Dung Quat Economic Zone receives licensing empowerment

Prime minister Phan Van Khai has permitted Dung Quat Economic Zone’s officials to issue licenses for certain foreign invested projects, but has also instructed them to outline more plans for the zone’s development.
The management body of the zone in the central province of Quang Ngai can now license foreign-invested projects worth up to US$40 million, those exporting 80% or more of their products and those suitable for being located inside the zone.
The agency can also grant business certificates to organisations and individuals running enterprises inside the zone and can allow them to set up representative offices there. Additionally, Dung Quat officials can issue certificates of investment incentives for Vietnamese projects.
But with the new autonomy also come more responsibilities. The body is supposed to report to the prime minister the annual and long-term growth strategies for the economic zone.
It also must work out incentives for investors, make plans to issue government bonds and use other sources to get money to develop the zone.
The agency is required to draw up detailed land use and fee plans, which will be submitted to Quang Ngai leaders and relevant ministries for approval.
The agency’s head appointed by the prime minister is on the same level as the head of a general department under the government. A Quang Ngai vice chair will be named as the body’s deputy chief.

 

Category: Legal