Deputy Tran Hoang Ngan at a discussion ( Photo: Minh Điền – www.sggp.org.vn)

The sub-law on the national reserves, which was put into effect 8 years ago, has now been turned into a law. But the law has revealed many restrictions. The national reserves aim to actively meet unexpected and urgent requirements on prevention and consequences of natural disasters, fires, and epidemics to ensure national security and defense, as well as social welfare. The reserves will be used to stabilize the market, and implement the Government’s urgent missions. Most deputies said that since the current main source of the national reserves is taken from the State Budget, the law should require funding from state-owned groups and corporations. Vietnam’s national reserves are accounting for about 0.38% of the country’s GDP, much lower than other countries. Le Nhu Tien, a NA deputy of  Quang Tri province, suggests: "The national reserves are taken from the state budget and decided by the National Assembly. This is in accord with the Law on the State Budget. But regulation has restricted possibility to mobilize capital from other sources. Meanwhile the Party and National Assembly’s resolutions are calling for the involvement of various economic sectors in any possible fields. So far, we have been successful in privatizing in education, healthcare, and sports. Even unused non-refundable foreign aid can be put to the national reserves."

Regarding the draft law on tax management, deputies said the draft law should be amended to align with international practice. Some highlighted the need to increase penalties on tax violations and simplify administrative procedures on tariff.