EAST SEA

Vietnam to tap potential to develop East Sea coastal economic zones

TTXVN-VNA | 29-12-2016 | 17:48

Illustrative Image (Photo: VNA)

Hanoi (VNA) – Development of economic zones along the East Sea coastline have been a significant standpoint of the Vietnamese government based on its geographic conditions and location.

The country is striving to optimise its potential to boost the development of the coastal economic zones (CEZs), said Tran Duy Dong, head of the Ministry of Planning and Investment’s Department of Economic Zones Development told Vietnam News Agency.

The 10th Party Central Committee adopted Vietnam’s Maritime Strategy towards 2020 has set a goal of that sea-based economic sectors will make up 53-55 percent of the country’s gross domestic product (GDP), in which CEZs play important and decisive role.

As many as 16 out of 18 CEZs in the master plan of CEZs development towards 2020 have been set up since 2003 on a total area of 815,000 ha.

The CEZs have made crucial contribution to local economic development. In the first six months of 2016, total earnings of the CEZs hit 5.2 billion USD with nearly 2 billion USD in export turnover, contributing 17 trillion VND to the State budget and created over 123,000 jobs.

The Government also pays attention to environment protection at the CEZs. The master planning scheme for CEZs towards 2020 has stressed that CEZs development should be in line with sustainable development and environmental protection.

Other legal documents on environment protection at the CEZs have been issued, such as Decree 29/2008/ND-CP on regulations at economic, processing and industrial zones and Circular 35/2015/TT-BTNMT by Ministry of Natural Resources and Environment on environment protection at economic, processing and industrial zones, among others.

According to Dong, to fully tap potential to develop CEZs in both medium and long term, Vietnam needs to continue improving legal frameworks on CEZs, ensuring criteria on investment attraction, environment protection and social issues while expanding the CEZs.

He also added that, it is necessary to check and remove ineffective CEZs while monitoring investment structure at localities to ensure that invested projects are compatible with local potential and advantages.

Additionally, Dong suggested provinces frequently monitor investment and development of CEZs, especially constructions of water-waste treatment plants.

Besides, the coastal localities should concentrate on constructing synchronous CEZs’ infrastructure and diversifying means of investment while fostering public – private partner projects for further development of CEZs.-VNA