The National Assembly (NA) on June 23 approved the revised Law on Bidding, with a number of regulations supplemented to ensure transparency and publicity in bidding, creating a fair and healthy competitive environment.

The revised law has ten chapters and 96 articles and will take effect from January 1, 2024.

It creates a complete, concerted, and uniform legal framework on bidding, procurement, and the use of State capital.

The revised law adds regulations to resolve difficulties and problems, adapt to practical requirements, enhance the efficiency of contractor selection, and improve the effectiveness of the implementation of bidding-related provisions.

At a recent discussion on the draft law, NA Chairman Vuong Dinh Hue said it is important because it is related to the use of State capital and assets, administrative procedures and processes, the transparency of the investment and business environment, and the prevention of corruption and negative phenomena.