The Prime Minister has approved several economic mechanisms designed specifically for the northern coastal province of Quang Ninh and its Van Don economic zone.
|Van Don economic zone is included in the list of coastal economic zones prioritized for development using State funding during the 2013-2015 period (Photo: quangninh.gov.vn)|
Accordingly, Quang Ninh is allowed to establish a State-owned financial investment company following the model of Ho Chi Minh City to mobilise funds for infrastructure building. The provincial People’s Committee is to work on details of the company and submit the scheme to the PM for consideration.
The province will receive capital from the central budget and other sources to help with the construction of major local projects during 2015-2020 such as a road connecting Ha Long city with Hanoi-Haiphong Highway, the Ha Long-Van Don-Mong Cai Highway, Hai Ha seaport and environmental protection programmes in Ha Long and Bai Tu Long Bays.
Priority will be given to Quang Ninh in terms of ODA and preferential loans of donors to carry out several key projects in socio-economic development and environmental protection including the environmental protection plan in Ha Long City and urban development along the Greater Mekong sub-region corridor.
The government will also consider assisting Quang Ninh province in the form of Public-Private Partnership (PPP) to implement a number of important infrastructure projects.
Regarding local Van Don economic zone, the PM decided to include it in the list of coastal economic zones prioritized for development using State funding during the 2013-2015 period.
Besides general incentives applied for those economic zones, Van Don will be given priority in terms of ODA attraction for the construction of its key infrastructure.
Some infrastructure projects such as the Van Don airport, communication facilities, an international hospital and cross-island roads will receive investment from the State budget, government bonds and ODA capital.
Van Don, the biggest island in the northern region, was selected by the Vietnamese government to develop into a special administrative and economic zone. With its location in a corridor linking China and Southeast Asian nations, the island has easy access to other economic and political centres in Asia.