Vu Thanh Tu Anh, Director of Research at the Fulbright Economics Teaching Program in Ho Chi Minh City and member of the Prime Minister’s advisory team, said that the special economic zone model is expected to become a new driving force for economic growth.

Vietnam has 18 economic zones, but many of them have not been prioritized for investment.

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A view of Nha Trang city in Khanh Hoa province
To make special economic zones successful, special regulations, firm legal frameworks and dynamism and creativity are needed, Anh stressed.

Deputy Minister of Planning and Investment Nguyen Van Trung said that many countries have invested much in building special economic zones.

Special economic zones can attract more foreign investment and help the country better integrate into the global economy, Trung added.

The government has decided to initially develop three special administrative – economic units – Van Don in Northern Quang Ninh province, Bac Van Phong in Central Khanh Hoa province and Phu Quoc in Southern Kien Giang province.

Special administrative-economic units are magnets for investment, high technology and advanced management modes, aiming to form a high growth area that accelerates local economic restructuring and development.

Regarding tourism, Anh said that Vietnam’s tourism sector has enjoyed the growth rate of 25-27 percent in recent years. The number of tourists to the country recorded an impressive rise of nearly 30 percent in the first nine months of this year.

The Vietnam Business Summit 2017 is a part of the APEC Economic Leaders’ Week which is taking place in Da Nang city from November 6-11.

Source: VNA