Vietnam, Laos prepare to set up joint cross-border economic zone
Vietnam, Laos prepare to set up joint cross-border economic zone
The administration of northern Vietnam’s Quang Tri Province and its border Laotian counterpart Savannakhet are seeking opinions for a project to pilot building a Lao Bao - Densavan joint cross-border economic and trade zone to boost multifaceted cooperation between the localities and the two countries in general.
The Lao Bao International Border Gate area, in northern Vietnam’s Quang Tri Province, where the Lao Bao - Densavan joint cross-border economic and trade zone is expected to be built in the coming time. Photo: Quoc Nam / Tuoi Tre |
The two provinces on Friday afternoon jointly hosted a workshop in Quang Tri’s Lao Bao Town to seek consultations from scientists as well as business communities of both countries regarding the establishment of the joint economic and trade zone in the coming time.
The event attracted more than 200 delegates including government officials, experts, researchers and entrepreneurs from both countries.
Under the draft project, the zone is expected to cover the Lao Bao Special Economic and Trade Zone in Quang Tri, covering 15,854 hectares, and the Savannakhet-based Densavan Border Trade Zone, which is 19km long along the Sepon River and 1km wide.
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| A part of the Lao Bao International Border Gate in Quang Tri Province, northern Vietnam, is seen in this image. Photo: Quoc Nam / Tuoi Tre |
The zone will be a common economic space where the unified policies, rules and standards will be adopted and a number of preferential mechanisms and policies will be applied at higher levels than those in each country, with an aim to attract investors, said Ha Sy Dong, permanent deputy chairman of the Quang Tri administration.
Under the project, the zone will be operated in a connection of infrastructure and policies between the two counties, but each side will be responsible for building and management of the part of the zone located in its territory.
“In order to implement the project, Vietnam and Laos need to promulgate, adjust or synchronize relevant policies and mechanisms. This is a process that needs to be carried out step by step,” Dong said.
Leaders of Quang Tri and Savannakhet requested concerned agencies of the two countries to advise the two governments to sign an agreement on piloting the joint cross-border economic and trade zone to form a legal foundation for the two provinces set up a common mechanism for coordination in organization, management and operation of the zone, the Vietnam Government Portal (VGP) reported.
The seminar also heard delegates proposed a number of preferential incentives that should be given to enterprises that will operate in the zone.
Such enterprises must be protected by the laws of both countries during their operating periods according to investment certificates issued to them, delegates said.
Participants also emphasized the tackling of obstacles related to mechanism, policies and infrastructure for the new trade zone.
The zone should be developed towards a ‘new model of free trade zone,’ which includes new-generation international logistics centers and green industrial parks, as well as smart and creative urban areas, many attendants said.
The establishment of such a zone has been among the common concerns of the governments of Vietnam and Laos and the two border provinces in further promoting bilateral cooperation in various fields including trade, investment and logistics.
