Law-makers consider delay on new economic groups

09/05/2008 -- 6:28 PM

Hanoi (VNA) - National Assembly Economic Committee has proposed licensing of new economic groups are delayed until legislators approve a complete legal system. The committee’s Vice Director Vu Viet Ngoan told reporters of the proposal on May 9 after the morning session of the third plenum of the 12 th NA. Ngoan said there has been a recent trend for State-run consortiums and corporations to compete for multi-industrial investment licenses in areas they lack competence. He said the banking and financial industry, which has seen a large number of newcomers in the past few years, is an example of this trend. In the quest to receive rapid returns through multi-industrial investment, companies expose themselves to high risk and can make management mistakes and lose their competitive edge, the senior expert warned. Ngoan said his agency’s proposal has received strong support from NA deputies at the meeting. His committee also asked the government to take measures to improve State-run economic sector efficiency and push up the equitisation process in an effort to tap the sector’s advantages in human resources and financial power. State-owned enterprises currently fail to turn such advantages into profits, and now lag behind the private and foreign investment sectors, Ngoan said.-Enditem
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