Đồng Đăng-Lạng Sơn EZ – The motive force for the economic quadrangle Lạng Sơn-Hà Nội-Hải Phòng-Quảng Ninh
VGP – The PM just established the Đồng Đăng-Lạng Sơn Border Economic Zone (BEZ) and issued the statutes of its operation. Accordingly, the BEZ, located in the northern province of Lạng Sơn, will become a key urban, industrial, trade and service center in the economic quadrangle Lạng Sơn-Hà Nội-Hải Phòng-Quảng Ninh.
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A corner of the Đồng Đăng Border-gate in Lạng Sơn |
The BEZ consists of two major functional zones: tariff and non-tariff. All Chinese residents in the districts and towns bordering Lạng Sơn Province, after presenting their ID cards or laissez-passers issued by Chinese competent agencies, are allowed to enter and stay in the BEZ for 15 days in maximum. Vietnamese citizens can enter and exit the BEZ freely.
Foreigners and overseas Vietnamese working or doing business in the BEZ, and their families, are granted with multi-use visa and time-limited stay in the BEZ and Việt Nam.
All vehicles with international traffic license are permitted to go in and out of the BEZ to transport cargo and passengers.
Investment projects in the BEZ are given with all best incentives applied for localities with socio-economic difficulties. Organizations and enterprises operating within the BEZ, in case of failure, can delay their losses to the next year but not for more than five consecutive years. Individual income tax payers in the BEZ are granted with a tax reduction of 50%.
Investment projects in the non-tariff zone will enjoy an enterprise revenue tax (ERT) rate of 10% for 15 years since coming into operation; an ERT exemption for four years since earning taxable income; and a reduction of 50% for nine following years. Imports and recycled/processed commodities and services in the non-tariff zone are exempted from VAT and special consumption tax. And all products processed, recycled or assembled within the non-tariff zone are exempted from export tax.
By Hoàng Phương
