The special preferential policies for Van Don Special Economic Zone must make it superior to the country’s existing economic zones and on par with similar models in the region and world.

During a meeting with provincial authorities on Thursday, Deputy Prime Minister Truong Hoa Binh asked the northern coastal province of Quang Ninh to map out and propose specific incentive policies at the earliest to develop Van Don quickly into a special economic zone.

Binh said the policies, which will become legal regulations, must be in accordance with international commitments and actual conditions in Viet Nam, besides ensuring consistency, stability and longevity.

The policies, which need to be consistent with current laws, must be superior in terms of infrastructure, tax, credit and finance so as to attract strategic foreign investors with huge projects, cutting-edge technologies and high-quality human resources, Binh said.

The judicial bodies of the special administrative-economic zone must be designed to be able to legally handle economic and commercial disputes as well as high-tech crime and intellectual property issues, he said.

The deputy PM instructed the planning and investment ministry to work with Quang Ninh Province and complete the project.

To develop Van Don Special Economic Zone, the province needs around US$12 billion. The province has so far mobilised approximately VND40 trillion ($1.75 billion) , mainly for infrastructure development.

A VND7 trillion international airport in Van Don district, about 50km from Ha Long City, which is home to the world heritage site of Ha Long Bay, is under construction, and is scheduled to become operational in 2018.

Van Don has a politically and economically important position as it lies on the strategic transit route from East Asia to Southeast Asia and from ASEAN to China; in Viet Nam - China “two corridors, one belt” co-operation area; in Nanning - Singapore economic corridor; and in extended Tonkin Gulf inter-regional co-operation area.

Van Don Special Economic Zone is part of a Government-approved plan to build three such zones in the country; the other two are Van Phong in the central Khanh Hoa Province and Phu Quoc in the southern Kien Giang Province.

The zones are expected to spearhead the country’s growth and exploit local advantages to drive growth in the area. They will pilot key new economic and administrative policies before they are applied nationwide to develop the maritime economy. — VNS