Van Don special economic zone approved to be established
Van Don island district in the northern province of Quang Ninh has received approval to set up a special administrative-economic zone. With open policies and incentives, the zone is set to become a dynamic area in the country.
With good road, aviation and sea links as well as rich natural resources, the 2,000 sq. km Van Don district has potential for developing luxury tourism and the sea-based economy.After getting the permission to set up the special administrative- economic zone from the Political Bureau, the district issued incentives and policies to facilitate investors, the highlight of which is administrative reform.
Van Don special economic zone
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Ngo Quang Hung, an investor, said administrative procedures were conducted quickly in the locality. “When I bought property here, I received support from the commune level People’s Committee in transferring ownership, the notary public’s office and bank system work until 8 pm, which is very convenient for investors,” Hung said.
Together with developing a modern and simply-structured governing body, the locality’s investment policies have proved effective, attracting big domestic and foreign investors.
Quang Ninh provincial authorities have paid heed to nine groups of specialised policies for the zone, especially those relating to finance and land leasing. “Land leasing time for each project will last at least 70 years, while exemptions for land leasing fee will be applied for three-years of the project’s infrastructure building,” said Deputy Head of the Quang Ninh provincial Economic Management Board Hoang Trung Kien.
According to experts, the successful establishment of the Van Don special administrative-economic zone will play an important role in international economic integration. “There should be specialised policies especially for special economic zones,” said economic expert Cao Sy Kiem. “This will create new drivers of growth.”
It is estimated that Quang Ninh needs 12 billion USD to develop the zone in 2014-2030. Earlier, two other special administrative-economic zones, Bac Van Phong in the central coastal province of Khanh Hoa and Phu Quoc in the southern coastal province of Kien Giang, were given approval for establishment.
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