PM to approve the proposal to establish Van Don special economic zone

By Tieu Phong - Jul 19, 2017 | 01:10 PM GMT+7

TheLEADERPrime Minister (PM) Nguyen Xuan Phuc demanded the local authorities to allocate their own budget and other funding methods to develop Van Don as a special economic zone, according to source released by the Government Office on last July 17.

PM to approve the proposal to establish Van Don special economic zone
A corner of Van Don, Quang Ninh province. (Photo: Internet)

PM has officially authorised the proposal for establishing Van Don special economic zone in Quang Ninh province. He approved the plan of hiring foreign consultants to formulate a restructuring plan pursuant to the Law on Bidding and Decree No.30/2015/ND-CP on March 17th, 2015.

PM demanded that Van Don special economic zone should have internationally accepted investment and trade regulations to attract foreign investors.

Quang Ninh province aims at developing Van Don special economic zone into an urban area, which is a dynamic economic centre of China – ASEAN economic corridor.

Besides, Van Don is to be situated in the triangle of economic development Quang Ninh – Hai Phong – Ha Noi. Quang Ninh province also wants to avoid a conflict of interests between Van Don and two other economic zones: Phu Quoc (Kien Giang) and Bac Van Phong (Khanh Hoa).

According to the statistics, over the past five years, Quang Ninh has attracted nearly VND20 trillion (about US$880 million) of investment capital to major projects such as airports, high-end resorts… Besides, more than VND40 trillion (about US$1.7 billion) of investment capital has been allocated for main road links and transport systems to connect Van Don with other regions.