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VIETNAMESE SPECIAL ECONOMIC ZONES AND THINGS YOU NEED TO KNOW

Have you heard of the concept of a special economic zone? Do you know how this model in our country is deployed? How did the introduction of special economic zones affect the growth and development of the economy? Please also answer our questions through the following article.

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Learn about the special economic zone of Vietnam

What is an SEZ?

According to Wikipedia, the Special Economic Zones (SEZ) is a concept used to refer to FEZs, special economic zones, open economic zones, free trade zones … This is the common name for the Economic zone was established in a country to attract domestic and foreign investment by special incentives.

Special Economic Zone of Vietnam
One of the three leading special economic zones of Vietnam

Special economic zones are strategically located, have favorable conditions for transport development, are linked to seaports and international airports. To attract investment capital into the special economic zone model, Special incentives are often applied such as: Creating a favorable business environment for investors (tax exemption, cumbersome procedures, labor policy support …) Infrastructure construction To prioritize the development of education, health and entertainment systems for people living and working in these specialties.

In addition, the establishment of SEZs is aimed at stimulating economic development in areas with underdeveloped economic conditions.

The special economic zones of our country today

Van Don Special Economic Zones

On July 28, 2017, the Prime Minister allowed Quang Ninh province to establish Van Don Special Economic Zone in Quang Ninh province. The Van Don Special Economic Zones is planned on a large area of over 2,000 square kilometers, including nearly 600 square kilometers of land area and more than 1,500 square kilometers of water surface.

Special Economic Zone of Vietnam
Van Don Special Economic Zones – Quang Ninh

Based on natural conditions and available advantages, Van Don Special Economic Zone will develop into the following main groups of industries: high-level cultural tourism; modern service and high technology.

As predicted by financial experts, when officially put into operation, Special Economic Zone – Van Don will bring about $ 1.8 to $ 2 billion revenue from taxes and fees, over 2 billion USD revenue from the land, enterprises here will generate revenue increase value promised to reach over $ 10 billion. In addition, this is also a lever for economic development and increased per capita income of Quang Ninh province as well as special economic zone Van Don.

Northern Van Phong Special Economic Zones

Northern Van Phong Special Economic Zones is planned with a total area of over 110 thousand hectares, of which more than 65 thousand hectares of land, the rest is the water surface area of Van Ninh district and Ninh Hoa town, Khanh Hoa province…

Special Economic Zone of Vietnam
Northern Van Phong Special Economic Zones

Accordingly, the development direction of this special zone is the specific groups of industries suitable with the potential and socio-economic conditions of the locality, including: seaports and logistics services, trade and services international; service center – high quality leisure travel, regional and international casino; To develop hi-tech science and technology, healthcare, education, intellectual property services … With initial technical infrastructure investment capital of nearly 11 trillion dongs.

It is estimated that when it comes into operation, the Northern Van Phong Special Economic Zone creates a large source of revenue for the state budget, contributing to the development of the whole country as well as Khanh Hoa province in particular.

Phu Quoc Special Economic Zones

Phu Quoc Special Economic Zones in Phu Quoc island district of Kien Giang province. The area will cover an area of over 55,000 hectares, including nine administrative areas (excluding Tho Chau), with a population of approximately 150,000.

The economic development of Phu Quoc will develop based on the main tourism, recreation; exhibition center; Research and Development; financial and banking services; Marine economics.

Special Economic Zone of Vietnam
The landscape of Phu Quoc special economic development in the early days

It is estimated that between 2017 and 2030 the state budget will receive over $ 3 billion from taxes, fees and land revenue. Firms that generate growth value are estimated at USD 18-20 billion in the period from now to 2030, raising GRDP contribution of a special economic zone of Phu Quoc to GRDP Kien Giang by 2030 about 25 – 30% Per capita income reached nearly $ 15,000.

Impact of special economic zones on the real estate market

The establishment of special economic zones will best exploit the potentials of localities such as ecotourism potential, sea tourism, transportation … and attract investment from home and abroad. to accelerate the economic development process.

The economic zone will be a development area that has the power to spread, creating a motive force for the whole economy to develop.

In addition, the construction of special economic zones will increase the added value of the services and tourism sectors, contribute to economic restructuring, create new jobs, increase GDP and collect billions of dollars for the budget. government.

Special Economic Zone of Vietnam
The real estate market in Phu Quoc has been booming before the impact of the special economic zone

Currently, Vietnam has many preferential policies to attract investment in three special economic zones: Van Don, Bac Van Phong and Phu Quoc. Taking this opportunity, investors started to pour capital into a series of projects worth billions of dollars. The real estate market is also becoming more exciting than ever, especially in the real estate market in the EEZ. It can be said that the birth of the special economic zones is a golden opportunity for real estate investors, who in the future will be the leading economic centers, profitability from real estate very large. .

For example, in Van Don Special Zone, a series of trillion investment projects on transportation infrastructure, resort and leisure resort of Subgroup Group such as Quang Ninh International Airport is underway. In addition, many projects are being called for investment such as Phuong Hoang Island ecotourism (VND 5,500 billion), Quan Lan entertainment area with an investment of VND 3,500 billion, Van Yen tourist area with VND 2,500 billion.

The establishment of special economic zones in the context of our country is receiving a lot of mixed opinions have agreed people are still opposed. There is no denying the economic efficiency that these specialties will bring to the country in the future. Hopefully, with our sharing, you have more interesting information on the establishment of special economic zones to make the right decision for yourself.

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VIETNAMESE SPECIAL ECONOMIC ZONES AND THINGS YOU NEED TO KNOW
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