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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