Research and develop venture investment legislation in Vietnam

The Government assigned the Ministry of Finance to study and develop policies and laws to encourage venture investment in Vietnam. The Ministry of Planning and Investment shall assume the prime responsibility for studying and reporting on the possibility of developing a Law on Venture Investment and submitting it to the Prime Minister for the period of 2022 – 2023.

On April 12, the Deputy Prime Minister of Vietnam signed Resolution 54 promulgating the Government’s action plan to implement the National Assembly’s Resolution on the economic restructuring plan for the 2021-2025 period.

The Resolution sets the objectives of forming a reasonable and effective structure in each industry and field; between industries, fields, and the whole economy; developing many national products based on new and high technology; creating a breakthrough in the competitiveness of a number of key economic sectors and substantive changes, clearly on the growth model, productivity, quality, efficiency, competitiveness, improving the autonomy, adaptability, and resilience of the economy.

In order to achieve the set objectives, the Resolution also clearly states the main tasks and solutions. In particular, the Government requested to focus on completing the objectives of restructuring public investment, the state budget, the system of credit institutions, and public non-business units.

Develop the law on Venture Investment in Vietnam

The government also requires the development of all kinds of markets, improving the efficiency of resource allocation and use. Specifically, in the financial market, the Government assigned the Ministry of Finance to study and develop policies and laws to encourage venture investment. The Ministry of Planning and Investment shall assume the prime responsibility for, and coordinate with relevant ministries, branches and localities in, studying and reporting on the possibility of developing a Law on Venture Investment in Vietnam and submitting it to the Prime Minister for the period 2022 – 2023.

Another task set by the Government is to develop the business force; promote connections between businesses of all economic sectors; innovation and economic development of collectives and cooperatives plan.

In particular, the Government assigned the Ministry of Finance to assume the prime responsibility for organizing the effective implementation of the Scheme on continuing to restructure state-owned enterprises, focusing on keeping key and essential fields. Completing the legal system for state-owned enterprises in the direction of clearly defining autonomy and self-responsibility, applying standards according to good international practices in governance, and thoroughly applying market principles in salary policy.

The State Capital Management Committee shall assume the prime responsibility for formulating a plan to restructure State-owned enterprises according to the approved scheme and submit it to the Prime Minister for consideration and decision.

The Government assigned the Ministry of Planning and Investment to assume the prime responsibility for, and coordinate with ministries, branches and localities in, organizing the effective implementation of the Program to support businesses in digital transformation in the 2021-2025 period.

The Ministry of Science and Technology shall assume the prime responsibility for, and coordinate with ministries, branches and localities in, promoting the development of science and technology enterprises, completing and organizing the effective implementation of the mechanism, and policies to support the development of science and technology enterprises.

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