Renovation Requires Improvement in Economic Legal System

President of CIEM Nguyen Dinh Cungsaid that together with the drafting and enforcement of Constitution 2013, the National Assembly is amending several legal economic documents in line with the international economic integration in Vietnam: The Land Law 2013, Enterprise Law 2014, and 2014 Law on the use of State investment in business activities, etc. are expected to create a solid foundation for long-term economic reform and a major impact on the economic restructuring combined with new growth model and development of market economy.

 

Dr Nguyen Dinh Cung also noted that one of the six tasks of the Party XII Congress is “to effectively implement three strategic breakthroughs” (including completion of socialist-oriented market economy). The questions to law-makers and policy-planners: What should Vietnam do?, How? And who is responsible? require consideration and experiences from other countries so that Vietnam can obtain appropriate policy.

 

For his part, Mr Nguyen Van Phuc, Deputy Head, National Assembly Economic Commission, said that in the face of the fast globalisation in the whole world, legal systems of the countries are getting closer to each other. Legal faculties and laws share their legacies, social and cultural values. Therefore, the study of legal principles of other countries is worth consideration to work out the most appropriate policies for the development of the system in Vietnam. For instance, in the framework of the project on Restructuring for a Competitive Vietnam (RCV), National Assembly Economic Commission has sponsored a study on “Economic Legal Institutions in selected countries in the world”. Six countries have been selected including the US, Australia (representing Anglo-Saxon legal system), Germany (representing European continental legal system), South Korea (successful developed country in Asia), Malaysia (impressive developing country in South East Asia) and Russian Federation (transforming country). The selection and analysis are being made for each country on market approach, activities and withdrawal, as well as management system and market approaches. The report advanced some recommendations on amendments and new laws to improve market system in Vietnam in the coming years.

 

According to Dr Duong Dang Hue, former Head of Civil Law-Economic Department, Centre of Information and Legal Consultants, Jurisdiction Club, Ministry of Justice, it is a voluminous reference book offering recommendations for amendments and new laws to diversify and improve market economy system in Vietnam. With examples of other countries, the book is very informative to members of the National Assembly. It is also a reference book for offices and persons, businesses and institutes for policy planning.

 

For her part, Dr Nguyen Thi Mo, former Rector of Foreign Trade University said that Vietnam should maintain only State ownership in certain resources stipulated by 2013 Constitution and diversified ownership in other fields. Vietnam should also develop law on equitisation, restructuring State-owned enterprises (SOEs) so that SOEs can focus on key and essential sectors, separating business and political purposes. Regarding the development of markets, Vietnam should review, amend and improve Trade Law, issuing new law on foreign trade and those relating to goods and service. Concerning economic management, Vietnam should amend the Law on Planning, Law on Competition, and Law on Stock Market with new thinking ensuring cohesion in the whole country as well as in all services and regions, equality to businesses of all economic sectors joining and withdrawing from market, establishing independent competitive management, without attachment to Ministry of Industry and Trade, as at present.

 

Summing up the workshop, Mr Nguyen Van Phuc said that as Vietnam joins economic integration, Vietnam must follow regulations on players, ground rule and playing field. In the global playing field, we will face many difficulties therefore players and ground rules should be improved to the optimum. He also believed that the research on economic laws of certain countries in the world would be most helpful for the National Assembly to renovate economic laws in the present conditions of Vietnam. Mr Phuc said that the report will be sent to members of the National Assembly at the XIII Session, as well as to the leadership of the Party and State, and related State bodies and institutes.