Consequently, Van Don special economic zone (Quang Ninh province) would need VND270 trillion (US$11.83 billion) in period 2018 - 2030, in which the domestic- and foreign-funded capital are divided half and half.
Phu Quoc Island.
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Following the proposal to set up Bac Van Phong special economic zone by the Khanh Hoa Home Affairs Department, it is expected to require at least VND53 trillion (US$2.32 billion) to upgrade technical infrastructures, including 9 main transport routes, 5 center routes and 20 kilometers of railways connecting Van Phong port to North-South railways, among others facilities.
Additionally, there would be VND46.5 trillion (US$2 billion) in needed to build schools, hospitals leisure and entertainment facilities. The site clearance process would cost VND15 trillion (US$657 million).
Notably, following the plan for Phu Quoc (Kien Giang province) to become a world class special economic zone, it is estimated that the required total social capital investment would be VND900 trillion (US$40 billion) in period 2016 - 2030, in which domestic-funded capital accounts for 59% and foreign-funded at 41%.
As at present, Phu Quoc has attracted 377 investment projects with total investment capital of US$17 billion, according to Kien Giang People's Committee. The island collected VND3.5 trillion (US$153.4 million) for state budget, equivalent to 50% of total revenue, but the majority is coming from land-use taxes.
A common thing between the 3 proposals is request for preferential treatment. For Van Phong special economic zone, Quang Ninh province suggested to keep 100% the state budget revenue generated from the special economic zone until 2030.
In the first 5 years of the special economic zone's operation, the province requested to keep 25% of the domestic revenue (VND2 trillion or US$87.6 million per year).
For Phu Quoc, Kien Giang province proposed resort complex with investment over US$300 million to have small-scale casino integrated. However, the MoF maintained its stance that a casino-integrated resort complex would have to mobilize at least US$2 billion.
The new draft Law on Special Administrative-Economic Units stipulated that US$2 billion is the minimum capital requirement to integrate a casino into an investment project. Consequently, the disbursement progress must be in accordance with the schedule, but not exceed 8 years since the issuance of investment certificate.
In this version, investors are still allow to add up investment capital from other projects, but not exceed 50% of total investment in casino - integrated project. Consequently, investment capital for this project must be at least US$1 billion.
Additionally, the draft Law also stipulated new requirements on investors' financial capabilities, governance experience. More importantly, investors must commit on transferring modern and friendly technologies, training and develop human resources.
