99-year land lease not regulated in draft law on special economic zones
The draft Law on Special Administrative and Economic Units will not regulate the lease land of up to 99 years at special economic zones, the National Assembly (NA) Office said in its announcement released on June 9.
A corner of Phu Quoc Island
This was agreed by the National Assembly Standing Committee and the Government after listening to opinions from economic experts, scientists, and the wide public, the NA Office said.
Also on June 9, the Government Office released an announcement saying it had asked the NA to delay the approval of the bill to have more time for research and completion until the sixth meeting.
According to the government office, the draft law has been carefully drafted to create the legal foundation for the establishment of three special economic zones, Van Don in the northern province of Quang Ninh, Bac Van Phong in the central province of Khanh Hoa, and Phu Quoc in the southern province of Kien Giang.
"The bill had been proposed to legislators for the first time at the fourth session of the 14th National Assembly," the office said.
"But after listening to opinions from economic experts, scientists, and the wide public, we've decided to delay the submission time to revise this draft law to ensure the success of these SEZs."
Talking to the media on June 7 on the sidelines of the ongoing fifth session of the 14th National Assembly, PM Nguyen Xuan Phuc also said that he saw the need to reconsider the leasing time following opinions from the public.
"We will propose reducing the leasing time to the National Assembly," Phuc told reporters. "But it is the NA who will decide on the exact time."
Vietnam is planning to establish three special economic zones, Van Don in the northern province of Quang Ninh, Bac Van Phong in the central province of Khanh Hoa, and Phu Quoc in the southern province of Kien Giang.
The Ministry of Planning and Investment estimates that the special economic zones will be able to bring a total of USD9.5 billion each year to the state coffers from tax payments and land related fees.