Deputies to Vietnam's 16th National Assembly heard government submissions and committee verification reports on four draft laws concerning finance, the budget and investment on October 23 during the second sitting.
The bills covered the consolidated Law on the State Budget, a revised Law on Bidding, amendments to the Law on Investment, and amendments to the laws on corporate income tax, non-agricultural land use tax and personal income tax.
The draft State Budget Law contains 10 chapters and 103 articles. It covers state capital in enterprises, local budget deficits for investment, reserves for projects outside approved lists and five-year expenditure ceilings. It integrates annual investment plans with expenditure estimates, defines five-year financial plans and investment tasks, and adds rules for assessing investment effectiveness and preparing budget decisions.
The revised Law on Bidding contains eight chapters and 59 articles. It simplifies procedures, shortens project timelines, improves the selection of contractors and investors, and strengthens delegation of authority. The committee called for caution and assessment of the impacts, costs, benefits and risks of major policies.
The draft Investment Law amendments revise rules on sectors, business lines, foreign investors' market access, investment incentives and support, and introduce four new forms of support. The committee broadly supported expanded access but called for impact assessments before relaxing conditions set by Vietnamese laws, resolutions and international treaties.
The tax amendments propose exemptions for public science and technology organisations, public and non-profit private educational institutions, and some income from providing meals to educational and medical establishments. They introduce a 0.2% rate without a quota for abandoned, unused and delayed-use land. The committee warned of conflict with the existing 0.15% rate and possible overlapping land payments or rent, and requested clarification and impact assessments.
Sources: VietnamPlus / Vietnam News Agency
