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NA debate amendments to Enterprise Law VNTimes


Continuing the fifth sitting of the 13th National Assembly, deputies onMay 25 examined the draft amendments to the Enterprise Law, a proposalasking for NA approval of the State budget balance for 2011 and someother issues.

According to a government’sreport presented by Minister of Planning and Investment Bui Quang Vinh,Clause 2 under Article 170 of the 2005 Enterprise Law prescribes thatforeign invested firms operating under the Foreign Investment Law inVietnam can either re-register for operation and management inaccordance with the Enterprise Law or not to re-register. Those who sayno to re-registration will see their business operation limited to theactivities specified in their investment licences.

Statistics show that by July 1, 2011, the deadline of re-registration,about 3,000 out of 6,000 FDI enterprises were yet to re-register. Ofwhich, some now have their licences expired but want to continueoperating while others with still valid licences want to extendoperation to other business fields.

Therefore, thegovernment proposed amendments to Article 170 of the Enterprise Law inorder to allow FDI businesses to maintain their operation, especiallythose which enjoy stable production, create stable jobs for localworkers and contribute to social welfare and state budget.

The amendments will also provide legal ground for those who failed tore-register to be able to broaden activities in Vietnam.

Accordingly, it is suggested that the re-registration deadline definedin the Article 2 should be removed so that enterprises feel free tomake the registration or not at their convenience.

Amajority of the NA’s Economic Commission agreed with the revision asproposed by the government. They also suggested that extensions onactivities should only be allowed to enterprises that do business inline with the government’s policies on foreign investment firms.

Also at the sitting, deputies debated the balance-sheet for the2011 State budget. They asked to clarify the efficiency of budgetspending, especially public investment in capital construction.

Previously, on May 24, the National Assembly approved Nguyen Huu Van, a 57-year-old economist, as the new General Auditor.-VNA

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