NA Standing Committee wraps up 23rd session

The 23rd meeting of the National Assembly (NA) Standing Committee concluded on May 13 after 4.5 days of sitting.

Addressing the closing ceremony, NA Chairman Vuong Dinh Hue said that the session completed its planned agenda, and discussed all the contents to be submitted to the fifth plenary session of the NA slated to open on May 22.

However, the dossiers of some contents need to be finalised and verified to be sent to deputies soon, he said, adding relevant agencies will review and summarise contents under their management.

Regarding preparations for the NA’s fifth plenary session, NA General Secretary and Chairman of the NA Office Bui Van Cuong said that the session will increase discussion time on the draft Land Law (revised) from 20 minutes to 25 minutes.

The session will be divided into two phases with one week gap, with the first one concluding on June 10. The session is scheduled to take place in 22 days.

Deputies will decide whether to add three additional bills – a draft law on forces participating in the protection of security and order at grassroots level, a draft law on road traffic order and safety, and a draft road law – to their agenda or not. If they do, the session’s duration will increase by two days and a half to 24.5 days, said Cuong.

Before wrapping up the 23rd session, members of the NA Standing Committee gave their opinions on the adjustments of the charter capital of the Vietnam Bank for Agriculture and Rural Development (Agribank), which will be added to the law and ordinance building programme in 2023.

NA Vice Chairman Nguyen Duc Hai asked the drafting agency to complete a draft resolution on the work, enabling the NA Economic Committee to verify it and submit to the NA in the upcoming session.

Also on May 13, the NA Standing Committee also debated a draft resolution on the reduction of added value tax (VAT).

Minister of Finance Ho Duc Phoc said that the cut, which was applied in 2022, aims to encourage consumption and support socio-economic recovery and development.

This year, the Government proposed to continue to apply 2% VAT cut on goods and services subject to a 10% VAT, and a 20% cut in the percentage of goods for VAT calculation for business establishments (including business households and individuals) when issuing invoices for all goods and services subject to the VAT, which is suitable to the current economic circumstance, he said.

The policy, which is expected to benefit both people and businesses, will help promote production and create more jobs, thus contributing to stabilising the micro-economy and speeding up economic recovery in 2023, the minister underlined.

Delivering a verification report on the draft resolution, Vice Chairwoman of the NA Finance-Budget Committee Nguyen Van Chi said that the majority members of the committee agreed on the necessity of the resolution, which is hoped to support businesses and people after COVID-19 pandemic.

She asked the Government to complete a report on impacts of the policy.

NA Chairman Hue suggested the resolution has the same scale as Resolution No. 43/2022/QH15 on fiscal and monetary policies to support socio-economic recovery and development.

Concluding the discussion, NA Vice Chairman Nguyen Duc Hai said that the NA Standing Committee agreed to include the draft resolution in the law and ordinance building programme for 2023, assigning NA agencies to finalise procedures for the work./.

Source: Vietnam News Agency