National Assembly Delegates from Nghe An are concerned about technology companies registering to do business in Singapore.

On the morning of October 30, under the direction of Vice Chairman of the National Assembly Nguyen Duc Hai, the National Assembly discussed online the proposed economic restructuring plan for the 2021-2025 period.

Panorama of the Session at the National Assembly House. Photo: Quochoi.vn

NEED SOLUTIONS TO RETAIN INNOVATIVE BUSINESSES

At the discussion session, delegates basically agreed with the content of the proposed economic restructuring plan for the 2021-2025 period; at the same time, they analyzed and proposed many additional contents.

Speaking at the discussion at Dien Hong Hall, National Assembly House, delegate Hoang Minh Hieu - Standing member of the National Assembly's Law Committee, delegate of Nghe An delegation agreed with many comments in the verification report of the National Assembly's Economic Committee on the proposed economic restructuring plan for the period 2021-2025; including the analysis of business development goals in the recent past, this is an indicator of great interest at present, especially in the context of Vietnam's efforts to recover the economy after the 4th Covid-19 pandemic.

National Assembly delegates from Nghe An attend the meeting at the headquarters of the National Assembly Delegation, People's Council and People's Committee of the province. Photo: Thanh Duy

However, according to delegate Hoang Minh Hieu, there is an issue that needs to be noted: while the number of Vietnamese enterprises has not developed as expected, in the period 2016 - 2020, many Vietnamese businessmen have established businesses in Singapore.

Although there are no official numbers, the excitement of the Vietnamese business consulting market in the Lion Island shows that this demand in Singapore is very large, especially since most of these businesses operate in the field of innovation, including businesses that are currently developing very strongly in science, technology and e-commerce.

Delegate Hoang Minh Hieu said that this reflects that the regulations on business establishment in our country are not very attractive. However, more importantly, the business environment in our country has not created favorable conditions for businesses operating in the field of innovation.

“If this situation continues, it will greatly affect the implementation of economic restructuring goals for the 2021-2025 period; especially the implementation of the goal of promoting innovation,” delegate Hoang Minh Hieu worried and emphasized that this is also a drain of talent in business and science and technology.

At the Nghe An province bridge, there were the participation of comrade Nguyen Nam Dinh - Member of the Provincial Party Standing Committee, Permanent Vice Chairman of the Provincial People's Council and leaders of the Economic - Budget Committee of the Provincial People's Council, Office of the National Assembly Delegation, and Provincial People's Council. Photo: Thanh Duy

Therefore, delegates believe that in the 2021 - 2025 period, there needs to be stronger and more drastic solutions to attract Vietnamese people with innovative ideas to start businesses in Vietnam.

To do this, agreeing with the Government's policy in the report submitted to the National Assembly that institutional reform must be considered a breakthrough solution, delegate Hoang Minh Hieu further suggested that, in addition to the policy of early and remote legislation, focusing on people and businesses, institutional building must also have the goal of innovation; this is what many countries in the world are currently considering as the focus of legislative activities.

Delegate Hoang Minh Hieu also shared experience from the Organization for Economic Cooperation and Development (OECD) that, in building laws to promote innovation, it is necessary to clearly assess the impacts of legal regulations on the development of technology. Legal regulations must aim to improve the competitiveness of enterprises, especially small and medium enterprises; prioritize the use of regulatory methods that are friendly to the development of technology, such as emphasizing economic regulatory tools and agreements rather than setting rigid standards.

Delegate Hoang Minh Hieu - National Assembly Delegation of Nghe An province, discussing at Dien Hong Hall, National Assembly House. Photo: Quochoi.vn

In addition, the Nghe An delegation suggested that it is necessary to soon study and promulgate regulations on a controlled testing mechanism. This content has been oriented in the legislative activities of the 15th National Assembly. The Government also has a plan to draft a decree on a financial technology testing mechanism in the banking sector.

However, delegate Hoang Minh Hieu said that this is a new issue, expected to have contents that are not regulated by current laws, and is related to many different fields, not just limited to the field of financial technology.

Therefore, delegate Hoang Minh Hieu suggested that the Government study the direction of submitting to the National Assembly a resolution on a controlled testing mechanism to clearly demonstrate the policy of innovation and creativity, and at the same time have a basis for unified implementation in many different technological fields.

On the other hand, to achieve the goal of institutional reform, serving development and innovation, delegate Hoang Minh Hieu said that it is also necessary to research to make improvements and innovations to further speed up the review and approval of draft laws.

Because according to the delegate, the current legislative process for a bill to be passed from the time it is included in the law and ordinance making program is about one year for a bill to be considered for approval at one session and about 1.5 - 2 years for a bill to be considered for approval at two sessions, or even 2.5 years if approved at three sessions. Meanwhile, experience in some countries shows that the average time for a bill to be passed from the time it is submitted to the National Assembly is only about 150 days.

IDENTIFY AND UNBLOCK BOTTOM LINES OF EACH INDUSTRY AND LOCATION

Also at the discussion session, 30 other delegates spoke and 3 delegates debated. Among them, delegate Tran Huu Hau - Tay Ninh delegation, assessed that the goals, tasks and solutions of economic restructuring were stated quite clearly and in detail. According to the delegate, the restructuring results of sectors and localities under the role of the Government as a "conductor" will be one of the factors determining the success of the economic restructuring plan.

Delegates at Nghe An bridge point follow the meeting from other bridges. Photo: Thanh Duy

Therefore, delegate Tran Huu Hau suggested that the economic restructuring process should focus on identifying bottlenecks in the economy, each industry, and each locality; thereby proposing specific and feasible measures to unblock and create motivation for industries, localities, and the economy to develop strongly and sustainably.

"I propose this because restructuring the economy without solving bottlenecks is like building highways without solving bottlenecks," the Tay Ninh delegation representative said, adding that this is a practical approach.

Delegate Pham Trong Nhan, Binh Duong delegation, said that the most important thing in the process of restructuring the economy in the period of 2021 - 2025 is to place this plan in the overall programs and plans for national socio-economic development, in which the most important are the socio-economic development strategy, national master plan, national land planning, economic recovery program after the Covid-19 pandemic, green economic trends, digital economy, especially the economic restructuring plan must anticipate problems, clarify scenarios to respond to the complicated developments of the Covid-19 pandemic.

Delegate Ta Thi Yen - National Assembly Delegation of Dien Bien province speaking at Dien Hong Hall, National Assembly House on the morning of October 30. Photo: Quochoi.vn

On the other hand, according to delegate Pham Trong Nhan, the economic restructuring plan for the 2021-2025 period, although it has basically covered the structure of industries, territories, and economic sectors, in the economic structure, it is necessary to analyze the informal economic sector, a component of the economy of developing countries, to fully reflect the current status and strength of the economy.