Members of the National Assembly Standing Committee has agreed that it was necessary to revise the Enterprise Law in order to enforce the Constitution, especially taking into consideration the relationship between the State, market, and businesses, as they discussed the revised bill on the 2005 Enterprise Law.

A Government report presented at the April 21 session noted that businesses of every economic sector are offered a fair treatment working in the same legal corridor in accordance with the market-oriented mechanism.

Everyone has the right to do business in industries that are not prohibited by the law and private ownership rights are lawfully protected.

The revision of the Enterprise Law aims to create a legal framework to facilitate the enterprise restructuring process by focusing on State economic groups, corporations, and offer a new impetus to the development of the enterprises with an advanced management method in accordance with international economic integration.

The revised bill comprises 10 chapters and 220 articles with 40 additional articles as compared to the existing law.

Some deputies concurred with the inclusion of additional regulations on State-owned enterprises (SOEs). Over the years, the inefficient operation of SOEs have posed an urgent requirement for implementing clearer and stricter regulations on corporate governance of the SOEs and also necessitates publicising information about SOEs in a clear and transparent manner.

However, some deputies proposed that the Drafting Committee should continue to study and review the specific content related to the establishment and management of SOEs.

In addition, the Drafting Committee also needed to add new regulations on SOEs equitisation, so as to create a legal framework with a view to accelerating the restructuring process of State enterprises.

The National Assembly Standing Committee evaluated the revised bill that has been finalised after summarising the reality of nine years of implementation of the Enterprise Law issued in 2005.

However, the drafters should continue to supplement and complete expositions so as to further clarify the rationale and practicality of the contents to be revised.

The deputies also suggested that the Drafting Committee should further evaluate and add more regulations to ensure that the enterprises conducting businesses are offered equal opportunity and social responsibility so as to create favourable conditions for them to further invest in developing human resources and innovating technology, thus helping them to gain a stronghold in the market economy, so that they do not lose to foreign businesses right at their home tuft.

During the working session, the National Assembly Standing Committee also discussed issues relating to the legal representatives of the enterprises and the right for business registration and establishment.

Also the same day, the NA Standing Committee scrutinised a Government proposal on revisions and amendments to the Law on Enforcement of Civil Judgments to overcome existing shortcomings.-VNA