The Government has approved a plan to build three special economic zones (SEZs) to spearhead the country’s growth and tap local advantages to impel growth there.
Hanoi (VNA) - TheGovernment has approved a plan to build three special economic zones (SEZs) tospearhead the country’s growth and tap local advantages to impel growth there.
The SEZs, to be built in the coastaldistricts of Van Don (in the northern province of Quang Ninh), Van Phong (inthe central province of Khanh Hoa) and Phu Quoc Island (in the southernprovince of Kien Giang), will pilot key new economic and administrativepolicies before they are applied nation-wide to develop the maritime economy.
They would be superior to existing economic zones - where mostly tax and leaseincentives are offered - that have failed to attract strategic foreigninvestors with truly large projects and cutting-edge technologies.
Experts said a Law on Special Economic Zones (or the Law on SpecialAdministrative-Economic Units) needs to be enacted quickly, and administrativeand economic policies in conformity with international practices promulgated,to help these SEZs compete with existing special economic zones and free tradezones around the world.
The Ministry of Planning and Investment has been instructed by the Governmentto draft the law. The concept of special economiczones has been a familiar one for decades. The Vung Tau - Con Dao SpecialEconomic Zone was created in 1979, but was dissolved in 1991.
A policy on special economic zone construction was also added to theConstitution in 1992 and reiterated in a Resolution passed by the Party CentralCommittee in 1994.
Vietnam has no special economic zones though there are 15 coastal economiczones and 28 border gate economic zones.
World-wide around 4,000 economic zones have been established in 135 countries,creating over 68 million jobs and adding more than 500 billion USD worth oftraded-related value.
Economic zones, while belonging to a country, have relatively independentstatus in relation to the outside, enjoy great autonomy, are run through modernand free administrative and economic management mechanisms and are integrateddeeply into the global economy.-VNA
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Illustrative image (Source: Internet) 
