Incentives for Van Don Special Administrative Economic Zone
Truong Giang -
(VOVWORLD) - Quang Ninh province is fine-tuning mechanisms and policies for the establishment and operation of the Van Don Special Administrative Economic Zone. The province is proposing the government apply incentives in taxes, land, and immigration and special administration model in the zone.
 Quang Ninh province has envisioned turning the Van Don special administrative-economic zone into a smart and green island urban area. (Photo: VNA) |
Van Don together with Bac Van Phong and Phu Quoc are the three special zones piloted by the government. So far, Quang Ninh province has attracted 1.5 billion USD in infrastructure investment. By early next year, Quang Ninh Airport, Van Don luxury resort, Bach Dang bridge, and the Hai Phong-Ha Long and Ha Long Van Don expressways are expected to be operational. Nguyen Van Thanh, Vice Chairman of the Quang Ninh Provincial People’s Committee, said Quang Ninh has proposed 75 specific policies for Van Don which include tax incentives, real estate ownership by foreigners, and visa exemption for air travelers staying less than 60 days.
The province has also proposed better incentives for strategic investors including Sungroup. Under Quang Ninh’s proposal the Van Done Special Administrative Economic Zone will follow the model of one-level administration and the Head of the special zone will be authorized to decide land lease terms and wage contracts. Mr. Thanh said: “We should be flexible and delegate power to the Head of the Special Zone. Otherwise his authority will be like a district leader. This will impact the dynamism and benefit of the special economic zone."
At a recent meeting with Quang Ninh authorities, Deputy Prime Minister Vuong Dinh Hue stressed the need to review mechanisms and policies for Special Administrative and Economic Zones including Van Don. He urged the province to work with relevant Ministries and sectors to build a Law on Special Administrative-Economic Zones: “The province needs to work out incentives that are regionally and internationally competitive and submit them to the government.”
Quang Ninh province is finalizing a plan on establishing the Van Don Special Administrative Economic Zone to submit to the National Appraisal Council. The Zone is expected to have an effective management system, simple administrative procedures, and highly competitive incentives.
Truong Giang