National Assembly finalizes resolution on breakthrough in private economic development

At noon on May 17, the National Assembly passed a Resolution on a number of special mechanisms and policies for private economic development with a series of breakthrough policies.

Scene of the National Assembly session on the morning of May 17. Photo: QUANG PHUC

Priority is given to civil, economic and administrative measures.

Accordingly, regarding improving the business environment, the resolution requires strict handling of acts of abuse and exploitation of inspection and examination to harass and cause difficulties for enterprises, business households and individual businesses. Strongly shift from pre-inspection to post-inspection associated with improving the effectiveness and efficiency of inspection and supervision.

Shift the management of business conditions from licensing and certification to publishing business conditions and post-auditing, except for a few sectors that are required to carry out licensing procedures according to international regulations and practices. Do not discriminate between economic sectors in mobilizing, allocating and using capital resources, land, resources, assets, technology, human resources, data and other resources.

The resolution also stated that acts that restrict competition, unfair competition, abuse of dominant position and abuse of monopoly position must be strictly handled according to the law. Media agencies, press, organizations and individuals are strictly prohibited from harassing, negative acts, providing false and inaccurate information that affects businesses, entrepreneurs, business households and business individuals, etc.

National Assembly delegates vote to pass resolutions. Photo: QUANG PHUC

For civil and economic violations and cases, priority is given to applying civil, economic and administrative measures first; enterprises, business households and individual businesses are allowed to proactively remedy violations and damages. In cases where the practical application of the law may lead to criminal prosecution or not, criminal prosecution shall not be applied.

For violations that are subject to criminal prosecution, proactive, timely and comprehensive economic remedial measures are given priority and are an important basis for the prosecution agency to consider when deciding to initiate prosecution, investigation, prosecution, trial and subsequent handling measures. Legal provisions cannot be applied retroactively to handle unfavorable situations for enterprises, business households and business individuals.

Delegates attending the National Assembly meeting on the morning of May 17. Photo: QUANG PHUC

Timely and effectively handle evidence and assets without affecting the proof and resolution of cases and lawsuits; promptly remedy the consequences of damage, put assets into exploitation and use, in order to unlock development resources, avoid loss and waste; ensure the interests of the State, and the legitimate rights and interests of organizations and individuals.

Many support policies on access to land and finance

The resolution also states: support for access to land and production and business premises for enterprises.

Regarding support for renting houses and land that are public assets, the State supports small and medium-sized enterprises, supporting industry enterprises, and innovative enterprises to rent houses and land that are public assets that are unused or not in use locally.

Regarding financial and credit support, enterprises in the private economic sector, business households and individual businesses are supported by the State with an interest rate of 2%/year when borrowing capital to implement green and circular projects and apply the environmental, social and governance (ESG) standards framework.

Regarding support for taxes, fees, charges, corporate income tax exemption for 2 years and 50% reduction of payable tax for the next 4 years for income from innovative startup activities of innovative startups, innovative startup investment fund management companies, and innovative startup support intermediary organizations.

National Assembly delegates vote to pass resolutions. Photo: QUANG PHUC

Exemption from personal income tax and corporate income tax on income from the transfer of shares, capital contributions, capital contribution rights, share purchase rights, and capital contribution purchase rights in innovative start-up enterprises.

Exemption from personal income tax for 2 years and reduction of 50% of tax payable for the next 4 years for income from salaries and wages of experts and scientists received from innovative start-ups, research and development centers, innovation centers, and intermediary organizations supporting innovative start-ups.

Exemption from corporate income tax for small and medium enterprises for 3 years from the date of first issuance of the Certificate of Business Registration.

The Resolution also states that business households and business individuals will not apply the tax lump sum method from January 1, 2026. Business households and business individuals will pay taxes according to the law on tax administration. The collection and payment of business license fees will end from January 1, 2026.

Ordering, limited bidding, and designated bidding for key project implementation

The Resolution also outlines the contents of supporting research, development and application of science and technology, innovation and digital transformation.

Minister of Finance Nguyen Van Thang presents the draft Resolution of the National Assembly on mechanisms and policies for private economic development. Photo: QUANG PHUC

Regarding support for improving corporate governance capacity and human resource quality, the resolution states: allocating the state budget to implement a training program to train and develop 10,000 executives by 2030; providing free legal consulting services, training on corporate governance, accounting, tax, and human resources for small and micro enterprises, business households, and individual businesses.

Regarding support for the formation of medium and large enterprises and pioneer enterprises, the resolution clearly states that ordering, limited bidding, and designated bidding are necessary to implement key and important national projects. The State expands the participation of enterprises in the private economic sector in key projects of great significance to socio-economic development and important national projects through direct investment or investment in the form of public-private partnership or cooperation models between the State and the private sector in accordance with the provisions of law.

Competent persons and investors are allowed to choose to apply one of the forms of ordering, limited bidding, designated bidding, or other appropriate forms as prescribed by law to implement strategic fields, key and important national scientific research projects and tasks, high-speed railways, urban railways, platform industries, spearhead industries, energy infrastructure, digital infrastructure, green transport, national defense, security, and urgent and urgent tasks on the basis of ensuring publicity, transparency, quality, progress, efficiency, and accountability.

The State develops programs and allocates budgets to support the formation and development of medium and large enterprises and private economic groups of regional and global stature through programs: the program to develop 1,000 typical enterprises, pioneers in science and technology, innovation, digital transformation and green transformation, high-tech industry, supporting industry; the program to reach out to international markets (Go Global) to support markets, capital, technology, brands, distribution channels, logistics, insurance, consulting, legal affairs, business dispute resolution, trade, mergers and acquisitions, and connections with multinational corporations...

PHAN THAO

Source: https://www.sggp.org.vn/quoc-hoi-chot-nghi-quyet-ve-dot-pha-phat-trien-kinh-te-tu-nhan-post795654.html