National Assembly gathers to weigh focal laws

National Assembly Chairwoman Nguyen Thi Kim Ngan's opening speech

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At the opening ceremony, National Assembly Chairwoman Nguyen Thi Kim Ngan stated that during this 26-day session, the legislature will consider and ratify six bills and 10 resolutions, and review nine bills (see box for details).

“These laws and resolutions are very important and they have drawn great attention from the public,” Ngan said. “They are also important for implementing regulations on the market economy, boosting the economic restructuring, and improving the national business environment.”

During the session, the National Assembly will also review, debate and give opinions on a number of reports regarding the socioeconomic situation of 2017, the objectives of socio­economic development for 2018, and the allocation of the 2017 national budget.

“The domestic economy has been witnessing quite positive developments in a multitude of areas, with the investment and business climate significantly improved, and the continued assurance of improving living conditions, as well as the country’s rising position and prestige in the global arena,” stated Prime Minister Nguyen Xuan Phuc.

He reported to the National Assembly that the economy grew by 6.41 per cent in this year’s first nine months, higher than the 5.99 per cent in last year’s corresponding period.

“It is expected that the economy will grow by 6.7 per cent this year, reaching the National Assembly’s target set earlier,” Phuc affirmed.

The National Assembly will decide on a number of portentious legislative measures this session

In this year’s first nine months, 17 out of the economy’s 21 key sectors, excluding the mineral sector, witnessed increases.

For example, the nine-month industrial index for production (IIP) ascended 7.9 per cent year-on-year, higher than the 7.1 per cent rise in the corresponding period last year. IIP in September reached 13.2 per cent year-on-year.

The processing and manufacturing sector, which contribute to 80 per cent of the industrial sector’s growth, expanded 12.8 per cent, higher than the 11.7 per cent in the same period last year, “also the highest ascension of this sector over the past many years, contributing to 9 per cent of the economy’s nine-month growth,” according to the General Statics Office (GSO).

“Enterprises’ production and confidence are on the rise,” Phuc said.

According to a recently released GSO survey on manufacturing and processing firms in Vietnam, 41.5 per cent of respondents reported that their third-quarter business was better than previous quarters. 52.6 per cent expected better business in the last quarter, and 54.2 per cent forecasted that their production will increase.

In this year’s first nine months, Vietnam saw nearly 94,000 newly-established enterprises registered at more than $41 billion, up 15.4 per cent in the number of enterprises and 43.5 per cent in capital year-on-year. The economy’s total newly-registered and newly-added capital was $97.5 billion.

In addition, about 21,100 enterprises resumed operations in this year’s first three quarters.