NA adopts resolution on reorganisation of provincial-level administrative units

Hanoi (VNA) – The National Assembly (NA) is deliberating and voting to pass a resolution on provincial-level administrative unit reorganisation in 2025 at the 9th session on June 12.

After that lawmakers will turn their attention to the draft law on amending and supplementing several articles of the Law on Promulgation of Legal Documents.

In the afternoon, they will listen to a proposal and a verification report on the investment policy of Ho Chi Minh City’s Ring Road 4 project, and discuss at the hall the NA’s resolution on the establishment of international financial centres in Vietnam.

According to the Government’ proposal, the financial centres will be located in Ho Chi Minh City and Da Nang City. The draft resolution has established special policies and mechanisms governing foreign exchange operations, banking activities, capital market development, taxation, and immigration procedures for international experts and investors.

Besides, the proposed framework extends to employment policies, social security arrangements, land use regulations, construction and environmental standards, controlled testing environments for financial technology and innovations, technical and social infrastructure development, and settlement of disputes in business activities, among others.

Each centre will comprise an executive body, a supervisory authority, and dedicated dispute resolution institutions, including specialised courts established under the Law on the Organisation of People’s Courts and an international arbitration centre operating under the Law on Commercial Arbitration Law.

The draft resolution emphasises streamlined administrative procedures designed to facilitate organisations and individuals’ engagement in the development of the financial centres./.