Prime Minister (PM) Nguyen Xuan Phuc demanded that the revision of the draft law on Special Administrative-Economic Units should aim at increasing the term of land allocation, land lease and land use and allowing foreigners to own apartments for a maximum term of 99 years.
On August 2nd, PM Phuc chaired the Regular Meeting of the Government on the draft law on Special Administrative-Economic Units (hereafter referred to as special units).
Most of the participants thought that the draft law should go beyond the current regulations to create significant advantages for the special units. In terms of the land use policies, the revision should aim at increasing the term of land allocation, land lease and land use and allowing foreigners to own apartments for a maximum term of 99 years. Foreigners should also be permitted to mortgage their land-attached assets at foreign credit institutions in compliance with the 2013 Constitution.
Besides, the Government consented on the model of three special administrative-economic units, namely Van Don, Bac Van Phong and Phu Quoc. Each unit will have its own law draft which caters for its demands and potential.
PM agreed that it was necessary to create a coherent institutional framework with specific policies aiming at an equal, open and discrimination-free market. The investment conditions should also be minimized.
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