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Establishment of special economic zone:”quite long momentum running time”

establishment of special economic zone:"quite long momentum running time"

A lot of important instructions were given by Deputy Prime Minister Vuong Dinh Hue to Quang Ninh province to complete the Van Don special administrative-economic zone project early.

At the meeting with key leaders of Quang Ninh province on 28 August, Deputy Prime Minister Vuong Dinh Hue required this locality’s authority to focus on some issues on economic management, promoting the development in the area. Specially, it was necessary to implement the directions of the Government on Van Don special administrative-economic zone project.

For the construction of the special administrative-economic zone, the Deputy Prime Minister said that the Government is making all its effort to submit the draft law on special economic administrative units to the National Assembly session this year-end, so that the continuation to review the regulations and policies for special economic zones in general and Van Don special zone in particular is very important.

According to the Deputy Prime Minister, the tax preferential policy including 9 policies as proposed by Quang Ninh has no significance to ensure the development momentum for this locality, it should be reviewed tax policy in Van Don.

In addition, the project preparation should ensure the non-competition in attracting investment of two areas of Van Phong and Phu Quoc. With strategic investors investing in Van Don from the beginning, the plan should stipulate a transitional provision to ensure fairness for these investors.

Mr. Nguyen Van Thanh, Vice Chairman of Quang Ninh People’s Committee said that in the process of completing the legal basis of Van Don Special Economic Zone, Quang Ninh province also attracted 36,000 billion dong of infrastructure investment capital for this special zone. Many projects have total investment from 5,000 – 7,000 billion.

“When we outline Van Don Special Economic Zone plan, we are confident but the momentum running time is relatively long and investors are still waiting and if they have to wait longer, the investors’ beliefs will decrease. So we expect the ministries, branches and the National Assembly to approve the project soon for Quang Ninh province” said Mr. Thanh.

Mr. Nguyen Van Thanh also suggested not regulating too strictly for investors to lease land for 99 years in Van Don area. Instead, the Chief of the zone is assigned to decide the land lease term.

Responding to this opinion, the Deputy Prime Minister asked Quang Ninh province to report more clearly on the authority of the Chief of Van Don special zone. Quang Ninh continues to complete the project and plan of Van Don special zone to submit to competent authorities for making decision.

In terms of economic and social development of the province, the Deputy Prime Minister highly appreciated the increase of 9.6% GRDP, the highest rate in 5 years in the last 7 months and the province is moving from “coal industry” to “service sector” by the reduction of state budget revenue from coal industry from 57% in 2011 to 51% in 2016; increase service proportion to 41.2% in 2016.

Total budget revenue in the first seven months reached over VND 21,000 billion, reaching 67% of the plan, of which domestic revenue accounted for 73%, ranked 4th nationwide in terms of domestic revenue.

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However, the Deputy Prime Minister suggested ministries, sectors, Vietnam National Coal and Mineral Industries Group (Vinacomin) and Quang Ninh province to restructure the operation, renovate technology to reduce the cost of coal mining, increase value to the important industry of Quang Ninh in the situation of  coal consumption reduction.

In addition, Quang Ninh shall effectively implement the fight against smuggling, counterfeit and imitation goods.

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Establishment of special economic zone:”quite long momentum running time”
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