Vietnam creates special zones for foreign investment projects

14-Nov-2014 Intellasia | VNN | 6:00 AM Print This Post

The Ministry of Planning and Investment has been drafting a law for the operation of three special economic zones in three provinces of Vietnam for foreign investment projects.

To be covered by the Law on Special Economic Zones are Phu Quoc in Kien Giang Province, Van Don in northern Quang Ninh Province and Bac Van Phong in central Khanh Hoa Province.

Planning and Investment minister Bui Quang Vinh released the information at a seminar held during his working visit to Singapore from November 3 to 5.

Joining Vinh at the seminar were Singaporean Trade and Industry minister Lum Hng Kian and leaders of International Enterprise (IE) Singapore and Sembcorp Development Ltd

Also with the Vietnamese minister was Le Khac Ghi, vice chair of the Kien Giang Provincial People’s Committee, who reiterated the province’s commitment to create favourable conditions for foreign investors doing business in Phu Quoc.

The Vietnamese minister told Vietnam News Agency’s correspondents in Singapore that his meetings with Singapore officials during the visit focused on specific measures to address difficulties in trade, investment, banking, aviation and other areas in order to facilitate bilateral economic cooperation.

The visit aimed to remove obstacles in bilateral cooperation and further promote economic relations between Vietnam and Singapore, the third largest foreign investor in Vietnam, with 1,330 projects worth more than $32.6 billion.

Representatives of three leading Singaporean businesses in marine transportation and luxury tourism said they were aware of Phu Quoc’s great potential and contributed their ideas to the island’s development planning.

The representatives also expressed hopes that Phu Quoc could serve as a stopover for round-the-world tours.

At the seminar, Vinh gave detailed and clear explanations about the incident involving one of China’s oil rigs in HCM City, central Ha Tinh Province and the southern provinces of Dong Nai and Binh Duong last May.

According to Vinh, China had illegally placed its oil rig, Haiyang Shiyou-981, in Vietnam’s exclusive economic zone.

He affirmed that the Vietnamese government would ensure safety and security for foreign investors and improve administrative procedures to facilitate their operations in the country.

At his working session with leaders of Sembcorp Development, Vinh said the company’s five Vietnam-Singapore Industrial Parks (VSIP) in Vietnam have helped create jobs for more than 140,000 Vietnamese labourers. He proposed the speedier construction of the sixth VSIP in central Nghe An Province.

 


Category: Business, Vietnam

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