Foreigners can only buy up to 30% of homes in the SEZ

22/09/2017   Viewed: 470
The duration of a foreigner's home ownership in a special economic zone is 99 years, but the ownership is not more than 30%.
According to Tran Huy Dong, Director of the Department of Management of Economic Zones (MPI), the Special Economic Administrative Law is considered as the legal framework for the development and management of three special zones. Special economic zones, including Van Don (Quang Ninh), Northern Van Phong (Khanh Hoa) and Phu Quoc (Kien Giang).
 
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Foreigners' ownership of special economic zones will be restricted to 30%. Internet photos

Access to land with domestic and foreign investors is one of the prevailing incentives when the land use term is limited to 99 years with an investment start-up project. Health and education at 3 special administrative units Van Don, Northern Van Phong and Phu Quoc.

The term of land use is similar to that for foreigners who want to buy a house (apartment, real estate, resort ...) in a special economic zone, but the ownership rate will be limited to 30 %. Before deciding to grant or assign land to foreigners, the special zone chief shall have to consult the Ministry of Defense and the Ministry of Public Security on the location and land position.

"Such a regulation is to ensure security conditions, to limit the acquisition of foreigners in special zones," Tran Huy Dong stressed.

Another prominent feature is the authority of the Special Economic Zone Manager in the bill. This position will be appointed by the Prime Minister based on the proposal of the Chairman of the provincial People's Committee, and evaluated by the Ministry of Home Affairs and submitted to the Government. The special economic zone manager will have 77 powers such as the right to decide on the investment policy, the decision on the contractor designation projects ...

Before worrying that the Special Economic Zone is being given "a breadth of bread that is too large for the group to benefit", Dong reassures him that this position is of a special nature and will be subject to supervision by the authorities. In cases where the Special Economic Zone Manager does not meet the requirements, the People's Council will propose to dismiss.

Despite offering so many incentives that many economists say is "overwhelming", the head of the Economic Zones Authority still worries that "the regulations and incentives offered meet the needs of the home. Private or not. "

"The Jeju Special Economic Zone of Korea for 10 years has amended the law 6 times, so they have strategies and investment policies that change over time, but if you do, then try adjusting, if not, Therefore, the special economic zone of Vietnam is the same, the policy can be amended and supplemented when there are strategic investors to see fit, "added Mr. East.

Therefore, this bill is planned by the sector planning agencies open, ready to negotiate with strategic investors. That is, if a strategic investor makes a request, they can negotiate the incentives and take into account the amendment of the law.

At the same time, the government will issue legal documents to facilitate the evaluation of procedures with investors; Carrying out priority customs procedures for enterprises investing in special zones.

The draft law is currently being widely circulated and will be submitted to the National Assembly in May 2018.
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