In that context, the National Assembly, in its Resolution No. 27/2008/QH12, requests the Government to draft a new Mineral Law to replace the Mineral Law in 1996 and the revised law in 2005.

The new law aims at addressing practical issues and constraints in the mineral industry and at complying with commitments made under international treaties or agreements. It is strongly expected that, once approved, it will create a more favorable conditions for domestic and international investors to invest into the industry, thereby contributing further to economic development, especially in remote and underprivileged areas. One of the overarching principles of the new law is to attract technically qualified and financially capable investors with long-term commitments to invest into the industry and to ensure the long-term and sustainable development of the mineral industry. It will also help to make sure that the national resources are most efficiently used and the environment is protected, especially in the context of the global effort to counter climate change.

In an effort to improve the quality of the law and to meet with the requirement under the Law on Promulgation of Laws and Legal Normative Documents, a Regulatory Impact Assessment (RIA) of the Law is implemented. The Regulatory Impact Assessment will analyze important changes proposed to be introduced in the new law and assess different options for each of the proposed changes or reform to come up with optional ones. For the purpose of the RIA, the Ministry of Natural Resources (MONRE – the ministry delegated by the Government to draft the new law) decided an RIA team with core members from Economica Vietnam. Other members of the team include member of the Law Drafting Committee and expert from the General Department of Geology and Mineral (under MONRE).

The interim RIA report has been completed and submitted to the Ministry of Justice. Through an intensive consultation process, the interim report will be developed into the final RIA report. Inputs generated from the consultation process and also in the preparation of the RIA will also be used to improve the quality of the draft law. It is planned that the final draft law and the RIA will be submitted to the Government and then the Assembly in April, 2009.

Economica Vietnam is one of the few consulting firms in Vietnam which offer highly specialized regulatory reform consulting services, e.g, Regulatory Impact Assessment (RIA), Standard Cost Model (SCM), etc.