Decision No. 54/2008/QD-TTg dated April 28, 2008 of the Prime Minister on the establishment and the promulgation of the operation regulation of Nam Phu Yen economic zone, Phu Yen province

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Issuing body:	Prime Minister	Effective date:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Official number:	54/2008/QD-TTg	Signer:	Nguyen Tan Dung
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Issuing date:	28/04/2008	Effect status:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Fields:	Investment , Organizational structure , Policy

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THE PRIME MINISTER --------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ----------
No. 54/2008/QD-TTG	Hanoi, April 28, 2008

DECISION

ON THE ESTABLISHMENT AND THE PROMULGATION OF THE OPERATION REGULATION OF NAM PHU YEN ECONOMIC ZONE, PHU YEN PROVINCE

THE PRIME MINISTER

Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the November 29, 2005 Investment Law;
At the proposal of the president of Phu Yen province Peoples Committee and the Minister of Planning and Investment,

DECIDES:

Article 1. To establish Nam Phu Yen economic zone, Phu Yen province

Article 2. To promulgate together with this Decision the Operation Regulation of Nam Phu Yen economic zone, Phu Yen province.

Article 3. This Decision takes effect 15 days after its publication in CONG BAO.

The president of Phu Yen province Peoples Committee, ministers, heads of ministerial-level agencies and heads of government-attached agencies shall implement this Decision.

THE PRIME MINISTER

Nguyen Tan Dung

OPERATION REGULATION

OF NAM PHU YEN ECONOMIC ZONE, PHU YEN PROVINCE
(Promulgated together with Decision No. 54/2008/QD-TTg of April 28, 2008, of the Prime Minister)

Chapter I.

GENERAL PROVISIONS

Article 1. This Regulation provides for the operation of, a number of policies towards, and the state management of, Nam Phu Yen economic zone; rights and obligations of investors conducting investment, goods trading and service provision activities and investors conducting infrastructure investment and development activities in Nam Phu Yen economic zone.

Article 2.

1. Nam Phu Yen economic zone is an area with delimited geographical boundaries, belonging to the national territory and sovereignty, but having a separate economic space with a favorable and equitable investment and business environment, comprising functional zones, socio-technical infrastructure works, service and public facilities, with long-term stable preferential and incentive policies and relaxed mechanisms creating favorable conditions for investors to feel secure in investing in production development, goods trading and service provision within the current and increasingly improved legal framework.

2. Nam Phu Yen economic zone lies in the southeast of Phu Yen, bordering on Da Rang river to the north, Van Ninh district of Khanh Hoa province to the south, national highway 1A to the west and East Sea to the east.

It occupies a natural area of 20,730 ha, embracing Phu Lam ward of Tuy Hoa city, Hoa Tam, Hoa Hiep Bac, Hoa Hiep Trung and Hoa Hiep Nam communes, and part of Hoa Xuan Nam, Hoa Xuan Dong and Hoa Vinh communes of Dong Hoa district.

Article 3.

1. Key development objectives of Nam Phu Yen economic zone:

To build and develop Nam Phu Yen economic zone into a general, multi-branch and multi-function economic zone centering on oil-refining, petro-chemical and post-oil industries; consumer goods industry, processing industry and export, in association with the development and effective exploitation of Vung Ro port and Tuy Hoa airport. To build Nam Phu Yen economic zone into a geographical area of breakthrough development in Phu Yen province; an important development pole, an international trade exchange center, an industrial center and a big seaport of the southern central region and Central Highlands; having synchronous infrastructure systems and modern urban centers. To create prerequisites for socioeconomic development of Phu Yen province and its vicinities.

2. Specific objectives:

- To efficiently tap the advantages in natural conditions, geographical location, economic and political positions for international and domestic trade and service exchange in order to boost regional economic development; spread its development to nearby regions and proceed to narrowing the development gap with other provinces in the region and the whole country;

- To focus on building material foundations and synchronous and modern infrastructure of Nam Phu Yen economic zone;

- To form spearhead sub-branches and products of high quality and competitiveness in various industries, services and agriculture, aiming to create conditions and strengths for long-term development;

- To generate more jobs, raise the quality of human resources; to make decisive contributions to economic and labor restructuring toward modernization;

- To build a zone with a favorable investment and business environment, the most preferential and incentive mechanisms and policies, and a highly efficient management apparatus to attract investment;

- To develop Nam Phu Yen economic zone in close association with environmental protection and sustainable development, combining socio-economic development with the maintenance of national security and defense as well as social order and safety, contributing to firmly preserving the national sovereignty and territorial integrity.

Article 4. The Government encourages and protects Vietnamese organizations and individuals of all economic sectors, overseas Vietnamese and foreign investors participating in investment, production and business activities in Nam Phu Yen economic zone in the following domains: infrastructure development, industrial development, development of urban centers, ports and airports, commercial business, service provision, tourism, entertainment and recreation, finance and banking, transport, insurance, education and training, culture, physical training and sports, science and technology, healthcare, housing, goods export and import as well as other production and business activities under Vietnamese law and international treaties to which Vietnam is a contracting party.

Article 5.

1. Investors investing in goods production and trading, service provision in Nam Phu Yen economic zone enjoy the following rights:

a/ To be transferred land use rights, to rent or re-rent land areas on which technical infrastructure has been constructed in Nam Phu Yen economic zone by infrastructure developers under relevant provisions of land law to construct workshops and architectural works for goods production and trading or service provision;

b/ To rent or purchase workshops, offices, warehouses and yards already built in Nam Phu Yen economic zone for goods production and trading, service provision under contracts signed with infrastructure developers;

c/ To use at a charge technical infrastructure, service and public facilities in Nam Phu Yen economic zone, including roads, seaports, water supply and drainage, power supply, information and communications, waste water treatment, waste treatment and other general services in Nam Phu Yen economic zone under contracts signed with infrastructure developers;

d/ To enjoy investment incentives and other lawful interests defined in this Regulation and land, investment, tax and other relevant laws as well as treaties to which Vietnam is a contracting party.

2. Investors conducting investment, goods trading and service provision activities in Nam Phu Yen economic zone have the following obligations:

a/ To observe the provisions of this Regulation and the detailed planning on functional areas approved by competent state bodies; to use the assigned, leased or sub-leased land for proper purposes;

b/ To create conditions for infrastructure developers to maintain and upgrade infrastructure of functional areas, technical infrastructure and service as well as public facilities on land areas used by organizations and individuals in Nam Phu Yen economic zone;

c/ To pay land rents, workshop, warehouse and yard rent or purchase charges for the use of infrastructure in functional zones, technical infrastructure and service as well as public facilities in Nam Phu Yen economic zone to infrastructure developers under signed contracts;

d/ To fulfill tax, customs, environmental protection and other obligations in accordance with law;

e/ To follow the regime of monthly, quarterly and annual report on activities to the Nam Phu Yen Economic Zone Management Board.

Article 6.

1. Investors (excluding those defined at Point d, Clause 4, Article 3 of the Investment Law) investing in the construction and commercial operation of all or several of infrastructure items in the functional zones, technical infrastructure, service and public facilities in Nam Phu Yen economic zone (below collectively referred to as infrastructure developers) have the following rights:

a/ To lease land or re-assign land with the collection of land use levies, to re-assign land without the collection of land use levies under relevant provisions of land law for construction and commercial operation of infrastructure of functional zones, technical infrastructure, service and public facilities in Nam Phu Yen economic zone.

b/ To transfer land use rights, to sub-lease land with constructed technical infrastructure in Nam Phu Yen economic zone to investors for goods production and trading or service provision activities in Nam Phu Yen economic zone under relevant provisions of land law;

c/ To collect charges for the use of infrastructure of functional zones, technical infrastructure, service and public facilities in Nam Phu Yen economic zone, which are constructed and dealt in by infrastructure developers under contracts signed with the lessees;

d/ To build workshops, warehouses and yards under planning in Nam Phu Yen economic zone for sale or lease;

e/ To fix prices for lease or sub-lease of land with constructed technical infrastructure, charges for the use of technical infrastructure, service and public facilities in Nam Phu Yen economic zone according to current legal provisions and the agreement of the Nam Phu Yen Economic Zone Management Board; to set prices for lease or sale of workshops, warehouses and yards, and service charges;

f/ To lease or sublease parts or all of land areas not yet leased to investors (excluding those defined at Point d, Clause 4, Article 3 of the Investment Law) that have financial capability and experience in investment attraction for land sublease and investment capital raising under the provisions of land law;

g/ To enjoy investment incentives and other lawful interests defined in this Regulation and land, investment, tax and other relevant laws as well as international treaties to which Vietnam is a contracting party.

2. Infrastructure developers in Nam Phu Yen economic zone have the following obligations:

a/ To build infrastructure of functional areas, technical infrastructure, service and public facilities in Nam Phu Yen economic zone strictly according to the detailed planning, design and schedule already approved by competent state bodies.

The Nam Phu Yen Economic Zone Management Board shall decide on termination of the operation of projects on construction and commercial operation of infrastructure of functional areas, technical infrastructure, service and public facilities in Nam Phu Yen economic zone with regard to the cases defined in the Governments Decree No. 108/2006/ND-CP of September 22, 2006, detailing and guiding the implementation of the Investment Law; and, at the same time, propose competent bodies to recover land assigned to the projects according to land law;

b/ To maintain infrastructure of functional areas, technical infrastructure, service and public facilities in Nam Phu Yen economic zone in order to ensure their quality.

c/ To observe the provisions of this Regulation; the detailed planning on functional areas, already approved by competent state bodies; to use assigned or leased land for proper purposes;

d/ To fulfill tax, customs and other obligations according to law;

e/ To follow the regime of monthly, quarterly and annual reports to the Nam Phu Yen Economic Zone Management Board.

Article 7.

1. Annually, based on socio-economic infrastructure investment projects approved by competent authorities and project execution progress, the central budget shall provide targeted additional allocations to Phu Yen provinces budget for investment in the construction of socio-economic infrastructure and service and public facilities in Nam Phu Yen economic zone according to the provisions of law on state budget.

2. The following modes of capital raising for investment in and development of Nam Phu Yen economic zone are permitted:

a/ Prioritizing ODA capital sources and preferential credit capital for investment in the construction of socio-technical infrastructure, service and public facilities of Nam Phu Yen economic zone and other technical supports;

b/ Attracting investment capital in BOT, BTO, BT and other forms according to current regulations;

c/ Raising capital from land funds according to the provisions of land law for investment in the development of socio-technical infrastructure for common use in Nam Phu Yen economic zone;

d/ Raising direct investment capital of domestic and foreign organizations and individuals; advance capital of those wishing to use infrastructure, and capital of enterprises functioning to construct and deal in technical infrastructure. Expanding the form of co-sponsored credit of credit institutions and raising capital sources in other forms in accordance with law;

e/ Issuing local bonds to raise investment capital for large infrastructure construction projects playing a key role in the development of Nam Phu Yen economic zone according to the provisions of law.

Chapter II

ORGANIZATION AND OPERATION OF NAM PHU YEN ECONOMIC ZONE

Article 8.

1. Nam Phu Yen economic zone comprises two principal functional areas: the non-tariff area and the tariff area.

- The non-tariff area is an area determined in the general planning on socio-economic development and the general planning on construction in association with part of Vung Ro and Bai Goc seaports. The non-tariff area is separated from the tariff area in Nam Phu Yen economic zone and inland Vietnam by a system of fence walls with entrance and exit gates, ensuring conditions for control by relevant functional bodies. In the non-tariff area is located a customs office to inspect, supervise and carry out customs procedures for goods transported in and out of the non-tariff area. In the non-tariff area, there are no residential areas, no permanent residents nor temporary residents (including foreigners).

- The tariff area is the remaining area of Nam Phu Yen economic zone. In the tariff area, there exist other functional zones such as industrial parks, export processing zones, entertainment and recreation zone, tourist and service zones, urban centers, population quarters and administrative zones, etc.

The size and location of each functional zone is determined in the general planning on construction of Nam Phu Yen economic zone, approved by the Prime Minister.

2. The Nam Phu Yen Economic Zone Management Board may hire foreign consultancy firms to participate in elaborating the detailed planning on such functional zones as urban centers, non-tariff area, tourist resorts and other functional zones suitable to the master plan.

Article 9. Key production and business activities in the non-tariff area

1. Transit of goods, receipt, transshipment and transport of goods from Vietnam to overseas and vice versa.

2. Production, processing, reprocessing and assembly of exports, imports and goods for local consumption.

3. Trade in goods covering export, import, transit, temporary import for re-export, distribution, retail shops and supermarkets, duty-free shops and supermarkets.

4. Trade in services covering sorting, packaging, transportation and delivery of transit goods, preservation, storage, bonded warehouses, post and telecommunications, finance, banking, transport, insurance, entertainment and recreation, restaurants.

5. Trade promotion covering trade fairs and exhibitions, showrooms, branches and representative offices of domestic and foreign companies, financial institutions and banks and other commercial activities.

Article 10.

1. Goods and service exchange relations between the non-tariff area and foreign countries as well as between economic organizations within the non-tariff area comply with the regulations on exchange relations between foreign countries. Economic organizations operating in the non-tariff area may export to, and import from, foreign countries goods and services not banned from export and import by Vietnamese law. Goods imported from overseas into the non-tariff area or goods exported overseas from the non-tariff area are not liable to import tax or export tax (except goods defined in Clause 2, Article 15 of this Regulation).

2. The duration of goods storage in the non-tariff zone is not limited.

3. Foreign ships are permitted to directly enter the non-tariff area for goods receipt and delivery, without having to carry out entry and exit procedures for people, but are only required to carry out entry and exit procedures at Buoy No.0.

Article 11.

1. Goods carried in and out of the tariff area of Nam Phu Yen economic zone must comply with legal provisions on customs, export tax, import tax and may go through the most convenient customs procedures.

2. Goods are freely circulated between the tariff area and inland Vietnam.

Article 12.

1. Goods and service exchange relations between the non-tariff area and the tariff area (excluding the export processing zone) in Nam Phu Yen economic zone as well as inland Vietnam comply with the regulations on exchange relations between foreign countries and Vietnam and current legal provisions on customs, export and import taxes. The goods and service exchange relations between the non-tariff area and the export processing zone in Nam Phu Yen economic zone comply with the regulations on exchange relations between foreign countries.

2. Investors investing in goods production and trading or service provision in the tariff area in Nam Phu Yen economic zone and inland Vietnam may only import from the non-tariff area goods and services not banned or restricted from import by Vietnamese law and may sell into the non-tariff area goods and services not banned from export by Vietnamese law.

Article 13. Foreign investors are permitted to invest and deal in international telecommunication services exclusively serving Nam Phu Yen economic zone, with the charge rates to be decided by the investors themselves, which are suitable to the international integration roadmap Vietnam has committed.

Chapter III

INVESTMENT INCENTIVES

Article 14.

1. Investors may opt for investment projects in Nam Phu Yen economic zone (except investment projects banned under the provisions of investment law).

2. Domestic investment projects and foreign-invested projects in Nam Phu Yen economic zone may go through a fast and convenient process of investment registration and examination for the grant of investment certificates.

3. Investment projects in Nam Phu Yen economic zone may enjoy incentives applicable to geographical areas with particularly difficult socio-economic conditions under the Investment Law, the Land Law, the Law on Corporate Income Tax, the Law on Import Tax and Export Tax, the Law on Cooperatives and other legal provisions on tax.

4. Investors are exempt from import tax for 5 years, counting from the date of commencing their production, for goods being raw materials, supplies, components and semi-finished products, which cannot be produced at home yet and may be imported for production in Nam Phu Yen economic zone.

5. Vietnamese and foreigners working in Nam Phu Yen economic zone enjoy a 50% reduction of personal income tax on income earners liable to personal income tax.

6. In addition to the incentives specified in this Regulation, the following investment projects of investors in Nam Phu Yen economic zone are entitled to the corporate income tax rate of 10% throughout the period of project execution:

a/ Hi-tech projects defined in Clause 2, Article 5 of the Regulation on Hi-Tech Parks, promulgated together with the Governments Decree No. 99/2003/ND-CP of August 28, 2003;

b/ Projects on the list of domains entitled to special investment incentives and exerting great socio-economic impacts, and submitted by the Finance Ministry to the Prime Minister for decision in case of necessary higher incentives.

Article 15.

1. Goods exported or imported in the following cases are not liable to export or import tax:

a/ Goods imported from overseas or other non-tariff areas into the non-tariff area in Nam Phu Yen economic zone;

b/ Goods exported overseas from the non-tariff area;

c/ Goods transferred from the non-tariff area or sold to other non-tariff areas or export processing enterprises in the Vietnamese territory;

d/ Goods not liable to export tax and originating from inland Vietnam and carried into the non-tariff area (except goods defined in Clause 2 of this Article).

2. Goods liable to export tax, originating from the tariff area in Nam Phu Yen economic zone and inland Vietnam and carried into the non-tariff area for export overseas, which have not been produced, processed, reprocessed or assembled into products in the non-tariff area are liable to export tax, comply with the export procedures according to current regulations and are subject to customs inspection and supervision.

3. Goods originating from foreign countries and not on the list of goods banned or restricted from import, carried from the non-tariff area into the tariff area (excluding the export processing zone) in Nam Phu Yen economic zone and inland Vietnam are liable to import tax, comply with the import procedures according to current regulations and are subject to customs inspection and supervision.

4. Goods produced, processed, reprocessed and/or assembled in the non-tariff area with the use of raw materials or components imported from overseas, when being imported into the tariff area (excluding the export processing zone) in Nam Phu Yen economic zone and inland Vietnam, are liable to import tax only on the imported raw materials or components constituting such goods, to the import procedures according to current regulations, and subject to customs inspection and supervision.

5. Goods and services which are turned out and consumed in the non-tariff area, and goods and services imported from overseas into the non-tariff area are not liable to value added tax. Goods and services introduced from inland Vietnam and the tariff area in Nam Phu Yen economic zone into the non-tariff area are entitled to the VAT rate of 0%. Goods and services brought from the non-tariff area into inland Vietnam and the tariff area (excluding the export processing zone) in Nam Phu Yen economic zone are liable to value added tax according to current regulations.

6. Goods and services liable to special consumption tax which are turned out and consumed in the non-tariff area or imported from overseas into the non-tariff area are not liable to special consumption tax (except articles liable to special consumption tax under the provisions of law on special consumption tax).

7. Goods and services liable to special consumption tax which are brought from the non-tariff area into the tariff area in Nam Phu Yen economic zone and inland Vietnam are liable to special consumption tax.

8. Production raw-materials and supplies which are imported from overseas by domestic or foreign organizations or individuals conducting goods production, trading or service activities in the non-tariff area and not used up, and by-products which still have some commercial value, are permitted for sale into the tariff area (excluding the export processing zone) in Nam Phu Yen economic zone and inland Vietnam after the completion of customs procedures and the payment of import tax according to current regulations.

9. Investment projects for export production and transit goods transportation comply with general regulations.

Article 16. Investors (except those defined at Point d, Clause 4, Article 3 of the Investment Law) may invest in the construction of dwelling houses for sale or lease, invest in the construction of infrastructure in functional zones for lease, sublease or transfer of the rights to use land on which infrastructure has been constructed in Nam Phu Yen economic zone according to relevant provisions of land law. Overseas Vietnamese may buy residential houses associated with the rights to use residential land in Nam Phu Yen economic zone; foreigners permanently residing in Vietnam and foreign investors may rent residential houses associated with the rights to use residential land in Nam Phu Yen economic zone according to the housing law and land law.

Article 17. The single- price policy regarding goods, services and land rents is applicable to organizations and individuals, both domestic and foreign, that conduct production and business activities in Nam Phu Yen economic zone.

Chapter IV

USE OF LAND IN NAM PHU YEN ECONOMIC ZONE

Article 18.

1. The entire land and water surface areas reserved exclusively for the construction and development of the industrial park, export processing zone and non-tariff area in Nam Phu Yen economic zone and included in the general planning on construction of Nam Phu Yen economic zone, approved by the Prime Minister, and the detailed planning on construction of functional quarters in Nam Phu Yen economic zone, approved by Phu Yen province Peoples Committee, are assigned at a time by Phu Yen province Peoples Committee to the Nam Phu Yen Economic Zone Management Board for organization of construction and development. Phu Yen province Peoples Committee shall direct the recovery of land and water surface areas planned for construction of functional zones in Nam Phu Yen economic zone.

2. Phu Yen province Peoples Committee shall direct the recovery of land and water surface areas used under the detailed land use plans for the remaining functional zones and other purposes in Nam Phu Yen economic zone for assignment to the Nam Phu Yen Economic Zone Management Boards under the approved detailed land use plans for organization of the construction and development of the zone.

3. Phu Yen province Peoples Committee shall direct the Peoples Committees of Tuy Hoa city and districts with land lying in Nam Phu Yen economic zone to coordinate with the Nam Phu Yen Economic Zone Management Board in carrying out compensation and ground clearance with regard to the land and water surface areas already recovered by competent state bodies and assigned to the Nam Phu Yen Economic Zone Management Board for allocation or lease to land users and for resettlement of households having land recovered according to the provisions of land law.

The Nam Phu Yen Economic Zone Management Board shall manage and efficiently use the assigned land and water surface funds for proper land use purposes and in line with the general planning on construction of Nam Phu Yen economic zone, approved by the Prime Minister, and the detailed construction planning, the detailed land use planning and plan approved by Phu Yen province Peoples Committee.

4. For cases of land allocation or lease without going through land use right auctions or bidding for projects involving land use:

On the basis of land prices and the levels of land use levy reduction or exemption and the levels of land rent reduction or exemption prescribed by Phu Yen province Peoples Committee, and the provisions of law on investment and land, the Nam Phu Yen Economic Zone Management Board shall decide on the rates of land or water surface use levy, land or water surface rent; levels of land or water surface use levy reduction or exemption; and levels of land or water surface rent reduction or exemption in order to encourage investment.

5. For cases of land re-allocation with the collection of land use levies or land lease in the form of land use right auction or bidding for projects involving land use: Based on the financial scheme and land prices approved by Phu Yen province Peoples Committee, the Nam Phu Yen Economic Zone Management Board shall decide on the reallocation or lease of land or water surface areas for which compensation and ground clearance have been carried out to land users according to the land law.

6. Investors being domestic organizations or individuals and overseas Vietnamese may be allocated or leased land; investors being foreign organizations or individuals may rent land for the execution of investment projects in Nam Phu Yen economic zone and have the rights and obligations relevant to the forms of land assignment or lease under the land law.

Article 19. The State provides investment supports for the construction of technical infrastructure to the fences of functional zones in Nam Phu Yen economic zone; supports for compensations and ground clearance in functional zones and the resettlement of households with land recovered; supports for investment in the construction of central wastewater and waste treatment facilities of functional zones under national target programs on investment supports.

Article 20. Investors, before building production and business works, infrastructure in functional zones, technical infrastructure and service and public facilities in Nam Phu Yen economic zone, shall file application dossiers with the Nam Phu Yen Economic Zone Management Board under the construction law. Within seven working days after the receipt of complete and valid dossiers, the Nam Phu Yen Economic Zone Management Board shall examine, decide and reply the investors in writing.

In the course of construction of works, if detecting historical or cultural relics, the Law on Cultural Heritages must be complied with.

Article 21. The management of construction of production and business works, infrastructure in functional zones, technical infrastructure and service and public facilities in Nam Phu Yen economic zone complies with the construction law.

Chapter V

FINANCIAL REGIMES, LABOR, BUSINESS ORGANIZATION, EXIT, ENTRY, RESIDENCE AND COMMUNICATION

Article 22.

1. Foreigners and overseas Vietnamese working or conducting investment or business activities in Nam Phu Yen economic zone and their family members are granted multiple visas with a validity period suitable to their respective working, investment or business duration in the zone: may reside or temporarily reside for given periods in the zone and Vietnam.

2. Tourists arrive at the seaports of Nam Phu Yen economic zone on foreign ships under contracts signed with domestic tourist companies may fill in the entry procedures at the seaports.

The Ministry of Public Security shall guide Phu Yen province Police Department in implementing Clauses 1 and 2 of this Article.

3. The Nam Phu Yen Economic Zone Management may grant work permits to foreign laborers and overseas Vietnamese working or conducting investment, production and business activities in Nam Phu Yen economic zone under labor law.

The Ministry of Labor, War Invalids and Social Affairs shall guide the Nam Phu Yen Economic Zone Management Board in implementing Clause 3 of this Article.

Article 23. The purchase, sale, payment, assignment of goods or services and other transactions between economic organizations and individuals in the non-tariff area can be carried out in freely convertible currencies via bank accounts. The trading of common goods in service of daily-life activities shall be paid in Vietnam dong.

Article 24.

1. Commercial banks and credit institutions set up and operating under the Law on Credit Institutions are allowed to open their branches in Nam Phu Yen economic zone for the performance of credit functions in Vietnam dong and foreign currencies for economic activities in the zone according to current regulations.

2. Goods carried in or out of the non-tariff areas must all be valued in freely convertible currencies; fees paid to state management bodies in Nam Phu Yen economic zone are calculated in Vietnam dong and other charges and fees are calculated in freely convertible currencies or Vietnam dong under current regulations on foreign exchange management.

Chapter VI

STATE MANAGEMENT OF NAM PHU YEN ECONOMIC ZONE

Article 25.

1. The Nam Phu Yen Economic Zone Management Board is set up by the Prime Ministers decision at the proposal of the president of Phu Yen province Peoples Committee and the Minister of Home Affairs.

2. The Nam Phu Yen Economic Zone Management Board is a state management body attached to Phu Yen province Peoples Committee, directly performing the centralized and unified management of investment, construction and economic development activities of Nam Phu Yen economic zone under this Regulation, planning, plans and schedules already approved by competent state bodies and relevant law.

3. The Nam Phu Yen Economic Zone Management Board has the legal person status, accounts and national-emblem seal; working office; full-time staff; non-business operation fund; and development investment capital allocated from the state budget under annual plans.

4. The head of the Nam Phu Yen Economic Zone Management Board shall be appointed by the president of Phu Yen province Peoples Committee; his/her deputies shall be appointed by the president of Phu Yen province Peoples Committee at the proposal of the head of the Nam Phu Yen Economic Zone Management Board.

Article 26. The Nam Phu Yen Economic Zone Management Board has the tasks and powers defined in this Regulation, the investment laws, and other relevant laws, and the following tasks and powers:

1. To formulate the general planning on construction of Nam Phu Yen economic zone for Phu Yen province Peoples Committee to submit it to the Prime Minister for approval; to elaborate a detailed planning on functional zones, detailed planning and plans on the use of land in Nam Phu Yen economic zone and submit them to Phu Yen province Peoples Committee for approval; to organize the management, dissemination, guidance, inspection and examination of the implementation of the Operation Regulation, master plan, general planning, detailed planning and plans already approved by competent state bodies.

2. To make a list of investment projects and annual as well as five-year plans on development investment capital and submit them to competent bodies for approval, and organize their implementation.

3. To grant, adjust and withdraw investment certificates; business registration certificates; permits for establishment of trade representative offices or branches; permits for establishment of representative offices or branches of enterprises; work permits for foreigners or overseas Vietnamese working or conducting investment and business activities; certificates of origin from Nam Phu Yen economic zone and other permits as well as certificates under authorization of competent state bodies.

4. To assign land with the collection of land use levies, to assign land without the collection of land use levies, to lease special-use land or water surface to investors wishing to use land in Nam Phu Yen economic zone under land law.

5. To formulate the price, charge and fee rate frames applicable in Nam Phu Yen economic zone and submit it to competent state bodies for consideration and promulgation according to law.

6. To act as a focal point in settling matters arising in the course of formulating, deploying and executing investment projects or conducting business activities in Nam Phu Yen economic zone.

7. To coordinate with the local administration and concerned bodies in ensuring that all activities in Nam Phu Yen economic zone are compliant with this Regulation, planning and plans on construction and development of Nam Phu Yen economic zone already approved by competent state bodies.

8. To perform the tasks of managing and using development investment capital sources in Nam Phu Yen economic zone, managing construction projects funded by development investment capital from the state budget in the zone according to regulations.

9. To organize, deploy, introduce, negotiate and promote investment, trade, tourism and services at home and abroad. To draw up programs on investment, trade, tourism and service promotion and submit them to competent bodies for approval and organize their implementation.

10. To formulate plans on human resource development, aiming to meet Nam Phu Yen economic zones demand and submit them to Phu Yen province Peoples Committee for approval and implementation organization.

11. To periodically report to relevant ministries and branches as well as Phu Yen province Peoples Committee on the implementation of planning and plans on construction and development of Nam Phu Yen economic zone.

12. To perform other tasks assigned in each period by Phu Yen province Peoples Committee.

Article 27.The Nam Phu Yen Economic Zone Management Board may collect charges or fees for the use of infrastructure and public facilities in Nam Phu Yen economic zone according to the law on charges and fees.

Article 28. Phu Yen province Peoples Committee has the responsibilities:

1. To organize the formulation of the general planning on construction of Nam Phu Yen economic zone and submit it to the Prime Minister for approval, which serves as a basis for investment and long-term development of the zone.

2. To approve the detailed planning on functional sub-zones in Nam Phu Yen economic zone, detailed planning and plans on the use of land in the zone; to recover and assign land to the Nam Phu Yen Economic Zone Management Board for the construction and development of the zone under Clauses 1 and 2, Article 18 of this Regulation.

3. To set land prices, land use levy exemption and reduction levels; and land rent exemption and reduction levels in Nam Phu Yen economic zone for cases of re-assignment of land or land lease without going through land use right auctions or bidding for projects involving land use, and approve the financial schemes and prices for cases of land use right auction or bidding for projects involving land use.

4. To perform the function of state management of investment projects in Nam Phu Yen economic zone according to the approved planning; to submit for approval or to approve according to its competence lists of development investment projects and annual development investment capital plans in the zone.

5. To promulgate specific preferential and incentive policies suitable to current regulations in order to prioritize the recruitment and employment of local laborers; to support in vocational training for local labor forces; create conditions for local laborers to be able to work for enterprises in Nam Phu Yen economic zone; to encourage and attract professionally qualified and skilled laborers from other localities to come and work in the zone.

6. To support in building dormitories for workers; to support the construction of resettlement quarters; support the development of socio-technical infrastructure and service and public facilities according to the Law on State Budget; to support investment and trade promotion; to support compensation and ground clearance in order to speed up the process of investment and development of Nam Phu Yen economic zone.

7. To direct and organize the coordination between local administrations as well as functional bodies and the Nam Phu Yen Economic Zone Management Board in compensation and ground clearance and application of measures to maintain security, social order and safety, creating conditions for enterprises in Nam Phu Yen economic zone to operate smoothly.

8. To provide non-business and administrative funds as well as development investment capital from the state budget for the Nam Phu Yen Economic Zone Management Board under annual plans and the prvisions of state budget law.

9. To direct provincial functional agencies to coordinate with and facilitate the Nam Phu yen Economic Zone Management Board to fully observe the provisions of this Regulation; to coordinate with concerned ministries and branches in the organization of implementation and management activities to help Nam Phu Yen economic zone develop quickly and sustainably.

Article 29.

1. Ministries, ministerial-level agencies, government-attached agencies and Phu Yen province Peoples Committee shall, within the ambit of their respective functions, tasks and powers, perform the state management of branches, domains and territory over Nam Phu Yen economic zone; guide the Nam Phu Yen Economic Zone Management Board in performing several state management tasks in the investment, construction, planning and management of natural resources and environment; urban management and development, management of land, labor, export and import and some other fields according to law and this Regulation on the one-site and on-spot principle, aiming to create favorable conditions for investment, production and business activities of investors in Nam Phu Yen economic zone, and respond to the development investment requirements of the zone.

2. For domains neither decentralized nor authorized to the Nam Phu Yen Economic Zone Management Board, ministries, ministerial-level agencies and Phu Yen province Peoples Committee shall perform the state management of Nam Phu Yen economic zone by organizing their attached units within the zone (excluding the state management of banks) and apply mechanisms of coordination between these units and the Nam Phu Yen Economic Zone Management Board in exercising their delegated competence.

Article 30. Nam Phu Yen economic zones customs office shall supervise and manage goods circulated between the non-tariff sub-zone and foreign countries as well as goods circulated between the non-tariff sub-zone and the rest of the Vietnamese territory.

Chapter VII

IMPLEMENTATION PROVISIONS

Article 31. Other matters related to the activities, rights and obligations of domestic and foreign organizations as well as individuals conducting goods production or trading or service provision and enterprises investing in the construction and commercial operation of infrastructure in Nam Phu Yen economic zone which are not prescribed in this Regulation must comply with relevant provisions of the laws on investment, enterprises, cooperatives, customs, land construction, commerce, labor, environmental protection, tax and other relevant laws as well as treaties to which Vietnam is a contracting party.

Article 32. Domestic and foreign organizations and individuals having conducted investment, goods production and trading, or service provision activities in Nam Phu Yen economic zone before the promulgation of this Regulation are entitled to incentives which are defined in this Regulation, starting from its effective date, for the remaining period like domestic and foreign organizations and individuals conducting goods production and trading or service provision activities in Nam Phu Yen economic zone.

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Decision No. 54/2008/QD-TTg dated April 28, 2008 of the Prime Minister on the establishment and the promulgation of the operation regulation of Nam Phu Yen economic zone, Phu Yen province

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