Vietnam s special zones for foreign investment projects

To be covered by the Law on Special Economic Zones are Phu Quoc in Kien Giang Province, Van Don in northern Quang Ninh Province and Bac Van Phong in central Khanh Hoa Province.

To be covered by the Law on Special Economic Zones are Phu Quoc in Kien Giang Province, Van Don in northern Quang Ninh Province and Bac Van Phong in central Khanh Hoa Province.

Planning and Investment Minister Bui Quang Vinh released the information at a seminar held during his working visit to Singapore from November 3 to 5.

Joining Vinh at the seminar were Singaporean Trade and Industry Minister Lum Hng Kian and leaders of International Enterprise (IE) Singapore and Sembcorp Development Ltd.

Also with the Vietnamese minister was Le Khac Ghi, vice chairman of the Kien Giang Provincial People’s Committee, who reiterated the province’s commitment to create favourable conditions for foreign investors doing business in Phu Quoc.

The Vietnamese minister told Viet Nam News Agency’s correspondents in Singapore that his meetings with Singapore officials during the visit focused on specific measures to address difficulties in trade, investment, banking, aviation and other areas in order to facilitate bilateral economic co-operation.

The visit aimed to remove obstacles in bilateral co-operation and further promote economic relations between Viet Nam and Singapore, the third largest foreign investor in Viet Nam, with 1,330 projects worth more than US$32.6 billion.

Representatives of three leading Singaporean businesses in marine transportation and luxury tourism said they were aware of Phu Quoc’s great potential and contributed their ideas to the island’s development planning.

The representatives also expressed hopes that Phu Quoc could serve as a stopover for round-the-world tours.

At the seminar, Vinh gave detailed and clear explanations about the incident involving one of China’s oil rigs in HCM City, central Ha Tinh Province and the southern provinces of Dong Nai and Binh Duong last May.

According to Vinh, China had illegally placed its oil rig, Haiyang Shiyou-981, in Viet Nam’s exclusive economic zone.

He affirmed that the Vietnamese government would ensure safety and security for foreign investors and improve administrative procedures to facilitate their operations in the country.

At his working session with leaders of Sembcorp Development, Vinh said the company’s five Viet Nam-Singapore Industrial Parks (VSIP) in Viet Nam have helped create jobs for more than 140,000 Vietnamese labourers. He proposed the speedier construction of the sixth VSIP in central Nghe An Province.