The 15th National Assembly (NA) concluded its fifth plenary session on June 23. During the 23-day session, the NA approved eight laws and 17 resolutions including important legislations which have impacts on various industries such as the Consumer Rights Protection Law, Amended Law on Entry, Exit, Transit, and Residence of Foreigners in Vietnam, Amended E-transaction Law, among others.
Laws that have garnered warm reception from the international community include the Amended Law on Entry, Exit, Transit, and Residence of Foreigners in Vietnam. This amended law allows the extension of the e-visa validity to 90 days and multiple entries permits for foreign nationals. These changes are anticipated to enhance Vietnam's competitiveness in attracting international tourists. Another noteworthy development welcomed by the business community is the approval by the NA to reduce value-added tax (VAT) from 10% to 8%, effective from July 1 until 31 December 2023. This reduction is expected to stimulate business activities and boost consumption during a period of economic slowdown.
The NA also passed a resolution on development policies for Ho Chi Minh City, effective from August 1. The city will have the authority to establish preferential mechanisms and policies aimed to attract strategic investors in chip manufacturing, semiconductor industry, and new materials. Notably, Ho Chi Minh City will be permitted to pilot a financial mechanism to reduce greenhouse gas emissions through the carbon credit exchange and offset mechanism, with 100% of the revenue from carbon credit transactions.
In terms of personnel, the NA approved the appointment of Mr. Dang Quoc Khanh as the new Minister of the Ministry of Natural Resources and Environment (MONRE) for the 2021-2026 tenure. Mr. Khanh, a member of 13th Party Central Committee and former Secretary of the Ha Giang Provincial Party Committee, will succeed his predecessor Tran Hong Ha who assumed the role of Deputy Prime Minister earlier this year.
