Phu Quoc Island will be the only coastal economic zone that is applicable to the law.
The revised Law on Entry, Exit, Transit, and Residence of Foreigners in Vietnam now allows foreign investors with investment of over US$4.3 million (VND100 billion) to reside up to 10 years in coastal economic zones, instead of five as stipulated in the previous version, Dan Tri Newspaper reported.
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Meanwhile, investors with investment of less than US$130,000 (VND3 billion) is permitted to stay for less than one year in Vietnam.
According to a report on Vietnam Insider, the revised law, scheduled to become effective on July 1, 2020, aims to support foreigners immigrating into Vietnam and contribute to socio-economic development and national security, said Lieutenant General Luong Tam Quang, deputy minister of National Public Security, at a meeting to announce the law on December 16.
Additionally, this would help address the issue of foreigners staying long-term in Vietnam with small amount of investment capital, General Quang added.
The law also waives visa requirement for foreigners with less than 30 days of residence into coastal economic zones if those zones meet four requirements including having international airports; having defined geographical boundary; complying with socio-economic development policies; and not affecting Vietnam’s national security and public order.
The newly revised law also stipulates a visa for residence of over 30 days would come with a temporary residence card of 30 days, Quang stated, adding this would prevent cases in which foreigners take advantage of tourist visa of up to three months to commit offenses in Vietnam.
Decision to issue a 10-year residence card has been thoroughly reviewed to allow foreigners to enter coastal economic zones with ease but still ensures national security. Foreigners staying less than 30 days in Phu Quoc island are exempted from visa requirement. Phu Quoc island of Vietnam is stepping up effort to attract investment capital, about a thousand foreigners fly in Phu Quoc daily.
However, as the law on special administrative economic zone is being put on hold, the authority should be flexible in enforcing other regulations.
By Ngoc Thuy @ VietnamNet/ Vietnam Insider