Vietnamese government discusses special administrative-economic zones

Wednesday, 2017-08-02 17:18:41
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Phu Quoc is expected to become a special administrative economic zone.
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NDO - Prime Minister Nguyen Xuan Phuc chaired a meeting of key government members on July 8 to discuss the bill on special administrative-economic zones, which is expected to be applied to Van Don, Bac Van Phong and Phu Quoc.

At the meeting, many of the government members stated that in order to give distinctive advantages to special zones, the law should include provisions that surpass the limits stipulated in current laws, for example the land lease duration, which currently stands at 70 years, could be extended to 99 years.

They emphasised that the goal of the law is to make Vietnam’s special zones internationally competitive and thus become the national economy’s growth engines with attractive, transparent and stable policies.

Prime Minister Nguyen Xuan Phuc agreed that a policy framework that goes beyond the current laws is necessary and stressed the need to create an equal business environment, with equality between domestic and foreign investors.

He urged the Ministry of Planning and Investment, the agency responsible for drafting the law, to listen to worthy ideas and to continue fine-tuning the law.

The bill on special administrative economic zones will be submitted to the National Assembly in October.