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|Phu Quoc needs the most capital out of the three SAEZs|
The Ministry of Finance has just appraised three SAEZ projects, announcing stellar figures. Van Don SAEZ needs around VND270 trillion ($12 billion) in 2018-2030, a half of which will come from domestic sources, with the remainder being foreign capital.
Total investment for North Van Phong SAEZ in 2019-2025 is estimated at VND400 trillion ($18 billion), VND45 trillion ($2 billion) of which will come from the state budget.
Phu Quoc be particularly capital-intensive, with approximately VND900 trillion ($40 billion) needed in 2016-2030 to turn it into a SAEZ. 59 per cent of this will come from domestic capital, while the remainder will be sourced from outside the country. This amount will be spent for land clearance, infrastructure construction, water and power systems, and public works.
The drafts of the three SAEZs, formulated by Quang Ninh, Khanh Hoa, and Kien Giang provinces, need to be appraised before the government submits them to the 5th plenary session of the 14th National Assembly in May 2018. Also at this session, the National Assembly will review the Law on Special Administrative-Economic Zones, which is the basic legal framework for these ambitious initiatives.
Earlier, Imex Pan Pacific Group (IPP Group) proposed pouring VND10 trillion ($440 million) into the whole non-tariff area of Van Don SAEZ in 2018-2030, while Sun Group is developing the VND7.5-trillion ($330.4-million) Van Don International Airport and the VND46.5-trillion ($2-billion) premium tourism complex, including a casino.