Submitting to the National Assembly amendments and supplements to the Enterprise Law.

This is an important adjustment aimed at perfecting the legal framework for production and business activities, improving the quality of the investment environment, and meeting the requirements for transparency in the context of Vietnam's accelerated international integration and anti-money laundering efforts.

According to the Government's submission, the draft law focuses on amending regulations to simplify administrative procedures and promote digital transformation in business registration. Specifically, some paper requirements for business registration will be abolished and replaced with electronic identification based on population data. This will not only reduce the procedural burden but also improve the effectiveness of controlling the legal status of business founders, while still ensuring the right to freedom of market entry.

Integrating the business registration system with the National Population Database allows for quick and accurate verification of the founders' identities, limiting fraudulent activities and the use of legal entities as a cover to violate the law.

A notable highlight in the draft is the addition of 15 new provisions related to the beneficial owners of businesses; this is crucial in combating money laundering and terrorist financing. Accordingly, businesses will have to declare information about the individuals or organizations that actually control or benefit from the business, even if they are not directly listed as owners.

The requirement to provide, update, and share information on beneficial owners is considered consistent with international practices, particularly the recommendations of the Financial Action Task Force (FATF). At the same time, this regulation will be designed to avoid creating new administrative procedures or additional costs for businesses while still enhancing the effectiveness of regulatory oversight.

The government will issue a Decree detailing the implementation of criteria for identifying and declaring information on beneficial owners, ensuring consistency with the current Law on Anti-Money Laundering.

The National Assembly's Economic and Financial Committee, after reviewing the draft, agreed on the necessity of amending the law and considered it to have met the urgent requirements of current lawmaking. At the same time, the committee noted the need for further thorough review of the current provisions of the Enterprise Law to ensure timely adjustments and prevent legal loopholes or practical difficulties.

One of the key proposals is to develop reasonable transitional regulations to avoid disruption or cost pressures on businesses established before the amended law takes effect. Furthermore, to facilitate compliance for businesses, the system for declaring, storing, and utilizing information on beneficial owners should thoroughly utilize digital technology and establish interconnected data between regulatory agencies.

This amendment and supplementation of several articles of the Enterprise Law clearly demonstrates the determination of the Government and the National Assembly in building a favorable, transparent, and safe investment environment; and at the same time, reflects our country's strong commitment to the fight against money laundering.

Earlier that morning, the National Assembly heard presentations and reports on the review of the draft Law amending and supplementing a number of articles of the Planning Law; and discussed in the plenary session some remaining points of disagreement in the draft Law on Special Consumption Tax (amended).