Discussion of Important Laws During Vietnam’s 15th National Assembly’s Sixth Plenary Session
The 15th National Assembly (NA)’s sixth plenary session, held in Hanoi from October 23 to November 10 and continuing from November 20 to 28, will focus on several essential legislative agendas. Key issues include assessing the 2023 socio-economic development progress, state budget performance, and discussing plans for 2024 regarding socio-economic development, state budget, public investment, national finance, and public debt for 2021 – 2025.
During this session, nine draft laws are under consideration for adoption including:
Amended Land Law
Amended Law on Real Estate Business
Amended Housing Law
Amended Law on Water Resources
Amended Law on Telecommunications
Amended Law on Credit Institutions
Law on Citizen Identification
Law on Management and Protection of National Defense Works and Military Zones
Law on grassroots security forces.
Other important draft resolutions were also discussed during the first half of this National Assembly plenary session, including the draft resolution proposing an extension of the reduced VAT until June 2024 and another on the imposition of top-up corporate income tax under the Global Anti-Base Erosion (GloBE) rules. An impact assessment by the Government indicated that an estimated 122 foreign businesses in Vietnam might be affected by this resolution, involving an estimated total of US$600.3 million in top-ups.
The second half of the NA’s sixth plenary session from Novebember 20 to 28 is expected to include agenda such as discussions on amended Law on Assets Auction, amended Law on National Defense, Security and Industrial Mobilization, along with voting to approve draft laws such as the amended draft Law on Telecommunications, the amended draft Law on Credit Institutions.