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Vietnam Prime Minister Approves the Fundings of 8 Border Gate Economic Zones

Prime Minister Nguyen Xuan Phuc has agreed on the proposal to select 8 border gate economic zones as investment priorities for the 2021-25 period.

8 border gate economic zones (EZs) are:

  • Mong Cai (Quang Ninh province)

  • Dong Dang – Lang Son (Lang Son province)

  • Lao Cai (Lao Cai province)

  • Cao Bang (Cao Bang province)

  • Cau Treo (Ha Tinh province)

  • Lao Bao (Quang Tri province)

  • Moc Bai (Tay Ninh province)

  • An Giang (An Giang province)

The Prime Minister has assigned different duties relating to the border gate economic zones to organizations:

  • Ministry of Planning and Investment (MPI): direct and guide localities to mobilise other legal capital sources to construct the infrastructure systems, ensuring the sustainable development of border gate economic zones.

  • Local people’s committees: set up and assess investment portfolios in compliance with objectives, principles, and quotas of the state budget allocation for 2021 – 2025.

  • Local authorities where the 8 key zones are located: arrange the state capital for their development throughout the period

Vietnam is set to see very strong growth in trade over the coming years, Hence, the country is making enormous efforts in improving and easing their border gates for better transportation and procedures. Trade facilitation can contribute to reducing the wedge between export and import prices. In reducing trade costs, prices for consumers and firms that import inputs for production decrease and, in turn, profits increase, especially at important border gates where greater trade volume takes place. To achieve desirable profits, selecting key border gates to make more focused investment is the first step. Contact Broad Avenue Team right now and let us share with you the illuminating insights in investment.

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