NA lays down laws for the year ahead

November 30, 2015 | 08:34

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The 13th National Assembly’s 10th session, which came to a close last week, has laid down a development path for 2016.

photo source - quochoi.vn

National Assembly Chairman Nguyen Sinh Hung said that during the successful 38-day session, 16 laws and codes, and 15 resolutions were deliberated and adopted (see table), and 10 laws were reviewed, helping to improve Vietnam’s legal framework, and shaping the socio-economic development path for 2016.

The legislature adopted a resolution on Vietnam’s socio-economic development plan for 2016, which set many macro-economic targets including a GDP growth rate increase of 6.7 per cent, and a rise of nearly 5 per cent in the consumer price index (CPI).

The total trade deficit target has been set at below 5 per cent of export turnover, and total development investment will be 31 per cent of GDP. Also, the budget deficit will be VND254 trillion ($11.81 billion), equal to 4.95 per cent of GDP.

In order to reach these targets, the resolution stressed several overall targets, including a continued macro-economic stability, and a growth rate higher than in 2015. Also, the growth model must be renewed through the removal of enterprises’ difficulties and by spurring production.

This year the economy is expected to grow 6.5 per cent and the CPI will climb by just 1 per cent (approximately). This year is also forecast to see a trade deficit of 3.6 per cent of export turnover. The total development investment will likely be 30.5 per cent of GDP.

Laws and codes that have been adopted

-Civil Code (amended)

-Criminal Code (amended)

-Civil Procedure Code (amended)

-Criminal Procedure Code (amended)

-Administrative Procedure Code

-Vietnam’s Maritime Code (amended)

-Law on the Organisation of Criminal Investigation Agencies

-Law on Custody

-Law on the Oversight of the National Assembly and People’s Councils

-Law on Referendum

-Law on Accounting (amended)