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Economic News

Last updated: Wednesday, November 22, 2017

 

Many Incentives Proposed for Special Economic Zones

Posted: Friday, August 25, 2017


A foreigner is entitled the residence card in Phu Quoc Special Zone if he/she has invested from US$5 million (VND110 billion) onwards, lived five years or more and not committed any crime, according to a proposal in the draft Law on Special Administrative Unit compiled by the Ministry of Planning and Investment.

According to the draft law, Phu Quoc will be prioritised for investment to become a centre for trade, high-class services and international shopping. This will be the only zone prioritised for the development of commercial fishing, seafood processing and fishing logistics services.

In addition, Phu Quoc has fertile agricultural soil and forestland covering 63.2 per cent of natural land area, which is very favourable for developing agricultural economy and sustainable ecological tourism. The Ministry of Planning and Investment said the infrastructure system in Phu Quoc has been invested to serve large-scale tourism development projects. Many high-class resorts have come into operation. Casino projects in Phu Quoc were allowed for Vietnamese people to gamble on a pilot basis.

In addition to applying general incentives, Phu Quoc proposed its own mechanism that will raise the level of allowances from 30 per cent to 50 per cent of basic salary for State employees working in Phu Quoc Special Zone.

As for development orientation, Van Don in Quang Ninh province will be prioritised for developing marine eco-tourism, innovative industries and high-tech agriculture. Van Phong in Khanh Hoa province with Van Phong Bay will be prioritised for developing deep-water port and logistics services and high-quality health services.

Nguyen Thanh








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