The Vietnamese National Assembly convened in Hanoi yesterday to discuss amendments to several crucial financial laws. The laws under review include the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Public Asset Management and Use Law, Tax Administration Law, and National Reserve Law.

Representatives stated that the main objective of these legal amendments is to enhance the legal framework in securities, accounting, auditing, state budget, public asset management, tax administration, and national reserves, establishing a more comprehensive legal system. The government emphasized that these amendments aim to promote economic growth, control inflation, ensure macroeconomic stability, while playing a vital role in addressing business challenges, advancing decentralization and administrative reform, and improving Vietnam’s business environment.

National Assembly representative Tran Quynh Thu from Thai Binh Province suggested that the government conduct a comprehensive review and clarify the division of responsibilities between central and local authorities in public asset and service management to eliminate functional overlaps and ambiguities. Using the healthcare sector as an example, she pointed out that many public healthcare institutions cannot fully incorporate costs, including depreciation, into their pricing, resulting in service prices below cost, affecting their operations and development.

Dinh Thi Phuong Lan, representative from Quang Ngai Province, urged the government to carefully review the current State Budget Law before introducing new regulations to avoid unintended consequences in fiscal and budget management while preventing risks from inconsistent policy implementation frameworks. She recommended optimizing local and non-state resource utilization and granting local governments greater budget management autonomy.

Representatives Thai Thi An Chung from Nghe An Province and Bui Thi Quanh Thi from Ha Tinh Province proposed that the law should mandate strict financial audits for large enterprises, particularly unlisted real estate companies.

Regarding the Tax Administration Law amendments, representative Yang Van Phuc from Quang Nam Province noted that under current law, tax authorities lack effective measures for collecting tax debts. He suggested empowering tax authorities with independent enforcement powers rather than relying on cooperation with other government agencies.

Addressing the representatives’ concerns, Deputy Prime Minister and Minister of Finance Ho Duc Phoc stated that the government would collect all opinions and feedback and incorporate them into the national legal framework where applicable. Regarding the State Budget Law, he indicated that short-term amendments would focus on addressing current issues, while long-term revisions would further enhance central and local budget autonomy. He particularly emphasized that amendments to the State Budget Law and Public Investment Law have been carefully reviewed to ensure consistency and feasibility.

Key Points:

• Vietnamese National Assembly simultaneously discusses amendments to seven important financial laws.
• Amendment objectives include improving legal framework, promoting economic growth, controlling inflation, and ensuring macroeconomic stability.
• Representatives focus on specific issues including public asset management and healthcare service pricing.
• Multiple representatives suggest strengthening local budget autonomy and optimizing resource utilization.
• Stricter financial audit requirements proposed for large enterprises, especially unlisted real estate companies.
• Tax authority enforcement powers receive attention, with suggestions for strengthened independent enforcement.
• Government commits to carefully considering all perspectives and ensuring consistency and feasibility of legal amendments.
• State Budget Law amendments to be implemented in both short-term and long-term phases.