Vietnamese National Assembly deputies debate Securities Law today

National Assembly (NA) deputies will have a plenary discussion on October 22 focusing on the draft revised Securities Law as part of their ongoing eighth session.

Vietnamese National Assembly deputies debate Securities Law today

The bill, comprising 10 chapters and 135 articles, was earlierdebated during the seventh NA session and the 36th meeting of the NAStanding Committee.

The amended contents include the conditions for stocklisting, the position, role and authority of the State Securities Commission, themodel of the Vietnam Stock Exchange, the ownership rate of foreign investorsand foreign-invested economic organizations, among others.

In the earlier discussion, members of the NA StandingCommittee agreed that the charter capital to meet conditions for stock listingis 30 billion VND (1.29 million USD).

They held that it is suitable to keep the State SecuritiesCommission under the management of the Ministry of Finance, as well as to increasein power and independence of the council.

As scheduled, the deputies will pass the bill on November26.

In the morning, the deputies will listen to a proposaldelivered by Finance Minister Dinh Tien Dung and a report by Chairman of the NAFinance-Budget Committee Nguyen Duc Hai on the verification of a draft resolutionon the charge-off of tax debts, the erase of fine on late tax payment, latepayment for tax payers that cannot afford State budget payment.

In the afternoon, they will have group discussions on theoutcomes of the socio-economic development plan and State budget in 2019; asocio-economic development plan, State budget project in and central budgetallocation plan for 2020; and a master plan onsocio-economic development investment in ethnic minority, mountainous andextremely difficult areas; among others./.

First working day of NA’s 8th session

Vietnamese National Assembly deputies debate Securities Law today

Incumbent and former leaders, and parliamentarians at the opening plenum of the NA's 8th session on October 21

The 14th-tenure National Assembly (NA) opened its 8th session in Hanoi on October 21.

Prior to the opening ceremony, Party and State leaders and NA deputies paid tribute to President Ho Chi Minh at the late leader’s mausoleum.

The session’s opening plenum was attended by Party General Secretary and State President Nguyen Phu Trong; NA leaders and deputies; former Party, State and Vietnam Fatherland Front leaders; along with officials of ministries and sectors, and foreign representative agencies in Vietnam.

Following the opening speech by NA Chairwoman Nguyen Thi Kim Ngan, participants listened to Prime Minister Nguyen Xuan Phuc reporting on the implementation outcomes of the socio-economic development plan for 2019 and on the socio-economic development plan for 2020.

After that, Chairman of the NA’s Committee for Economic Affairs Vu Hong Thanh delivered a report verifying the implementation outcomes of the socio-economic development plan for 2019 and the socio-economic development plan for 2020.

President of the Vietnam Fatherland Front Central Committee Tran Thanh Man reported on voters and people’s opinions submitted to the parliament’s 8th session. Head of the NA Standing Committee’s Ombudsman Office Nguyen Thanh Hai reported on the supervision outcomes of the settlement of voters’ opinions sent to the NA’s 7th session earlier this year.

The opening session was broadcast live on TV and radio.

The legislature continued the plenum in the afternoon.

Minister of Finance Dinh Tien Dung, Minister of Natural Resources and Environment Tran Hong Ha, and Minister-Chairman of the Government’s Ethnic Minority Affairs Do Van Chien reported on some issues within their remit.

Later, Chairman of the NA’s Committee for Financial and Budgetary Affairs Nguyen Duc Hai, Chairman of the NA’s Economic Affairs Vu Hong Thanh, and Chairman of the NA’s Council for Ethnic Affairs Ha Ngoc Chien respectively presented reports verifying those delivered by the abovementioned ministers.

On October 22, parliamentarians are set to have a plenum in the morning and group discussion in the afternoon.

The 8th session of the 14th-tenure NA is scheduled to last through November 27./.

NA’s eighth session: deputies scrutinize State budget-related issues

NA deputies discussed measures to ensure stability of the State budget collection during the afternoon sitting of the ongoing eighth session of the 14th National Assembly (NA), which opened on October 21.


Participants listened to a Government report on the implementation of the State budget in 2019, and debated the State budget estimate and the allocation for 2020, and a verification report on the work.

Presenting the verification report, head of the NA’s Finance - Budget Committee Nguyen Duc Hai praised efforts and highly responsible coordination by the Government, ministries, sectors and localities, the business community and the financial sector to overcome difficulties and challenges in order to successfully accomplish the set tasks.

However, he also suggested that the Government take stronger measures to promote domestic production and business, towards ensuring stability of the State budget collection.

It is necessary to have solutions to collect unpaid tax debts, and strictly manage export-import activities to increase collection and arrears in the field, Hai stressed.

He mentioned outstanding issues concerning the State budget spending, and pointed out that in some localities, the regular budget spending has decreased slowly, while many localities are unable to balance the budget.

Notably, the disbursement of development investment resources remains slowly, reaching only 49.1 percent of the plan assigned by the Prime Minister, he said.

Hai said the committee agrees with the Government report on overspending evaluation and State budget balance in 2019; and the Government’s proposal of the State budget collection estimate for 2020, which is hoped to yearly increase by 3.8 percent.

NA deputies also commented on the State budget spending plan for 2020, and issues related to salary reform.

Regarding public debt, the committee agreed with the Government report, which says that by the end of 2020, the public debt is expected to stand at 54.3 percent of GDP, while the Government debt and the country’s foreign debts will be 48.5 percent and 45.5 percent of GDP, respectively.

The committee asked the Government to clearly report to the NA at this session on all debts related to the State budget./.

VFF President presents public opinions, petitions

President of the Vietnam Fatherland Front (VFF) Central Committee Tran Thanh Man presented a report summarizing public opinions and petitions during the opening of the eighth session of the 14th National Assembly in Hanoi on October 21.

Man said following the seventh session, the Presidium of the VFF Central Committee and the NA Standing Committee collected over 3,500 public opinions nationwide via delegations of NA deputies and VFF chapters at all levels.

According to the VFF leader, voters and people spoke highly of the country’s socio-economic achievements over the past years, including macro-economic stability, high economic growth, low inflation, and improved lives of people.

The new-style rural development and poverty reduction programme has achieved positive results while the country’s politics-society have remained stable, defence-security have been strengthened, external affairs and global integration have been expanded and its independence, sovereignty and territorial integrity have been firmly maintained, thus improving Vietnam’s position on the international arena and creating a new driving force to fulfill tasks in 2019 and the following years, he said.

The public put trust on the leadership and drastic directions of the Party and State on the Party building and rectification work, as well as the fight against corruption. The legislature reformed law building and question-and-answer sessions, thus meeting people’s expectations, he said.

Meanwhile, many ministries, agencies and localities have also stepped up administrative reform and streamlined apparatus.

Voters expressed their concern over the impacts of the US – China trade war, complicated developments in the East Sea, and serious violations of Vietnam’s sovereignty, sovereign right and jurisdiction. Corruption, bureaucracy and wastefulness remain while climate change, sea level rise and saline intrusion have hindered agricultural production in the Mekong Delta.

They also pointed to the slow disbursement of public investment, resulting in many works going behind schedule with poor quality.

Due to African swine fever outbreaks, pork supply was affected while several localities culled pigs in an improper way, causing environment pollution. Counterfeits and goods of poor quality and ambiguous origin have also harmed consumers’ trust.

Hailing the Ministry of Education and Training’s education management efforts in localities, voters pointed out that “loopholes” in management of educational establishments remained, especially in non-public schools.

Though the number of tourist arrivals in Vietnam has been on the rise, several areas are developing tourism in an unsustainable way, thus harming the environment and people’s lives, according to the report.

On social security and safety, violence against women and child sex abuse have persisted, while organised crime and crime involving “black credit” and pawn services have still worried the public.

Thousands of people have become victims of complicated scams worth up to trillions of VND. Cyber, gambling and drug crimes increased with the involvement of foreigners and trans-national crimes, the VFF President said./.VNA

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