Vietnamese lawmakers have proposed classifying diamond trading as a conditional business sector, arguing that stricter regulation is needed following recent controversies involving the country's jewelry industry.
The proposal was raised during a National Assembly discussion on Aug. 5 over amendments to the Law on Investment, which would revise the list of business sectors subject to licensing and regulatory conditions.
Calls for stricter oversight
Delegate Trinh Xuan An from Dong Nai Province said recent developments in the gold and diamond markets highlighted the need for stronger oversight.
Referring to recent cases involving jewelry retailer PNJ and other diamond businesses, An proposed adding diamond trading to Vietnam's list of conditional business sectors.
He argued that the industry may even require stricter regulatory requirements than many other licensed sectors.
Current draft amendments already classify gold trading - excluding gold jewelry and handicrafts - as a conditional business.
An emphasized that while Vietnam should continue improving its investment climate and reducing unnecessary business conditions, regulatory reforms must remain practical and protect the integrity of the market.
Regulation should reflect risk
National Assembly delegate Trinh Xuan An of Dong Nai Province. Photo: National Assembly
Delegate Nguyen Van Huy from Hung Yen Province said the reform should focus not only on reducing the number of regulated sectors but also on restructuring the list according to risk levels and the need to protect the public interest.
He argued that emerging business models with significant risks should be brought under clearer regulatory oversight.
As an example, Huy cited disputes surrounding the timeshare property sector, where numerous buyers have filed complaints over long-running contractual disputes and alleged fraud.
He noted that many businesses collect hundreds of millions or even billions of Vietnamese dong in advance for long-term vacation ownership packages without being subject to specialized financial safeguards.
"When companies fail to fulfill their commitments or terminate contracts, consumers bear almost all of the financial risk," he said.
Huy proposed regulating such businesses based on the substance of their activities rather than their commercial branding, preventing companies from avoiding oversight simply by changing product names.
He also suggested requiring financial guarantees for advance payments, standardized contracts, greater disclosure requirements and stronger consumer protection measures.
Clearer rules urged for nitrous oxide
National Assembly delegate Nguyen Van Huy of Hung Yen Province. Photo: National Assembly
Lawmakers also discussed proposed restrictions on nitrous oxide (N₂O), commonly known as laughing gas.
Delegate Nguyen Thi Viet Nga from Hai Phong supported banning the commercial sale of nitrous oxide for recreational inhalation but cautioned that implementing the ban immediately without detailed guidance could create confusion for businesses and enforcement agencies.
She called for regulations clarifying permitted uses, documentation requirements and the responsibilities of sellers and buyers.
Delegate Nguyen Trung Kien from Dong Nai said banning recreational use of nitrous oxide was necessary because, although it is not classified as a narcotic, it has psychoactive effects when abused.
He cited data from Bach Mai Hospital, which has treated 149 cases of nitrous oxide poisoning, and urged authorities to establish mechanisms preventing medical-grade N₂O from being diverted for recreational use.
Vietnamnet.vn
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