MPI proposals for administrative-economic zones

At the Vietnam M&A Forum held on August 10th, Minister of Planning and Investment Nguyen Chi Dung said that the formation of 3 new special administrative-economic zones (SAEZs) in the coming times will be a drive to attract more investment and ignite development. Recently, the Law on Special Administrative and Economic Zones was drafted to create a legal framework for 3 new SAEZs of Vân Đồn (Quang Ninh Province), Van Phong (Khanh Hoa Province) and Phu Quoc (Kien Giang Province). The Ministry of Planning and Investment is proposing to increase the time for land rental to 99 years, which is common in many countries, establishing an administrative committee without people's committee. The 3 SAEZs, according to minister Nguyen Chi Dung, were allowed to accommodate casinos.