The President Office yesterday announced 12 new laws that were approved during the third plenary session of the 14th National Assembly.

They are the law on small and medium-sized enterprise support, the law on foreign trade management, the law on technology transfer, the tourism law, the irrigation law, the railway law, the law for sergeant at arms, the law of government’s responsibility to pay for damages, the law for management and utilizing weapons and explosive materials, the law for amendment of criminal law, the law for legal aid, and the law for amendments of penal code.

Amongst the approved laws, the most highlighted is the Law on Small and Medium-Sized Enterprise (SME) Support. It adds new policies that back enterprises such as access to credit, tax facilitation, land use, market and technical infrastructure. \

The law defines three norms for an enterprise recognized as SMEs are firms having maximum 200 employees, the total capital of under VND100 billion ( $4.4 million) and the annual revenue of less than VND300 billion($13.1 million). It will become effective on January 1, 2018.

Another law draws public attention is the law for amendment of criminal law. It has new regulations concerning to juvenile delinquency and regulations for commercial legal person who commit sin, aiming to facilitate the issuance of penalty in reality.

SGGP