HÀ NỘI — The special preferential policies for Vân Đồn Special Economic Zone must make it superior to the country’s existing economic zones and on par with similar models in the region and world over.

During a meeting with provincial authorities on Thursday, Deputy Prime Minister Trương Hòa Bình required the northern coastal province of Quảng Ninh to map out and propose specific incentive policies at the earliest to develop Vân Đồn quickly into a special economic zone.

Bình said the policies, which will become legal regulations, must be in accordance with international commitments and actual conditions in Việt Nam, besides ensuring consistency, stability and longevity.

The policies, which need to be consistent with current laws, must be superior in terms of infrastructure, tax, credit and finance so as to attract strategic foreign investors with huge projects, cutting-edge technologies and high-quality human resources, Bình said.

The judicial bodies of the special administrative-economic zone must be designed to be able to legally handle economic and commercial disputes as well as high-tech crime and intellectual property issues, he said.

The deputy PM instructed the planning and investment ministry to work with Quảng Ninh Province and complete the project.

To develop Vân Đồn Special Economic Zone, the province needs around US$12 billion. The province has so far mobilised approximately VNĐ40 trillion ($1.75 billion) , mainly for infrastructure development.

A VNĐ7 trillion international airport in Vân Đồn district, about 50km from Hạ Long City, which is home to the world heritage site of Hạ Long Bay, is under construction, and is scheduled to become operational in 2018.

Vân Đồn has a politically and economically important position as it lies on the strategic transit route from East Asia to Southeast Asia and from ASEAN to China; in Việt Nam - China “two corridors, one belt” co-operation area; in Nanning - Singapore economic corridor; and in extended Tonkin Gulf inter-regional co-operation area.

Vân Đồn Special Economic Zone is part of a Government-approved plan to build three such zones in the country; the other two are Vân Phong in the central Khánh Hòa Province and Phú Quốc in the southern Kiên Giang Province.

The zones are expected to spearhead the country’s growth and exploit local advantages to drive growth in the area. They will pilot key new economic and administrative policies before they are applied nationwide to develop the maritime economy. — VNS