The Government of Vietnam issues a new Decree on the development and management of markets

Market development plan in Vietnam

- Based on the provincial master plan, the province's socio-economic development plan, other relevant plans, and development needs, the People's Committee of the province issues the Market development plan with the aim of investing in new construction, renovating, and upgrading markets; attracting investment to develop the market system in the area.

- The main contents of the Market development plan include:

+ Legal basis and necessity for construction;

+ Objectives;

+ Tasks and solutions;

+ Market development plan (investment in construction, development, expansion, renovation of markets, and other related contents);

+ Implementation organization.

Market construction investment in Vietnam

- Markets invested in construction must comply with the provincial master plan, the province's socio-economic development plan, and other relevant plans and schedules.

- The sources of investment capital for market construction include: state budget capital, non-state budget capital (including lawful sources according to legal regulations).

- State budget capital is used to support the investment in the construction of residential markets and wholesale markets according to the regulations of the law on public investment and the state budget. State budget support for land clearance of wholesale markets is as per the law on public investment and other relevant legal regulations.

- Localities are proactive in balancing state budget capital to invest or support investment capital for market development in the area based on practical situations, urgency, and in accordance with legal regulations on public investment, state budget, and other relevant legal regulations.

- The state encourages organizations, individuals, and merchants of all economic sectors to invest in market construction.

- Market investment projects enjoy investment incentive policies, state investment credit policies, and private investment policies according to legal provisions.

- Depending on the investment capital source and land use conditions, market construction investment projects are implemented in accordance with applicable legal regulations.

See more details at Decree 60/2024/ND-CP, effective from August 1, 2024, and replacing Decree 02/2003/ND-CP, Decree 114/2009/ND-CP.

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