Back Stories » Vietnam » Vietnam to Grant Income Tax Exemption in 3 Upcoming Special Economic Zones

Vietnam’s future special economic zones (SEZ) might be the mecca for locals to achieve an unprecedented amount of income.

Vietnam’s National Assembly are currently holding an ongoing session to discuss the new Law on Special Economic and Administrative Units, reports VnExress. In the near future, the country will designate three areas as its upcoming SEZs, including areas on Phu Quoc Island, in Quang Ninh and Khanh Hoa Provinces.

The regulations are expected to be approved by the next session in May next year. From the Ministry of Planning and Investment, Director of the Economic Zone Management Department Tran Huy Dong shared with the news source that these new zones will enjoy more incentives than the rest of the country.

Specifically, workers in the three zones will be exempted from paying income tax for five years. Foreigners will be allowed to lease properties in the three areas for 99 years – twice the duration granted elsewhere in Vietnam.

Dong was also confident that with the proposed benefits, employees of the SEZs can stand to earn US$13,000 in income annually. Saigon, Vietnam’s best-performing locality, is only expected to reach US$9,800 of per capita income by 2020.

Earlier in September, an official also suggested establishing red-light districts in the three SEZs.

[Photo via Xa Hoi Thong Tin]


Related Articles:

Draft Law Limits Foreign Property Ownership in Special Economic Zones to 30%

Microsoft Vietnam to Turn Nha Trang Into Smart Tourism City

Vietnam Should Establish Red-Light Districts in Special Economic Zones: Lawmaker


Related Articles

in Vietnam

$14 Million Approved For Restoration Of Hanoi’s 112-Year-Old Long Biên Bridge

The fate of one of Vietnam’s most beloved and storied structures took another positive turn last week when the government approved a $14 million restoration package for Long Biên Bridge.

in Vietnam

'Amazing Race Vietnam' Apologizes for Challenge Harming Coral Reef

An underwater challenge during this year’s installment of The Amazing Race Vietnam is not sitting well with environmentalists.

in Vietnam

'Engaging With Vietnam' Conference Ruminates on Heritage in Huế

“Living with Heritage, (Re)Creating Heritage: Vietnam and the World” is the title of the 14th Engaging with Vietnam conference, a series of activities including academic panel discussions, keynote tal...

in Vietnam

10 Beautiful Photos of Sapa's Majestic Snow

Last weekend's snowstorm in Sapa drew photographers from all over northern Vietnam who jumped at the opportunity to capture some great photos of the town's snow-covered hills, roads and residents.&nbs...

in Vietnam

10 Killed, Over 30 Missing in Central and Northern Vietnam as Storm Son-Tinh Brings Flash Floods

Heavy rains from storm Son-Tinh, which eventually weakened to a tropical depression, have caused flash floods and fatalities in central Vietnam.

in Vietnam

104-Year-Old Great-Great Grandmother Fights Off Robber

Taking advantage of the elderly will inevitably result in some bad karma, a lesson a Dong Nai man quickly learned after attempting to rob Vo Thi Bai, a 104-year-old woman.

Partner Content