Key industries for special economic zones added
National Assembly`s Social Affairs Committee stated that key industries will be given to special economic zones.
The law on special administrative-economic units, facing much constrovery, would be centered in the National Assembly (NA)'s member session on Arpril 4.
According to NA Social Affairs Committee saying in a preparation meeting ahead the session, the three current special administrative-economic units' names are added in the law’s title to comply with the adjustment domain,
Sequentially, it will turn into “Law on special administrative-economic units, namely Van Don, Bac Van Phong, Phu Quoc”.
Key industries
Special mechanism for special economic zones is among spotlights of the earlier session of NA.
Under some proposals, government shouldn’t stipulate the key industries for special zones but just give common direction for their development under each zone’s strengths; meanwhile others, worry about the overlap in economic zones’ key sectors (such as casino included in both tourism and entertainment).
According to NA Social Affairs Committee, the government when drafting the law, strictly considered to conclude on those key industries, once identified will support the concentration of developing special zones.
Specifically, the key industries are added to each zones including international finance and logistics for Van Don zone; marine, ocean observatory and monitor navigation, biology and technology application in aquatic biology, mechanics and ocean construction for Bac Van Phong Zone and high-tech agriculture, organic agriculture for Phu Quoc zone.
Hence, beside common sectors such as tourism, hotel, key industries for specified zones are underlined and added into the law.
Increase more 23 conditional businesses
Earlier, government submitted to NA the portfolio of 108 conditional businesses in special zones (compared with 243 conditional business industries under the current law).
Some NA members suggest to keep reducing conditional businesses while others suggest no “hard” stipulation set on this portfolio but an “open” regulation to ensure the long-term sustainability, as well as the practical development of the zones.
The Committee now suggests to add 23 more businesses to the portfolio, raising the final number to 131, saying that stipulating the conditional businesses in the special zones will ensure the transparency, openness, in conformity with Constitution’s regulation.
Currently, Vietnam has 17 coastal economic zones, 26 border economic zones and 328 industrial zones, which altogether have attracted some US$153 billion, accounting for 52% of registered foreign direct investment in Vietnam, created three million jobs and contributing 42% to industrial production and 52 percent of exports, according to the Ministry of Planning and Investment.
Globally, there are some 4,500 special economic zones in 140 countries, and most countries have laws regulating these zones.
According to NA Social Affairs Committee saying in a preparation meeting ahead the session, the three current special administrative-economic units' names are added in the law’s title to comply with the adjustment domain,
Sequentially, it will turn into “Law on special administrative-economic units, namely Van Don, Bac Van Phong, Phu Quoc”.
Key industries
Special mechanism for special economic zones is among spotlights of the earlier session of NA.
Under some proposals, government shouldn’t stipulate the key industries for special zones but just give common direction for their development under each zone’s strengths; meanwhile others, worry about the overlap in economic zones’ key sectors (such as casino included in both tourism and entertainment).
Illustrative photo
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According to NA Social Affairs Committee, the government when drafting the law, strictly considered to conclude on those key industries, once identified will support the concentration of developing special zones.
Specifically, the key industries are added to each zones including international finance and logistics for Van Don zone; marine, ocean observatory and monitor navigation, biology and technology application in aquatic biology, mechanics and ocean construction for Bac Van Phong Zone and high-tech agriculture, organic agriculture for Phu Quoc zone.
Hence, beside common sectors such as tourism, hotel, key industries for specified zones are underlined and added into the law.
Increase more 23 conditional businesses
Earlier, government submitted to NA the portfolio of 108 conditional businesses in special zones (compared with 243 conditional business industries under the current law).
Some NA members suggest to keep reducing conditional businesses while others suggest no “hard” stipulation set on this portfolio but an “open” regulation to ensure the long-term sustainability, as well as the practical development of the zones.
The Committee now suggests to add 23 more businesses to the portfolio, raising the final number to 131, saying that stipulating the conditional businesses in the special zones will ensure the transparency, openness, in conformity with Constitution’s regulation.
Currently, Vietnam has 17 coastal economic zones, 26 border economic zones and 328 industrial zones, which altogether have attracted some US$153 billion, accounting for 52% of registered foreign direct investment in Vietnam, created three million jobs and contributing 42% to industrial production and 52 percent of exports, according to the Ministry of Planning and Investment.
Globally, there are some 4,500 special economic zones in 140 countries, and most countries have laws regulating these zones.
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