Press Release No. 15, 8th Session, 15th National Assembly

On Thursday, November 7, the National Assembly continued its 15th working day, the 8th Session, the 15th National Assembly at the National Assembly House, Hanoi, under the chairmanship of National Assembly Chairman Tran Thanh Man.

In the morning, under the direction of Vice Chairman of the National Assembly Nguyen Duc Hai, the National Assembly held a plenary session in the hall, discussing the draft Law amending and supplementing a number of articles of the Securities Law, the Accounting Law, the Independent Audit Law, the State Budget Law, the Law on Management and Use of Public Assets, the Tax Administration Law and the Law on National Reserves.

At the discussion session, 21 National Assembly deputies expressed their opinions; in which, the deputies basically agreed on the necessity of amending and supplementing a number of articles of the laws in the draft law to institutionalize the Party's policies, remove difficulties and obstacles in the fields of finance and budget in order to improve the investment and business environment, maximize and effectively use resources, and promote socio-economic development. In addition, the deputies focused on discussing the following contents, specifically:

Regarding the Law on Securities: prohibited acts in securities activities and the securities market; professional investors; securities companies repurchasing their own shares; members of the Vietnam Securities Depository and Clearing Corporation; conditions for initial public offerings of securities; private offerings of securities by public companies; transfer of corporate bonds; public companies; risk management in the securities lending and mortgage markets; upgrading the securities market.

Regarding the Law on Accounting: penalties in the field of accounting; accounting regime for credit institutions; simple accounting regime for small and medium enterprises.

Regarding the Law on Independent Auditing: audited subjects; handling of violations and statute of limitations for handling violations of independent auditing; penalties for individuals and organizations violating auditing laws; resolving disputes related to the activities of independent auditing companies; responsibilities of auditors and the role of professional auditing organizations; registration of auditing practice and auditing units.

Regarding the State Budget Law: implementation of programs and projects outside the medium-term public investment plan; expenditure tasks using investment and regular expenditure sources; percentage of division in local budget revenues; budget reserve arrangement; principles of decentralization of revenue management, expenditure tasks and relations between budget levels; expenditure tasks for scientific and technological research of district and commune budgets; state financial funds outside the state budget; budget expenditure tasks at all levels; principles and criteria for determining expenditure items that have not been allocated in detail; adjustment of state budget estimates; use of local budgets to support Party agencies and superior state agencies located in the locality and other localities; local authority in collecting taxes and fees not yet prescribed in specialized tax laws; regimes, standards and norms for state budget expenditures.

Regarding the Law on Management and Use of Public Assets: decentralization and delegation of authority over the management and use of public assets; authority to approve the use of public assets at public service units for business purposes, leasing, joint ventures, and associations; depreciation and wear and tear of fixed assets at public service units.

Regarding the Law on Tax Administration: authority to freeze debt; handle late tax payment.

Regarding the Law on National Reserves: it is recommended to study an appropriate mechanism to regulate the national reserve of drugs.

At the end of the discussion session, Deputy Prime Minister and Minister of Finance Ho Duc Phoc spoke to explain and clarify a number of issues of concern to National Assembly deputies.

In the afternoon, under the direction of Vice Chairman of the National Assembly Nguyen Duc Hai, the National Assembly held a plenary session in the hall, carrying out the following contents:

Content 1:The National Assembly listened to Vice Chairman of the National Assembly Nguyen Khac Dinh present the report of the National Assembly Standing Committee on adjusting the Program of the 8th Session of the 15th National Assembly; then, the National Assembly voted to approve the adjustment of the Program of the Session by electronic voting with a high approval rate.

Content 2:The National Assembly discussed the draft Law on Electricity (amended) in the hall. At the discussion session, 25 National Assembly deputies expressed their opinions; in which, the basic opinions agreed with the necessity of amending the current Law on Electricity.

In addition, delegates focused on discussing the following contents: explanation of terms; policies on electricity development, energy saving and efficiency; nuclear power development; preferential policies on clean energy development; electricity business licenses; procedures for approving investment policies for electricity projects; selection of investors for electricity projects not implemented under public investment and public-private partnership; electricity prices; development of competitive electricity markets; capital contribution by land use rights to participate in electricity projects; protection of electricity consumers' rights; and timing of passing the draft law.

At the end of the discussion session, Minister of Industry and Trade Nguyen Hong Dien spoke to explain and clarify a number of issues of concern to National Assembly delegates.

Friday, November 8,morning, The National Assembly held a plenary session in the hall to listen to the following contents: the presentation and review report on the draft Law on amending and supplementing a number of articles of the Law on Advertising; the presentation and review report on the draft Law on Chemicals (amended); the presentation and review report on the investment policy for the National Target Program on Drug Prevention and Control until 2030; then the National Assembly discussed in the hall the draft Law on Data.

In the afternoon, the National Assembly discussed in groups the investment policy for the National Target Program on Drug Prevention and Control until 2030; the draft Law on amending and supplementing a number of articles of the Law on Advertising; and the draft Law on Chemicals (amended).