Provinces set special economic units

Quảng Ninh, Kiên Giang and Khánh Hòa are gearing to develop special administrative-economic zones with expectations that preferential policies will be increased as the National Assembly is discussing the Law on Special Administrative-Economic Units.

A view of Cái Rồng Port in Vân Đồn Disrict, Quảng Ninh Province. - Photo news.zing.vn

The southern province of Kiên Giang People’s Council, at a meeting on Thursday, approved the Phú Quốc Special Administrative-Economic Unit project.

Under this project, Phú Quốc will have an area of more than 57,530ha and population of 117,460, with nine administrative zones which were founded from two existing towns and seven communes (excluding Thổ Châu Commune as the province is planning to turn it into a district).

The province expected that the establishment of the Phú Quốc Special Administrative-Economic Unit would bring into play the island’s potential to attract investment and high technologies to boost development.

By 2030, Phú Quốc is expected to become a modern tourism and resort hub, as well as a hub for trade, exhibition and meeting, with international competitiveness towards global reach.

Investments in Phú Quốc have been robust in recent times, especially in tourism development, with the island having rich potential.

Phú Quốc has, so far, attracted more than 250 projects with total registered capital of some US$16.7 billion.

Quảng Ninh also hastened preparations for Vân Đồn.

The northern province recently said it would not seek funds from the central budget to develop Vân Đồn into a special administrative-economic unit.

Vũ Văn Hợp, chief of the provincial People’s Committee, said entire expenditure for developing the Vân Đồn Special Administrative-Economic Unit project and implementing the infrastructure system would be done through the local budget and investments of businesses.

The province would only, therefore, require preferential mechanisms for Vân Đồn.

Vũ Hồng Thanh, chairman of the National Assembly Economic Committee, said special administrative-economic units would need preferential mechanisms, rather than investment from the budget, adding that appropriate mechanisms would create resources and impetus for development.

The Vân Đồn Special Administrative-Economic Unit project, which got approval of the provincial People’s Council late last week, proposed to the Government 12 groups of preferential policies for Vân Đồn, according to Hoàng Trung Kiên, deputy head of Quảng Ninh’s Economic Zone Management Board.

These included policies in taxes, land-real estate, finance-banking and monetary, as well as investment-business, human resources, immigration and import-export, along with strategic investors, hi-tech development and tourism development.

Kiên said proposed preferential policies for the project were developed on the basis of international experiences and trends and in compliance with established laws.

The project was under development since 2012 with the aim of creating outstanding institutions to boost growth and develop an innovative administrative management system.

The project also received approval from residents, with more than 98.78 per cent of voters in the district saying they agreed with the project.

The northern province is now gearing up its efforts to develop social, technical and transport infrastructure systems to attract investors to Vân Đồn.

The province is also hastening the construction of important infrastructure projects, including Vân Đồn International Airport, a tourism-casino complex, and Hạ Long-Hải Phòng and Vân Đồn-Móng Cái expressways, which are considered the driving force for the development of Vân Đồn into a special administrative-economic unit.

Statistic showed that Quảng Ninh has, so far, attracted investment worth some VNĐ55.1 trillion ($2.5 billion) in Vân Đồn.

In 2018, a series of large-scale tourism complex projects worth a total of some VNĐ61 trillion will begin construction in Vân Đồn, such as the VNĐ4.95 trillion Sonesea Dragon Bay’s phase 1, the five-star Furama Hạ Long Việt Nam Resort & Vilas (worth VNĐ1.12 trillion), the Vân Đồn Heritage Road estimated at VNĐ5 trillion and the Ngọc Vừng Complex.

Nguyễn Văn Thành, deputy chairman of Quảng Ninh People’s Committee, said he expected the Law on Special Administrative-Economic Units would be passed soon to create a legal framework for development of Vân Đồn, as well as two other selected special zones -- Phú Quốc and Bắc Vân Phong.

Meanwhile, central Khánh Hòa Province is also implementing a project to turn Bắc Vân Phong into a special administrative-economic unit.

Bắc Vân Phong has significant potential for developing ports, logistic services, trade and international financial services, as well as tourism and high technologies.

Source VNA/ zing