One law amending seven financial laws: New driving force for economic growth

	Prevent corruption and group interests in developing financial laws
	Accurate information, improving quality of state financial statement
	Fiscal policy needs to return to normal

The contents of Project 1 of the law amending 7 laws in the financial sector contribute to freeing up many resources for the country's socio-economic development. Illustration photo: ST

Removing institutional difficulties and obstacles

In recent times, in the face of changes in the socio-economic situation, legal documents on finance have encountered a number of difficulties and obstacles in the implementation process, showing the need to review and study for amendment and supplementation.

In that context, the Government and the Ministry of Finance have urgently reviewed, summarized and assessed the implementation of laws in the field of finance and budget and identified 7 laws that need to be amended and supplemented accordingly, including: Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Law on Management and Use of Public Assets, Tax Administration Law, and National Reserve Law.

As expected, on November 29, 2024, the National Assembly will vote to pass the Law amending and supplementing a number of articles of the Securities Law, the Accounting Law, the Independent Audit Law, the State Budget Law, the Law on Management and Use of Public Assets, the Tax Administration Law and the Law on National Reserves.

Regarding the main content of the amendments in the draft Law, the Government's report said that the draft Law on State Budget is proposed to amend and supplement the mechanism allowing localities to use local budgets to invest in the construction of infrastructure works of the direct superior budget in the locality; supplement regulations on State budget expenditures to perform a number of tasks from both investment and regular expenditure sources to remove bottlenecks in asset procurement and construction renovation in localities in recent times, etc.

Regarding the Law on Tax Administration, the amendments and supplements aim to remove obstacles in policy mechanisms, improve the effectiveness of tax administration, and strengthen public service responsibilities to ensure fairness, equality, transparency, and consistency in the system of legal documents.

Notably, there are amendments and supplements to the regulations on decentralization and delegation of authority to speed up the tax refund process.

In the draft amendment to the Securities Law, it is proposed to amend and supplement in the direction of improving transparency, efficiency and safety for this market; perfecting regulations to strengthen supervision and strictly handle acts of fraud and scams, etc.

Regarding the Law on Accounting, the amendment and supplement aim at 2 main groups of goals: applying international standards on accounting, removing difficulties for accounting units; promoting decentralization, delegation of authority, improving state management capacity in the field of accounting, etc.

Evaluating the draft Law, Chairman of the Finance and Budget Committee of the National Assembly Le Quang Manh said that the Finance and Budget Committee, the Economic Committee and the agencies of the National Assembly agreed on the necessity of amending and supplementing the draft Law to the law-making program.

At the same time, the National Assembly Standing Committee hopes to institutionalize the Party's policies and guidelines, implement the National Assembly's Resolutions and remove institutional difficulties and obstacles in the fields of finance and budget to improve the investment and business environment, and maximize the attraction of state and non-state resources to promote the country's socio-economic development.

Liberating resources to promote economic development

Speaking at the discussion group meeting on the draft Law amending 7 laws in the field of Finance, Vice Chairman of the National Assembly, Senior Lieutenant General Tran Quang Phuong affirmed the necessity of amending and supplementing the draft Law amending 7 laws to both remove difficulties and obstacles arising in practice and ensure state management and social governance to avoid creating loopholes in policy exploitation. With the political determination to pass the Law according to the 1-session process, the Vice Chairman of the National Assembly said that the draft Law has been thoroughly examined according to the shortened process.

According to Deputy Minister of Finance Nguyen Duc Chi, the Party's policy on handling obstacles and bottlenecks in the financial legal system is a very accurate, correct and timely policy. The amendments and supplements focus on issues that are required and required by reality, and the draft Law is drafted according to a shortened process and procedures and takes effect immediately after being approved.

“With the contents of the report approved by the National Assembly at this session, we affirm that we will liberate a lot of resources, creating many favorable conditions to contribute to the development of the socio-economy in the coming time,” Deputy Minister Nguyen Duc Chi emphasized.

To clarify the goal of liberating resources for socio-economic development, the Deputy Minister said that in the draft amendment to the State Budget Law, the Ministry of Finance proposed to add content allowing some localities to use local budgets to invest in key central projects and works in the area to mobilize local budgets to participate in investing in important infrastructure projects, of inter-regional, inter-provincial, inter-national, and even inter-international nature.

“This mechanism, once approved, will create comprehensive resources, promote the combined strength of both the central and local governments to accelerate the investment progress of key infrastructure projects, contributing to the socio-economic development of each locality, region and the whole country,” the Deputy Minister emphasized.

Previously, at the meeting of the Government Standing Committee on the report on the proposal to develop a Law amending and supplementing 7 laws under the management of the Ministry of Finance on August 16, 2024, Prime Minister Pham Minh Chinh highly appreciated the efforts, responsibility and preparation work of the Ministry of Finance.

At the same time, he emphasized that the proposal to amend the above laws has a full political basis, legal basis, practical basis and is of great significance, contributing to the implementation of 3 strategic breakthroughs, especially the breakthrough in building and perfecting institutions; preventing corruption and negativity; overcoming the fear of mistakes and fear of responsibility among a number of cadres and party members.

The promulgation of the Law also meets the wishes of people and businesses to reduce administrative procedures, prevent harassment and reduce compliance costs.

Deputy Prime Minister and Minister of Finance Ho Duc Phoc: Efforts to perfect institutions to implement one of three strategic breakthroughs

At this Session, the Government simultaneously submitted amendments to many laws, including the Law amending 7 laws in the financial sector, in order to immediately remove difficulties, obstacles, and long-standing bottlenecks in practice, thereby liberating and maximizing resources to serve socio-economic development, creating momentum for a breakthrough to complete the goals of the 5-year period set by the Party Congress. At the same time, this is also an effort to perfect institutions to implement one of the three strategic breakthroughs of the economy according to the Party's resolutions. We are perfecting institutions to serve socio-economic development to serve the innovation process. When we perfect the law, we can focus on building infrastructure, training high-quality human resources, developing high-tech industry, digital economy, green economy, etc. Therefore, the issue of perfecting the law is extremely important.