Vietnam authority can issue permanent residence cards to foreign investors in Phu Quoc

Ministry of Planning and Investment has just submitted to the Government a draft on Law on Special Administrative Units. This draft proposes a series of mechanisms to attract investment capital and foreign experts to live and work in the Phu Quoc special economic zone.

In particular, according to the draft law, Phu Quoc is prioritized investing to become the high-end commercial, service center. This will be the only special zone to be prioritized for the development of fisheries, aquaculture and processing sea foods and fishery logistics.

According to the explanations of Ministry of Planning and Investment, the potential and advantages of Phu Quoc can completely develop into a commercial center although it is far from the main land and has only two main means of transportation are airway and sea route.  Phu Quoc also has favorable conditions for hydro-meteorology, natural environment, mountains, forests, sea, diverse ecosystems; moderate weather which is favorable for tourism development all year round. Especially, Phu Quoc has a large fishing ground and potential for fisheries aquaculture.

In addition, Phu Quoc has fertile farmland, large forest area, account for 63.2% of the total natural land area, favorable for the development of agricultural economy and sustainable eco-tourism.

Similar to other two special economic zones, namely Van Don (Quang Ninh), Van Phong (Khanh Hoa), the Ministry of Planning and Investment proposed a series of preferences for Phu Quoc such as income tax exemption for 5 years, but not later than 2030 for individuals as having taxable income arising in the special economic zones. In subsequent years, the payable personal income tax will be reduced by 50%.

For managers, scientists and experts with high profession and income subject to personal income tax in three above special economic zones, they are also entitled to tax exemption until the end of 2030 and 50% reduction in remaining years.

In addition to applying general incentives for special zones, Phu Quoc has also proposed the application of a particular mechanism, such as raising the allowances rate from 30% to 50% in the basic salary for officials and employees working here.

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Specially, to encourage investment, the special zone authority will grand permanent residence cards to foreign individual investors with investment projects from 5 million US dollars or more with staying period from 5 years or more in Phu Quoc and not violates the law.

In term of infrastructure, the Ministry of Planning and Investment said that infrastructure system in Phu Quoc has been invested quite synchronized to meet the large-scale tourism development demand. Many high-end and large-scale resorts have been put into operation. The Politburo agreed on opening casino project in Phu Quoc for Vietnamese.

For Van Don special economic zone, the Ministry of Planning and Investment said that it will be prioritized to develop eco-tourism, innovative industries and high-tech agriculture.

For Van Phong alone, its location will be promoted to develop deep-water ports, logistics services, medical services, high-quality resorts …

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