Robust legal framework key to building resilient, self-reliant economy: experts

Robust legal framework key to building resilient, self-reliant economy: experts

A strong legal framework and closer coordination between businesses and state agencies are essential for Việt Nam to build a resilient, self-reliant economy and attract high-quality investment, experts said at a legal and investment conference in HCM City on Thursday.

Trần Du Lịch, deputy chairman of VIAC, speaks at a legal and investment conference in HCM City on Thursday. — Photo courtesy of ITPC

More than 200 business leaders, legal experts, and government officials gathered to discuss recent regulatory changes in the financial sector and their implications for investors.

The event was jointly organised by the Vietnam International Arbitration Centre (VIAC) and the HCM City Investment and Trade Promotion Centre (ITPC) as a lead-up to the 2025 Investment Legal Support Forum scheduled for September.

Speaking at the opening session, Trần Du Lịch, deputy chairman of VIAC, said recent policy reforms marked a pivotal moment in Việt Nam’s push to create a more transparent and efficient investment environment.

He described the current period as a “golden opportunity” for Việt Nam to achieve economic self-reliance, provided it strengthens its legal foundation and enhances cooperation between the public and private sectors.

He also pointed to new investment models being piloted in key provinces, particularly the proposed International Financial Centre (IFC) in HCM City, which aims to deepen the country’s integration into global capital markets.

Cao Thị Phi Vân, deputy director of ITPC, said recent changes to financial and tax regulations are crucial for promoting fair competition and protecting investor rights. 

She stressed the importance of regular legal updates and policy dialogues to help businesses stay informed and manage risks.

Lê Vũ Nam, vice rector of the University of Economics and Law and a VIAC arbitrator, described the amended Securities Law as a “breakthrough of breakthroughs.” 

The law introduces stricter standards for professional investors, enhances transparency in private and public offerings, and facilitates capital mobilisation – developments he said were critical to HCM City’s ambition to become a regional and global financial centre.

Phan Hoài Nam, CEO of W&A Consulting and a VIAC arbitrator, outlined major tax reforms taking effect in July 2025. 

These include new VAT deduction rules for non-cash payments, streamlined refund processes for new or expanded investment projects, and provisions allowing businesses to offset real estate profits against losses in other operations for corporate income tax purposes. 

He also highlighted updates affecting e-commerce and special consumption taxes.

Tô Thị Kim Thoa, head of Public-Private Partnerships and Debt Management at the HCM City Department of Finance, said a resolution recently adopted by the National Assembly provides the legal foundation for establishing an IFC in HCM City and Đà Nẵng. 

The resolution includes specific mechanisms and incentives to attract capital and drive economic growth.

“HCM City’s existing role as the country’s financial hub, supported by a strong network of domestic and international financial institutions, provides a solid base for developing an IFC – though its success will depend on effective implementation,” she said.

Nguyễn Trung Nam, founding partner of EPLegal and deputy director of the Vietnam Mediation Centre, called for the IFC to adopt internationally recognised dispute resolution mechanisms, such as specialised courts or arbitration centres, for cross-border financial cases. 

He welcomed the inclusion of expanded arbitration authority in resolutions and urged alignment with common law principles to strengthen investor confidence.

The conference concluded with a lively discussion session in which participants raised concerns about regulatory clarity and implementation challenges.

Experts said the event underscored Việt Nam’s commitment to modernising its legal and financial infrastructure, positioning the country as a safe and competitive destination for investors in an increasingly complex global economy. 

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