the Government to specify the mechanisms and policies. However, up to now, the draft guiding documents have not been completed. Therefore, it is necessary to consider the official effective date for early synchronous implementation in practice.

In principle, the Vice Chairman of the National Assembly suggested a thorough impact assessment and anticipation of possible risks. The international financial center will have a very quick and strong impact on our country's finances, so it is necessary to identify and anticipate early to have measures to prevent and limit risks, have regulations to prevent risks, ensure the safety of the financial system as well as security and national defense.

The Vice Chairman of the National Assembly also requested to carefully review and study a number of contents in the draft Law amending 7 Laws such as: applicable subjects; ensuring competition in bidding; designated bidding; expanding the scope of individual investors... to suit the new growth model.

Minh Trang

Source: https://daibieunhandan.vn/du-lieu-som-de-ngan-ngua-han-che-rui-ro-post410792.html