Vietnam mulls approving special economic zones scheme

Source: Xinhua| 2017-06-06 19:41:38|Editor: xuxin
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HANOI, June 6 (Xinhua) -- Vietnam's top legislature will consider approving a scheme or a draft law on special administrative-economic zones which specifies preferential treatment for investors in the zones in terms of currency, land, manpower, tax and other fields.

Enterprises in the first three special economic zones, to be built in northern Quang Ninh province, central Khanh Hoa province and southern Kien Giang province, will enjoy tax exemption for four years, tax reduction for 30 years, low land rentals, flexible policies on human resources, and convertible currencies besides Vietnamese dong, the Vietnamese Ministry of Planning and Investment said on Tuesday.

Late last year, the Vietnamese government decided to build three special administrative-economic zones, including Van Don in Quang Ninh, Bac Van Phong in Khanh Hoa, and Phu Quoc in Kien Giang.

Covering an area of 66,000 hectares, Bac Van Phong is expected to become an international hub of seaport, financial, tourism, medical and educational services, according to Kien Giang authorities.

The three special economic zones are expected to annually contribute billions of U.S. dollars to gross regional domestic product (GRDP) from 2020, and raise an average annual income of each resident in the zones to 12,000-13,000 U.S. dollars from 2030, said the ministry.

Vietnam's per capita gross domestic product (GDP) was 2,215 U.S. dollars in 2016, up 106 U.S. dollars against 2015, according to the country's General Statistics Office.