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INVESTMENT

99-year land leasing tenure under consideration for shortening: PM

Updated at Thursday, 07 Jun 2018, 17:20
The Hanoitimes - The Government will propose shortening the maximum land leasing tenure of 99 years at special administrative economic zones (SEZs), said Prime Minister Nguyen Xuan Phuc.
"We are open to recommendations from National Assembly deputies, experts and the public in drafting law for SEZs," Phuc told local media on the sidelines of the ongoing National Assembly meeting on June 7. 
 
PM Phuc talked to the media about SEZs on June 6. Source: Tuoitre Online.
PM Phuc talked to the media about SEZs on June 7. Source: Tuoitre Online.
The model of SEZ is not new, which has been established with different results in many countries in the world, including China, South Korea or Singapore, Phuc added. 

In recent days, the draft law has received diverse opinions, which is a welcoming sign and showing patriotism, he said. "With such spirit, I am confident that we will never lose our sovereignty."

However, it is important to continue revising the draft law, with the aim of developing the economy and creating a smooth business environment, Phuc stressed.

"Concurrently, the draft law has to ensure the country's independence, sovereignty, along with all of its interests in the long term."

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 entire land plots at SEZ.

The PM stressed national security, including national economic security, is closely related to the establishment of SEZ in Vietnam. 

"Despite the land leasing tenure of 99 years is only applicable to exceptional cases at SEZs, for example, important infrastructure development project with long-term investment, the tenure will be shortened as recommended by the public. However, the specific duration is for the National Assembly to decide."

The PM, however, emphasized the objective of creating competitive edges for SEZs in terms of legal and institutional framework in the current context, for which the ultimate goal would be the interests of the country. 
Ngoc Thuy
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