NA Chairman commits transparent legal framework for foreign enterprises

The Vietnamese National Assembly (NA) vows to create a stable, transparent and favourable legal framework for foreign enterprises, including those from the US, to continue their long-term operations in Vietnam, especially in fields of the US’s strength and Vietnam’s demand, said the top Vietnamese legislator.

During a reception in Hanoi on March 23 for a delegation of over 40 businesses from the US-ASEAN Business Council (USABC), NA Chairman Vuong Dinh Hue said their working trip is a vivid demonstration of the development of Vietnam-US ties on the occasion of the 10th anniversary of bilateral comprehensive partnership this year.

Two-way trade hit a record 123 billion USD last year, making Vietnam one of the eight biggest trade partners of the US.

Hue said Vietnam will continue listening to feedback from the business community and creating favourable conditions for them to do business successfully in the country.

A USABC representative said the US enterprises hold high trust in Vietnam’s development prospects in the future and commit to doing long-term business in health care, green growth, renewable energy in tandem with environment protection.

They also offered suggestions related to digital transformation, renewable energy, taxation, bidding, logistics and health care, among others.

Chairman Hue said the Vietnamese National Assembly will pass several laws in the near future to facilitate digital transformation and wished that the USABC would give opinions to the Vietnamese legislature to complete legal framework for the field.

According to him, the Vietnamese NA is also focusing on perfecting institutions for just energy transition.

Taking note of the USABC’s suggestions, the host said the Vietnamese Government and NA will thoroughly mull over the draft revised Law on Pharmacy and pledge to issue the best draft law up to international practices that matches Vietnam’s conditions for the benefit of the people and business community.

Welcoming win-win policy dialogues, he suggested the USABC and its member enterprises help the Vietnamese firms access advanced technology and new solutions, join the global supply and value chains, carry forward cooperation in fields of Vietnam’s priority and the US’s strength such as hi-tech, innovation, green growth, digital economy, circular economy, intellectual economy, finance-banking, health care, hi-quality personnel training, infrastructure and environment.

They were also urged to offer financial and expertise assistance to start-up, hi-tech, added value and competitive projects, as well as come up with solutions to environment protection.

On the occasion, Hue wished that the USABC, with its prestige and networking, would further uphold its role as a bridge strengthening cooperation between the US Government, Parliament and the Vietnamese Government and National Assembly, prioritise cooperation initiatives involving the theme and priorities of APEC Year 2023 hosted by the US, and regularly update Vietnamese partners on market information and business connectivity activities.