"After discussion, we understand that there remain works to be done. That said, the National Assembly decided to delay voting on the draft law. Only when the law is significantly improved could it be resubmitted to the National Assembly for approval," Quang said in a meeting with voters on June 19.
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Eventually, the goal is to create a transparent investment environment, focusing on applying high-technology and the encouraging the participation of private sector. During the process of drafting the law, the government had reviewed pros and cons of policies being applied at industrial complexes over the last 20 years.
The draft law, according to Quang, is expected to create breakthroughs in mechanisms and preferential incentives to boost economic development and investments in special administrative - economic zones (SEZs).
"The formulation of SEZ draft law will contribute to the completion of the socialist-oriented market economy, implementing tailor-made economic policies for Vietnam's specific needs," he noted.
Accordingly, the move would create a driving force with significant spillover effects on developing other economic zones, along with ensuring the country's independence and national defense, Quang continued.
The president stressed this vision for SEZ draft was mentioned multiple times in the past and institutionalized in Vietnam's 1992 Constitution and later in the 2003 revised version.
"Recently, SEZ was also mentioned in the Law on National Defense, indicating the necessity to formulate the law," he added.
