17 Aug 2017
VIETNAM: Investment Incentives and Casino Licences Planned for Three New SEZs
Land leases of up to 99 years are to be offered to investors in three new Special Economic Zones (SEZs), which are to be established in line with Vietnam’s incoming Law on Special Economic Zones, which is to be introduced to the National Assembly in October 2017. Additional incentives like a four-year tax exemption and an as yet unspecified preferential tax rate for a further 30 years will be offered to investors. It is also envisaged that casinos will be licensed to operate in each of the SEZs.
Scheduled for completion by 2020, the new SEZs will be based in the northern Quang Ninh province’s coastal Van Don district, the central Khanh Hoa province’s Bac Van Phong area, and on the resort island of Phu Quoc, part of the southern Kien Giang province. Under the terms of the incoming legislation, the SEZs will be administered by comparatively small administrative committees, rather than the more cumbersome people’s councils. Similarly, the legislative and supervisory functions of the SEZs will be exercised at the provincial level rather than at the people’s council level.