New driving force for Vietnam's economic development
There are now 18 coastal economic zones in Vietnam that enjoy preferential policies and a more complete business environment. However, experts in the industry believe that Vietnam does not have a real special economic zone, because although its preferential treatment is better than other economic zones, it is not yet sufficiently attractive to investors.
Therefore, Vietnam is promoting the establishment of three special economic zones, which are expected to inject new impetus into the country's economic development and structural restructuring, because the special economic zones have a prominent business environment, a transparent administrative system and an efficient administrative system.
The establishment of three special economic zones, namely the Yuntun Special Economic Zone, the North Yunfeng Special Economic Zone and the Phu Quoc Special Economic Zone, has been hailed as the impetus for the future development of Vietnam’s economy. Among them, the rich countries are included in the list of economic zones that the government has the highest priority for development by 2020. As of the beginning of 2017, the rich country has attracted a total of US$16.7 billion in foreign investment, ranking fourth in the list of provinces and cities attracting the most foreign investment. The Yuntun Economic Zone was established in 2007 with the goal of becoming a marine island eco-tourism center and an international trade hub. The North Yunfeng Economic Zone is the first economic zone given priority by the government. The goal is to develop it into the core of economic growth in the southern and central regions and a city center for industry, services, and tourism. In fact, none of the above three economic zones have been able to maximize their advantages, so the set goals are difficult to achieve. The main reason is that the system and policies have not been perfected, have not brought practical results and have been large-scale, and investors have not been sufficiently attractive.
In order to improve the operation effect of the economic zone, the Ministry of Planning and Investment has studied the model of the world's special economic zones and built the above three economic zones into real special economic zones. Chen Weidong, director of the Economic Zone Management Department of the Ministry of Planning and Investment, said that these are all economic zones that have outstanding advantages and meet the standards, and are expected to create breakthroughs in attracting investment funds. In order to establish special economic zones, at the end of 2016, the government agreed to promote the construction of three special economic zones, in which each economic zone maximizes its comparative advantages and potential according to local conditions, ensures that resources are allocated by region, and creates a radiation effect across the country.
The Ministry of Planning and Investment predicts that the development of special economic zones will bring great benefits, and the per capita income of residents in this area is expected to reach 12,000 to 13,000 US dollars per year.
Nguyen Zhiyong, the Minister of Planning and Investment, believes that after each special economic zone is put into operation, it will create a huge attraction and an investment boom will break out. The special economic zone will raise the economic development level of Vietnam to an average level equivalent to that of developed countries in the region. The Vietnamese state provides breakthrough preferential administrative and economic mechanisms and policies for special economic zones, so as to inject new impetus into their development and create a radiation effect, which is a top priority.
Lifting the "tight band" and promoting the development of special economic zones
In order to improve the relevant mechanisms and policies for the smooth operation of the special economic zone, the government instructed the Ministry of Planning and Investment to draft the "Special Administrative Economic Unit Law." Mr. Chen Weidong said that the enactment of this law is necessary to institutionalize the economic and social development plans, strategies, viewpoints and propositions adopted by the Eighth, Tenth, Eleventh, and Twelfth National Congress of the Communist Party of China regarding the construction and development of special economic zones. Among them, the resolution of the 12th National Congress of the Communist Party of Vietnam clearly stated that "the establishment of some special economic zones is aimed at creating growth poles and piloting groundbreaking regional development systems." Improve the relevant draft laws to provide a legal framework for the establishment, development and management of the above three special administrative economic units.
Economic experts believe that Vietnam’s advantages in attracting investment are getting smaller and smaller. Vietnam is actively improving its business environment, aiming to increase its attractiveness to foreign investors. Vietnam is a slower developing country than many countries, so it has to implement attractive preferential policies to attract investors' attention. It is difficult to keep investors in the footsteps of a real special economic zone before the establishment of a real special economic zone.
In order to impress investors in Vietnam's special economic zones, the Ministry of Planning and Investment has researched and learned from the special economic zone models of 13 countries in the world with relevant units. As a result, Vietnam’s special economic zone model was established in accordance with local conditions in order to proactively embrace the fourth industrial revolution.
Deputy Minister of Planning and Investment Nguyen Van Thong reiterated that the "Special Administrative Economic Unit Law" not only has advantages compared with foreign countries, so it has competitive advantages and breakthroughs. In particular, it is necessary to study and introduce an exemption policy for the top leaders, otherwise the leaders of the special economic zone will not dare to do so due to legal regulations.
This is to lift the "tight band" to promote the development of special economic zones. If approved, this will be a great opportunity for Vietnam to attract investment funds from the three special administrative economic units of Yuntun, Beiyunfeng and Phu Quoc.
Establish a special zone and welcome the tide of investment
Dr. Wu Zhicheng, former vice president of the Central Institute of Economic Management (CIEM) of Vietnam, believes that the process of formulating the special economic zone mechanism should be long-term in order to be able to compete in the international market. We should adopt new approaches in the fields of payment and finance, but we must do a good job of controlling them.
Our goal is to create a particularly smooth business environment for innovation, research and development, high-tech industries, industries that are conducive to development, and service industries.
In an interview with reporters on the morning of November 10, 2017, Nguyen Zhidong, the Minister of Planning and Investment, believed that the plan was formulated in accordance with the laws and decrees of the National Assembly, and the "Special Administrative Economic Unit Law" is expected to be submitted to the fourth meeting of the 14th National Assembly of Vietnam for deliberation and review. Adopted at the Fifth Session of the 14th National Congress of Vietnam.
This law is expected to help Vietnam usher in a wave of foreign investment. The claim is there, and the task is to legalize it, aiming to formulate a system that has superior advantages and can compete with the region and even the economic regions of the world.
Nguyen Zhiyong said: "We take the initiative to build special economic zones to effectively usher in the upsurge of domestic and foreign investment. Therefore, we should grasp the purpose of construction, the needs of investors, and other relevant information to formulate a suitable system. This is a special administrative economic zone, so both administrative and economic aspects must be special. We should solve some problems flexibly. We should have an open attitude to study the models of various countries, current trends, and the country’s 25 years of practice, so as to formulate the best and most competitive system, while still implementing national defense security, national sovereignty protection, and protection of people’s interests. Key tasks such as environmental protection. "