NA deputies discuss draft law on special economic zones

(VOVWORLD) - The Law on Special Administrative and Economic Units of Van Don, Bac Van Phong, and Phu Quoc is being debated at the fifth working session of the 14th National Assembly. Once approved, the law will create important legal corridors for those special zones to develop.

The model of special administrative and economic units is relatively new to Vietnam. The Law on Special Administrative and Economic Units is expected to outline special policies and favorable conditions to attract investment to priority industries in each special zone.

"The draft law intends to enhance investment attraction in each special zone. In my opinion, preferential policies are not decisive factors. It’s of great importance to create an open investment environment and an effective management system with streamlined administrative procedures. Many investors said they want to work directly with the special zone’s authorities.", said Duong Minh Tuan, a Deputy of Ba Ria Vung Tau province.

In addition to incentives on taxes and land use, investors are very concerned about local authorities’ commitments to ensure a favorable investment environment and streamlined administrative procedures.  

"Attracting strategic investors is of great importance to the development of each special economic zone. However, the draft law should consider that preferential policies for strategic investors will not affect the zone’s development.", said Nguyen Thi Thuy, a deputy of Bac Kan province, who added that it’s necessary to ensure a fair investment environment for all investors with stable and transparent policies.

The establishment of 3 special economic zones - Van Don (Quang Ninh province), Bac Van Phong (Khanh Hoa province), and Phu Quoc (Kien Giang province) - reflects the Party and State’s determination to attract more domestic and foreign investment.