VietNamNet Bridge – The National Assembly Standing Committee convened its 16th session in Hanoi on March 18 to discuss draft amendments and supplements to several laws.

NA Chairman Nguyen Sinh Hung addresses the session. (Source: VNA)

They commented on the draft amendments and supplements to some articles of the Added Value Tax Law, the Corporate Tax Law, and the Law on Fire Prevention and Fighting, as well as draft amended Laws on thrift practice and waste prevention, emulation and commendation, immigration and reception of citizens.

The deputies debated a scheme to renovate the apparatus of legislative bodies, preparations for collecting confidence votes on those elected or approved by the National Assembly, and the fifth session of the 13 th legislature.

On the day, they adopted an Ordinance on amendments and supplements to a number of articles of the Foreign Exchange Ordinance, which stipulates that the State Bank of Vietnam will be in charge of instructing legal capital transferring activities.

A foreign investor, who is non-resident in Vietnam, must open a bank account in Vietnamese dong serving his/her indirect investment in the country and indirect investment capital in foreign currencies must be converted to Vietnamese dong via the bank account before going to invested projects, according to the revised Ordinance.

NA Chairman Nguyen Sinh Hung asked that documents to guide the enactment of the Ordinance and administrative procedures must create possible favourable conditions for investors.

Participants also heard the Government’s report on the amended Added-Value Tax Law. As scheduled, a question-and-answer session will take place within one day.

Source: Vietnam Plus