Friday, 24 May 2019

Hanoi and Ho Chi Minh City remain Vietnam's economic hubs regardless of SEZs: Deputy PM

Updated at Thursday, 07 Jun 2018, 14:41
The Hanoitimes - The establishment of special administrative - economic zones (SEZs) will have no impact on investment and development policies of Hanoi and Ho Chi Minh City, Deputy Prime Minister Vuong Dinh Hue has affirmed.
According to international practice, SEZ is designed to pilot legal and institutional reforms, as well as to act as a driving force of the economy, Hue informed at the Q&A session in a National Assembly meeting on June 6. 
Deputy Prime Minister Vuong Dinh Hue.
Deputy Prime Minister Vuong Dinh Hue.
In Vietnam, SEZs would have to take into account the overall benefits of economy, investment and national security.

However, regardless of the SEZs, Hanoi and Ho Chi Minh City will remain the main economic hubs of Vietnam, along with 7 other regional economic zones, he stressed.

On the appointment procedure of SEZs' leaders, Hue said the person in charge has to be thoroughly selected. "The PM will be responsible for approval after a strict procedure."

In addition to SEZs, Hue emphasized the importance of efficient linkage between economic zones. The goal ultimately is not to realize the specific advantage of each province, but the comparative edges of each province in the context of the whole region, Hue note. 

"There has to be a master plan for regional development, which is the state's responsibility, along with public investment. The move is aimed to improve infrastructure in priority fields with high spillover effects," the deputy PM noted.

The Ministry of Finance has estimate the country would need VND1,570 trillion (US$69 billion) for the three special economic zones in Van Don, Bac Van Phong and Phu Quoc, which will be funded from both domestic and foreign capital.

The draft law on SEZs is expected to be voted for approval at the National Assembly on June 15. 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, the PM has stressed that the backbone of the draft law be creation of a smooth business environment, not just land leasing duration limits. However, he promised the government and himself will look into the legislation thoroughly and take into account diverse opinions.

Ngoc Thuy
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