Deputy Tran Hoang Ngan from Ho Chi Minh City, said: "The National Assembly’s decision to approve these laws will help accelerate disbursement of public investment and ensure favorable conditions for bidding, public asset management, as well as effective use of land and public investment capital, to clear the way for development."

Amendments to the Law on Investment now allows provincial People’s Committees to approve investment policies for seven types of projects, said deputy Tran Anh Tuan from Ho Chi Minh City. Procedures for investment, bidding, approving investment policy, and issuance of investment registration certificates have also been simplified. 

"This delegation of authority will enable localities and relevant units to take the initiative in making investment decisions and selecting investors and contractors. It will also enhance their proactiveness, accountability, and management efficiency, speed up paperwork for investment and bidding, and mobilize resources more effectively to promote socio-economic development," Mr. Tuan said.

Deputies said reviewing and improving the legal system is necessary to help accelerate public investment disbursement, promote effective use of land and public assets, and aid Vietnam’s rapid and sustainable development in the new era.