Institutions must pave the way for development: PM

Prime Minister Le Minh Hung has called for continued improvements to Vietnam’s legal framework to remove institutional bottlenecks, unlock resources and create stronger foundations for socio-economic development.

The PM made the request while chairing a Government meeting on law building on September 16 to discuss eight draft laws and resolutions expected to be submitted to the second session of the 16th National Assembly (NA).

The meeting considered the draft Land Law (revised), Housing Law (revised), Law on Real Estate Business (revised), consolidated Law on the State Budget, Law amending and supplementing several articles of the Law on Investment, a resolution amending and supplementing Resolution No. 107/2023/QH15 on the application of the global minimum tax, the Law on Organisation of Criminal Investigation Bodies (revised), and the Law on the Implementation of Grassroots Democracy (revised).

The PM stressed that institutions must stay one step ahead and pave the way for development. He asked ministries to urgently complete the draft laws, address overlaps and shortcomings, use resources effectively, protect the legitimate rights and interests of people and businesses, and strengthen the effectiveness of State management.

He instructed ministers to directly oversee the incorporation of comments from Government members, the appraisal opinions of the Ministry of Justice and conclusions of the meeting. Complete dossiers for all draft laws and resolutions must be prepared for consultation with Government members and submitted to the responsible Deputy Prime Minister before September 21.

Regarding the draft revised Land Law, the PM said it is particularly important because of its broad impact on socio-economic life and the interests of people and businesses.

He asked the Ministry of Agriculture and Environment to conduct a comprehensive review of the draft, especially provisions on which opinions remain divided, and ensure consistency with the Housing Law, the Law on Real Estate Business and other relevant legislation.

The draft should also accelerate the development and connection of land databases on the principle of maximum transparency, simplify administrative procedures and clarify decentralisation and delegation of authority, he said.

On the draft revised Housing Law, the PM asked the Ministry of Construction to review regulations on the lifespan of apartment buildings, rental housing models and related financial mechanisms. He called for simpler procedures for housing investment and development, clearer criteria for restricting the subdivision and sale of residential land plots, and measures to prevent property speculation.

He also asked the ministry to report to the NA on a proposed pilot mechanism under which the State could buy back commercial housing projects from investors unable to complete or transfer them.

For the draft revised Law on Real Estate Business, the cabinet leader called for a framework that would make the property market more transparent, healthy and sustainable, while clearly identifying speculative and market-manipulation activities.

He also requested regulations to ensure the residual value of sale and lease-purchase contracts for future-formed housing via an escrow account, improve information disclosure, and strengthen legal protection for market participants, particularly homebuyers. Data on real estate should be connected and shared with land, planning, tax, notarisation, population and credit databases.

For the draft Law amending and supplementing the Law on Investment, the PM called for a stable and transparent investment environment and fair treatment of investors, together with stronger incentives for high-quality and high-tech projects that include technology transfer and links with domestic businesses.

He also asked ministries to coordinate closely with NA agencies during the appraisal, revision and finalisation of the draft laws and resolutions for consideration at the legislature's upcoming session.

The PM urged ministers to mobilise all necessary resources to ensure the quality and progress of the legislative work and prevent delays in issuing guiding documents for laws already adopted by the NA./.