Lawmakers urge government to improve trade and investment conditions

08:38 | 29/06/2018 Economy- Society

(VEN) - The fifth session of the 14th National Assembly (NA) ended on June 15, with lawmakers calling on the government to improve the management of investment capital, public debts, and budget overspending, as well as to ensure national financial security. 

lawmakers urge government to improve trade and investment conditions

Institutional improvement

Some of the most important comments sounded by NA deputies during the three-week session focused on institutional improvement.

Nghe An Province’s Deputy Nguyen Huu Cau suggested that the government has to crack down on corruption and legal violations in the business world, intensify tax collection, speed up investment capital disbursement for basic construction, and clearly define the responsibilities of ministries, departments and localities.

Hai Phong City’s Deputy Bui Thanh Tung said the government should review and modify the system of legal documents on public investment to overcome difficulties in the disbursement process in order to bring into full play the efficiency of investment capital.

Phu Tho Province’s Deputy Hoang Quang Ham recommended that the government, ministries, departments and localities continue to create more favorable conditions for domestic businesses, especially private companies. In addition, it is necessary to continue reforming administrative procedures, reduce logistics costs, and limit specialized inspection because the current rate of specialized inspections in Vietnam is too high compared to other countries in the region and in the world. Foreign direct investment (FDI) should target technology transfer projects and those promoting links with domestic enterprises. Ham also urged solutions to increase labor productivity and raise the efficiency of capital usage, restructure the budget to increase capital for investment, and adopt appropriate financial policy.

Focusing on market forecasting

Vinh Long Province’s Deputy Luu Thanh Cong said the government should direct sectors to study market forecasting and review planning in order to ensure compliance with the law. In addition, specific scenarios are required to prevent product glut and price drops if key agricultural products cannot be exported, he said.

Minister of Industry and Trade Tran Tuan Anh, responding to the deputies, said his ministry’s target is to strengthen market expansion, especially of markets with beneficial trade preferences. The ministry will also study solutions aimed at removing trade protectionism.

Tran Tuan Anh urged accelerating the signing of the EU-Vietnam Free Trade Agreement (EVFTA), saying that if it is signed and ratified by the end of this year, trade growth between the two sides will increase by four to six percent in 2019.

In terms of enhancing the competitiveness of Vietnamese businesses, with a focus on product quality, Tran Tuan Anh said product quality associated with branding is vital. However, this remains a big obstacle to Vietnam in building its brand name, developing value chains and meeting requirements of free trade agreements as well as international commercial practices in terms of product origin and quality. Therefore, the participation of ministries, departments and localities is required to improve product quality and promote branding.

Ho Chi Minh City’s Deputy Tran Hoang Ngan said the government should focus on strengthening trade promotion activities in the domestic market and adopting a new strategy for attracting FDI with a focus on high-tech FDI projects.

Nguyen Hanh