Finding strategic investors for the special economic-administrative zones in the draft law of special administrative-economic units
According to the Resolution of the Government’s regular meeting November 2017 regarding the projects on construction of special economic zones, the Government agreed on the principle of building a model of 3 special administrative units – Van Don (Quang Ninh), Northern Van Phong (Khanh Hoa) and Phu Quoc (Kien Giang). Each special administrative-economic unit chooses to develop its own strength in order to maximize its potentials, comparative advantages, create new development motives, create spillover effect on the whole country.
One of the prerequisites is to find a strategic investor and identify a motivational project for the construction of successful special-economic units.
In order to attract strategic investors, the draft Law on Special Administrative-Economic Units has developed a series of “rights and obligations”. Strategic investors are selected to execute investment projects in cases where investment projects involving two or more investors are proposed for implementation; They are entitled to invest in, develop, manage and operate investment projects to develop technical infrastructure, social infrastructure and functional areas in the special zone; Priority will be given to business investment procedures and compensation and site clearance. Strategic investors are also involved in making and adjusting the planning and policy development at the special zone; They are organized, participating in investment promotion, trade and tourism activities in the special …
Even in the case of strategic investors investing in a complex resort project with a casino, the total investment capital of other projects in the special area and
Infrastructure projects connected to the special area they undertake to determine the ability to meet the conditions of capital size and the disbursement of investment capital in accordance with the law on casino.
According to the current regulations, must resort complex projects with the scale of $ 2 billion or more to be casino business. But regulations such as the Draft Law mean, strategic investors do not necessarily have to slope all $ 2 billion into the casino, a huge benefit.
More provisions on tax incentives for casino business alone, shall be subject to a special sales tax rate of 10% within 10 years after having service revenue; and allowed the Vietnamese to play, then obviously, strategic investors enjoy quite a lot of benefits.
Of course, accompanying benefits is the obligation, in which the greatest obligation is to execute the investment project in accordance with the committed schedule. The primary obstacle that investors must overcome is the criteria for strategic investors. That is a complex resort project casino with a minimum capital of 44,000 billion VND; or investment projects with infrastructure capital of at least 12,000 billion VND… Investors have projects in the priority development of the special zone, the minimum capital of 6,000 billion VND; Or list of 500 enterprises, the world’s largest corporation according to the Forbes magazine and having a project of 6000 billion VND will also be strategic investors.