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Official Gazette

Friday, December 3, 2021

Ten laws to be revised to better facilitate investment activities

Updated: 09:47’ - 15/10/2021
The Ministry of Justice (MOJ) has proposed a draft law revising ten laws concerning investment, aiming to remove obstacles and speed up investment activities.

To-be-amended laws include the Law on Public Investment, Law on Investment in the Form of Public-Private Partnership, Investment Law, Bidding Law, Electricity Law, Enterprise Law, Law on Support for Small- and Medium-Sized Enterprises, Customs Law, Law on Excise Tax, and Law on Execution of Civil Judgments.

A train in trial operation along Nhon-Hanoi station section, an ODA-funded project worth 1,176 million euros__Photo: vnexpress.net
 

Revising the Law on Public Investment, the MOJ proposes delegating the power to decide on investment policy for group-B and group-C investment projects using ODA loans, foreign concessional loans or non-refundable ODA and technical assistance projects funded with ODA loans or foreign concessional loans to heads of project-managing agencies being ministries, central agencies or provincial-level People’s Committees. Under the current laws, the Prime Minister is in charge of making investment policy decision for these projects.

The draft also adds to Article 33 of the Law on Public Investment a provision that after approving proposals for group-B and group-C investment projects funded with ODA loans or foreign concessional loans, the Prime Minister would inform the projected supplementation to the medium-term plan of central budget funds (covering also ODA loans and concessional loans of foreign donors) to concerned ministries, central agencies and localities for use as a basis for appraisal of funding sources and fund balancing capability.

Concerning ODA-funded projects, the draft law revises Article 2 of the Law on Investment in the Form of Public-Private Partnership, saying that the Prime Minister would make investment policy decision for projects with a total investment equivalent to group-A projects that are funded by the central budget and managed by ministries or central agencies or are funded with ODA loans or foreign concessional loans.

In order to ensure the consistency of the legal system and accelerate the disbursement of capital for public investment projects, the draft law amends Article 34.1.c of the Bidding Law. Accordingly, the formulation, appraisal and approval of contractor selection plans, bidding dossiers and dossiers of requirements as well as the making of shortlists for procurement activities carried out prior to the conclusion of treaties or international agreements concerning ODA loans or concessional loans must comply with the Government’s regulations.

Regarding the Investment Law, the MOJ recommends empowering provincial-level People’s Committees to approve investment policy for building industrial park infrastructure construction projects and housing and urban center development projects.

Additionally, in order to promote the development of eco-industrial parks and eco-enterprises, which are considered the driving force for sustainable growth of the industrial sector, the draft adds eco-enterprises operating in eco-industrial parks to the list of entities eligible for investment incentives specified at Article 15.2.dd of the Investment Law.- (VLLF)


 

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