20:39 (GMT +7) - Tuesday 21/08/2018

Vietnam Today

PM: Land lease duration in special economic units to be adjusted

Released at: 10:44, 08/06/2018

PM: Land lease duration in special economic units to be adjusted

Prime Minister Nguyen Xuan Phuc speaks with the media on the sidelines of the NA's fifth session on June 7 (Photo from vneconomy.vn)

All opinions on land lease periods specified in Special Administrative-Economic Units law being taken on board by NA, PM Nguyen Xuan Phuc confirms.

by Long Van

Prime Minister Nguyen Xuan Phuc was quoted by the Vietnam News Agency as saying on the sidelines of the National Assembly (NA)’s fifth session on June 7 that all ideas on land lease duration in the draft Law on Special Administrative-Economic Units of Van Don, Bac Van Phong and Phu Quoc will be considered and reasonable adjustments will be made.

He stressed that the government has listened to opinions from NA deputies, academics, citizens, experts, and the Overseas Vietnamese (Viet Kieu) community.

“We must be open to opinions to make necessary changes to the bill, ensuring national development and creating a sustainable environment for investment, business and growth, and safeguarding the country’s independence, sovereignty and freedom as well as the national interest,” he said.

He noted that such special administrative-economic units have been introduced in many countries, including China and Japan, with some successful and some not.

The Prime Minister held that there were some misunderstandings about the land lease issue in the bill and clarified that the duration will only be for a specified period that is reconsidered every year.

Meanwhile, the investor structure will also be calculated carefully with a specific ratio for each investing country, he said, adding that it there is no need for concern about an investment monopoly by investors from one country at the special units. “This will also be specified by the law to establish a necessary legal environment,” he explained. “We have gathered people’s ideas and presented them to the NA for discussion, ensuring that their voice is heard. The NA will decide on the land lease period.”

Prime Minister Phuc also highlighted the need to create a favorable institutional and investment environment to enhance competitiveness and underlined that ensuring the national interest is of the utmost significance.

The regulation nominating a land lease period of 99 years in the draft Law on Special Administrative-Economic Units of Van Don, Bac Van Phong and Phu Quoc has been a hot topic of conversation in the community.

The bill is expected to be adopted during the ongoing NA’s fifth session, which began on May 21.

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