Vietnamese President Tran Dai Quang admitted that this new draft law proved to be complicated in unprecedented circumstances, resulting in diverse opinion among National Assembly deputies, experts and the public.
"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.
Therefore, the draft law must be thoroughly studied, especially in the context of growing regional and global uncertainties, which could have a negative impact on the country's development, he added.
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.
Illustration photo.
|
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.
Other News
- Over US$4.6 billion poured into Vietnamese startups in past decade
- Nvidia, FPT invest US$200 million in AI factory
- Vietnam starts construction of US$432 million expressway to China
- US-based Rosen Partner to invest in world-class entertainment complex projects in Vietnam
- Vietnam among top investment destinations for SEA investors
- Vietnam, China intensify cooperation on green growth, digital economy
- Foreign capital set to dominate Vietnam’s M&A landscape
- Vietnam looks to support FDI firms as global minimum tax looms
- Factors unlocking Vietnam’s potential in FDI attraction: HSBC
- Samsung to invest US$1 billion annually in Vietnam
Trending
-
Hanoi flowers on postage stamps
-
Hanoi Times Podcast - Apr. 27
-
Cooperation and investment: key to effective tourism promotion in Vietnam
-
Carnaval Ha Long 2024 woos tourists with fireworks and drone light shows
-
Affordable, quality tours offered at Hanoi Tourism Festival 2024
-
Introduction of community tourism area in Hanoi herb kingdom
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub
-
IT training urged to focus on semiconductors
-
Voluntary social security should cover larger part of informal sector: Experts