According to Minister Dung, many significant breakthroughs in the law have been realised or are being considered.
Among them, the Special Administrative-Economic Zone Act is expected to create a legal framework for the establishment of three administrative – economic zones (from now on referred to as special zones) with advanced and favourable policies.
Accordingly, it is proposed that these special zones only have the Administrative Committee but not a People's Council as usual. The function of legislation or inspection, which is often performed by People’s Council, is going to be served by the provincial administrative units.
Removing one administrative level helps attract foreign investors and create unity in administration from central to local levels.
Another important issue is the term of land allocation. To have the similar competitive ability as other special economic zones in the world, the Ministry has proposed to increase the term to 99 years.
Notably, these three zones are allowed to run casino business. However, according to him, not only the casinos but also many other industries based on geographic conditions should be developed in these zones.
For example, Van Phong is the suitable place to develop logistics business while Van Don should offer medical, educational and biological services.
According to Minister Dung, the Government is now finishing the action plans, revising the policies on restructuring the economy and dealing with bad debts.
Dung said that Vietnam saw the period of developing the country based on mineral mining or cheap labour force has already passed.
Meanwhile, the reforms that have promoted growth for the Vietnam economy have reached their limit. Now, it is necessary to change, and the establishment of new special economic zones is one of the breakthroughs in attracting investment.
