The Ministry of Planning and Investment (MPI) is tasked to submit two new laws to the National Assembly in 2015, a move sparked by the requirement to speed up institutional reform to further improve the country’s investment and business environment.

The two new laws are the Law on Planning and the revised Law on Statistics, said Minister Bui Quang Vinh, who added that the Law on Planning, in particular, is much awaited with expectations that it will put an end to ineffective planning and waste investment.

Vinh stressed the significance of the laws, together with other new ones to be introduced in the year, including the Law on Special Economic Zones, when efforts are being made to create a fully-fledged economic institution to fuel economic growth.

The minister warned that in 2015, the requirement for deeper participation in an ASEAN Economic Community and the enactment of a host of free trade agreements signed will pose a developmental challenge to the country and trigger a fierce competition in the domestic market.

There will be a must to further improve businesses’ health, which needs to be drastically done for the creation of a strong economy in the year, he said.

Regarding the implementation of the Law on Public Investment, which took effect from January 1, Vinh said the MPI is working on five guiding decrees for the law.

However, raising the awareness of ministries and sectors of public investment is all that matters, he stressed.

According to the law, major projects must receive approval from the Prime Minister to ensure their socio-economic efficiency, he said.

He pointed to the necessity to work out sound mid-term plans for public investment as the law requires a five-year term scheme for the use of the capital.

Reviewing the efficiency of the revised Laws on Enterprises and Investment, which were approved by the National Assembly in 2014, the minister said he believes that after becoming effective from July 1, the laws will help create a better business environment for all people and enterprises.

However, how to make full use of that favourable environment to create strong investment waves or investment opportunities, also depends on other factors, including credit policy, bad debt settlement and access to capital, he asserted.

The MPI leader expressed his strong belief that the laws, applauded and supported by both domestic and foreign businesses, will come up with new driving forces for the economy.

VNA