Vietnam to delay voting on controversial SEZ draft law
The National Assembly is expected to delay voting on the draft Law on Special Administrative - Economic Zone (SEZ) until the next session in October, according to the Government Office.
The draft Law on SEZs was supposed to be voted for approval at the ongoing sitting of the National Assembly's 14th legislature on June 15, which has now been moved to the next session for further consideration, the Government Office has said in a press release on June 9.
Illustration photo.
|
With regard to the duration of land leasing in SEZs, the Government will propose the application of the Law on Land discarding the exceptional case of land leasing tenure of up to 99 years.
SEZs in Van Don, Bac Van Phong and Phu Quoc - all offshore Vietnam, are designed to pilot legal and institutional reforms, as well as to act as a driving force of the economy with high spillover effects.
The Ministry of Finance has estimated the country would need VND1,570 trillion (US$69 billion) for the three SEZs, which will be funded from both domestic and foreign capital.
The draft law, however, has stirred controversial opinions during previous discussion sessions over the necessity of land leasing duration up to 99 years and a series of incentives.
On this issue, Prime Minister Nguyen Xuan Phuc has once stressed that the essence of the draft law will be creation of a smooth business environment, not just land leasing duration limits. Phuc also pointed to the difference between temporary land leasing and permanent land transfer in Hong Kong or Macau. Specifically, land rent fee is not fixed but is reviewed annually.
Additionally, SEZs will also have a maximum allowed number of investors from a certain country, so that a single country cannot lease the majority of or the entire land plots at SEZ.
20:47, 2025/01/22
Vietnam news in brief - January 22
Stay up to date with the latest news from The Hanoi Times.
20:53, 2025/01/21
Vietnam news in brief - January 21
Read The Hanoi Times for more updates about Vietnam and its capital.
08:58, 2025/01/21
Vietnamese leaders congratulate President Donald Trump on inauguration day
Vietnamese leaders expressed confidence that, under Trump's leadership, the partnership would continue to grow based on mutual respect for independence, sovereignty, and political systems.
23:10, 2025/01/20
Vietnam, Czech Republic issue Joint Statement on elevating ties to Strategic Partnership
Prime Minister Pham Minh Chinh and Prime Minister of the Czech Republic Petr Fiala have issued a Joint Statement, upgrading Vietnam-Czechia relations to a Strategic Partnership during the Vietnamese Prime Minister's official visit to the Czech Republic, from January 18 to 20.
21:52, 2025/01/20
Vietnam news in brief - January 20
Read The Hanoi Times news in brief to get the latest updates on the country.
06:05, 2025/01/20
President calls for overseas Vietnamese to join hands in nation-building efforts
The president said Vietnam will strengthen efforts to promote patriotism, fulfill aspirations, preserve the Vietnamese language, and uphold the nation’s cultural heritage among overseas Vietnamese.
- General Secretary acknowledges overseas Vietnamese’ contributions
- Vietnam news in brief - January 19
- Homeland Spring 2025: Overseas Vietnamese explore investment opportunities
- PM calls for Polish businesses to seize opportunities in Vietnam’s market
- Vietnam news in brief - January 17
- Vietnam to have five international tech giants by 2030: General Secretary