At the meeting (Source: VNA)

Khanh Hoa (VNA) - The National Assembly’s Law Committee convened its eighth plenary session on September 27 in Nha Trang city, the central province of Khanh Hoa, with debates focusing on the draft Law on Special Administrative-Economic Units.

The event draw the participation of more than 60 delegates from the NA’s Committees, relevant ministries, sectors and the provinces of Kien Giang, Quang Ninh, Khanh Hoa.

Hoang Thanh Tung, Vice Chairman of the NA’s Law Committee, said the bill is complicated and unprecedented in Vietnam, hence, there remains much work to be done so that the draft law could be submitted to the NA for approval in the 5th or 6th sessions.

According to the Ministry of Planning and Investment’s report, the draft law will be a legal framework for building and developing special administrative-economic units, namely Van Don (Quang Ninh province), Bac Van Phong (Khanh Hoa province) and Phu Quoc (Kien Giang province).

The three areas are expected to grow strongly in the fields of tourism, services, trade and finance with new management methods and a favourable investment climate.

The report underlines that the draft law needs to build breakthrough institutions and policies, particularly in socio-economic aspects, administration and judiciary, in line with the Constitution, and international treaties to which Vietnam is a member, and with international competitiveness.

Participants discussed major contents of the draft law, including the apparatus of the local administration of the special administrative-economic units; building favourable business environment; incentives on taxes and land; and mobilising resources for building infrastructure in these areas.

According to Deputy Minister of Planning and Investment Nguyen Van Trung, by the end of 2016, there were about 4,500 special administrative-economic units in 140 nations and territories in the world.

In Asia, a number of special administrative-economic units have witnessed outstanding achievements, such as those in China, the Republic of Korea and the United Arab Emirates.-VNA