Could these 3 special economic zones be Vietnam’s freest yet?

                                                                           Da Nang, Vietnam. TBone Lee/Shutterstock

Vietnam will be home to three new special economic zones (SEZ) with more unprecedented incentives and looser restrictions than ever, Planning and Investment Minister Nguyen Chi Dung told Reuters in an interview last week.

These economic zones will be situated in the provinces of Quang Ninh, Khanh Hoa, and Phu Quoc, serving the northern, central and southern parts of the country, respectively. Lawmakers are due to gazette a law, being drafted by the ministry, that will enshrine the zones by the end of the year.

The SEZ would be devoid of local regulations as to make them more competitive on the global stage, Dung said. "It will be a massive attraction to investment and investment will boom next year. It will be outstanding in everything: free and favourable in every aspect.”

Vietnam, one of the Asia’s largest manufacturing economies, welcomed a record USD15.8 billion in foreign direct investment (FDI) last year. FDI rose 6 percent year-on-year in the first five months of 2017, with the government projecting the country to draw a minimum annual investment of USD10 billion in the next five years.

(Source: property-report.com)