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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