A draft proposal prepared by the ministry to offer special administrative mechanisms to Khanh Hoa says the visa waiver policy aimed at attracting strategic investors would apply to holders of passports still valid for 90 days.
In case foreigners want to visit places outside the economic zone, they must obtain a visa by the immigration control agency according to normal regulations.
Established in 2006, Bac Van Phong EZ covers 150,000 hectares, including 70,000 hectares of land and 80,000 hectares of water in Van Phong Bay of Van Ninh District in Khanh Hoa.
It is one of the three main EZs of Vietnam, the other two being Phu Quoc in the south and Van Don in the north.
Foreign tourists have the right to purchase duty-free goods in non-tariff zones during their stay in the economic zone. A person can buy once a day and no more than four times in 30 consecutive days.
Among other mechanisms proposed in the draft proposal, the province will be allowed to issue bonds and also to borrow against foreign loans from the central government, as long as the total outstanding loans do not exceed 60% of the province’s budget revenue. .
The Khanh Hoa People’s Council, the provincial legislature, will have the power to change land use for agricultural land less than 500 hectares and forest land less than 1,000 hectares.
The People’s Committee, the executive, will be in charge of managing a marine area for aquaculture. The committee will also have the power to issue licenses for offshore aquaculture projects to Vietnamese organizations and individuals.
Aquaculture companies and farmers operating in the province will benefit from preferential policies, including exemptions from sea use fees and corporate tax.
The government is expected to submit the draft plan to parliament in May.
Special mechanisms granting greater administrative economy have so far been granted to eight cities and provinces: Can Tho, Da Nang, Hai Phong, Hanoi, HCMC, Nghe An, Thanh Hoa and Thua Thien Hue.
Vietnam waives visa for citizens of 24 countries, mostly up to 30 days.