The Ministry of Planning and
Investment proposed a series of preferential mechanisms for Phu Quoc special
economic zone.
The Ministry of Planning and Investment
has just submitted to the Government a draft Law on Special Administrative
Units. In this draft, the Ministry proposes a series of mechanisms to attract
investment capital and foreign experts to live and work in Phu Quoc special
economic zone.
Specifically, according to the draft law,
Phu Quoc is prioritized investment to become a center for trade, high-end
services and international procurement. This will be the only special zone to
be prioritized for the development of fisheries, aquaculture and processing and
fishery logistics.
According to the Ministry of Planning and
Investment, the potential advantages of Phu Quoc can completely develop into a
commercial center, eventhough Phu Quoc is located far from the land and there
are only two main lines of transportation that are airway and sea. Phu Quoc
also has favorable conditions for hydro-meteorology, natural environment,
mountains, forests, marine and ecosystems; moderate weather, favorable for
year-round tourism development. Especially, Phu Quoc has a large fishing ground
and potential for aquaculture.
In addition, Phu Quoc has fertile
farmland, large forest land, occupies 63.2% of the total natural land area,
facilitates the development of agricultural economy and sustainable eco-tourism
development.
Like other two special economic zones,
which are Van Don (Quang Ninh), Van Phong (Khanh Hoa), the Ministry of Planning
and Investment proposed a series of incentives for Phu Quoc such as income tax
exemption for 5 years, but not exceed 2030 for individuals who have taxable
income arising in the special economic zone. In subsequent years, the personal
income tax payable will be reduced by 50%.
For managers, scientists and highly
qualified experts with income subject to personal income tax in the 3 special
economic zones mentioned above, they are also entitled to tax exemption until
the end of 2030 and 50% reduction of tax amount in the remaining years.
In addition to the application of general
incentives for special economic zones, Phu Quoc has also been proposed to enjoy
a separate mechanism, such as raising the level of allowances from 30% to 50%
of the basic salary for officials and employees working here.
In particular, in order to encourage
investment, the Government of special economic zone will issue permanent
residence cards to individual foreign investors with investment projects of 5
million USD or above, with the residence time of 5 years or more in Phu Quoc
and not breaking the law.
Regarding infrastructure, according to the
Ministry of Planning and Investment, infrastructure of Phu Quoc has been invested
quite synchronously to meet the needs of large-scale tourism development. Many
high-class and large-scale resorts have come into operation. The Politburo has
agreed to open casino project in Phu Quoc for the Vietnamese.
For Van Don special economic zone,
according to the Ministry of Planning and Investment, priority will be given to
develop island eco-tourism, innovative industries and high-tech agriculture.
Van Phong, in particular with its
location, will be promoted to develop deep-water ports, logistics services,
medical services, high-quality resort…
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