President Office announces six new laws approved by NA

Wednesday, 2017-07-12 10:17:59
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NA deputies from Son La province press the button to approve the Law on Foreign Trade Management on June 12, 2017
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NDO - The Presidential Office held a press conference on July 12 to announce six new laws that were adopted at the third session of the 14th National Assembly last month.

The six laws include the Law on Support for Small- and Medium-sized Enterprises; Law on Foreign Trade Management; 2017 Law on Railway; 2017 Law on Technology Transfer; 2017 Law on Tourism; and the Law on Irrigation.

These laws, which will take effect next year, are expected to create breakthroughs in management mechanisms, policymaking, and promoting operations of the aforementioned areas.

The Law on Support for Small- and Medium-sized Enterprises, which was approved for the first time, stipulates the principles, contents and resources to support small and medium enterprises and the responsibilities of the agencies, organisations and individuals involved in supporting small and medium enterprises.

With many supporting measures such as credit, guarantee funds, tax-accounting support, technology, legal consultancy, and market expansion, the law is expected to facilitate small and medium enterprises in gaining access to resources and incentives to promote production and business activities.

The law also stipulates three criteria in identifying small and medium enterprises based on the number of employees, turnover, and capital.

Also approved for the first time, the Law on Foreign Trade Management has eight chapters and 113 articles, which mainly regulates the State management of foreign trade activities related to goods but not services.

The law also affirms that the freedom of carrying out import and export activities is only limited in cases stipulated by laws.

The 2017 Law on Tourism consists of nine chapters and 78 articles (two chapters and 10 articles less than the previous 2005 Tourism Law) including many amended contents to promote tourism development and protect the rights and legitimate interests of tourists.

The 2017 Law on Technology Transfer supplements the original mechanism to support and encourage enterprises in renewing their technology and amends the provisions on boosting the commercialisation of the results of scientific research.

The new regulation of the Law on Irrigation stipulates that a market-based, irrigation service pricing mechanism will replace the existing irrigation charge to encourage the economical and efficient use of water resources and to encourage organisations and individuals to invest in the irrigation sector.