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China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.China’s Shenzhen Special Economic Zone model and recommendations for Vietnam.
MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY *** MASTER THESIS CHINA’S SHENZHEN SPECIAL ECONOMIC ZONE MODEL AND RECOMMENDATIONS FOR VIETNAM Specialization: International Trade Policy and Law LE HOANG HUE MINH HANOI - 2023 MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY *** MASTER THESIS CHINA’S SHENZHEN SPECIAL ECONOMIC ZONE MODEL AND RECOMMENDATIONS FOR VIETNAM Major: International Economics Specialization: International Trade Policy and Law Code: 821109 Student name: Le Hoang Hue Minh Supervisor: Associate Professors Dr Hoang Xuan Binh Hanoi - 2023 i DECLARATION I hereby state that this thesis was entirely carried out by myself under the guidance of my supervisor - Assoc., Prof, Dr Hoang Xuan Binh; and that the work contained and the results in it are true by the author and have not violated research ethics The contents and results of this thesis are completely honest The information, data and documents which are collected from various sources for analysis and evaluation have been fully cited in the main content and in the references list of this master thesis as well I make this commitment with awareness of full understanding that in case any fraud detected in my thesis I will take all responsibility and may face disciplinary actions Hanoi , July 2023 Le Hoang Hue Minh ii ACKNOWLEDGEMENT I would like to take this opportunity to show my sincere gratitude to the people have supported me much during my period of this research accomplishing First and foremost, I am deeply grateful to my advisor, Assoc., Prof, Dr Hoang Xuan Binh, for the unwavering support and guidance throughout my master’s program His expertise and patience have been invaluable to me and his understanding for my difficulties during the time I did this research have motivated me alot and have played a crucial role in the success of this thesis Then, I am also grateful to Foreign Trade University for supplying me with the chance to conduct my research and for all of the resources and support they provided Last but not least, I am deeply thankful to my family and friends for their love and sustain during this process Without their encouragement and motivation, I would not have been able to complete this journey Hanoi, July 2023 Le Hoang Hue Minh iii TABLE OF CONTENTS DECLARATION i ACKNOWLEDGEMENT ii TABLE OF CONTENTS iii LIST OF TABLES vi LIST OF FIGURES vii LIST OF ABBREVIATIONS viii SUMMARY OF THESIS ix INTRODUCTION .1 Rationales for the research .1 Literature review .3 Research objectives Research questions Research objects and scope .7 Research methodology Research structure CHAPTER THEORITICAL BASIC FOR SPECIAL ECONOMIC ZONE 10 1.1 Concept of Special Economic Zone .10 1.2 Characteristics of Special Economic Zone 13 1.3 The historical emergence of Special Economic Zone 15 1.4 Roles of Special Economic Zone 16 1.4.1 Regarding entities in society 17 1.4.2 Regarding the sustainable development process .18 1.4.3 Regarding the economic sector 19 1.4.4 Regarding the process of industrialization and modernization .21 1.4.5 Regarding society and the environment 22 1.5 Assessment criteria for Special Economic Zone 22 1.5.1 Geographical location 22 1.5.2 Policy and legal regulations .24 1.5.3 Management structure .26 iv 1.6 Influenced factors to the development process of Special Economic Zone .28 1.6.1 Objective factors 28 1.6.2 Subjective factors 32 1.6.3 Mixed factors 35 CONCLUSION OF CHAPTER 37 CHAPTER CURRENT SITUATION OF SHENZHEN SPECIAL ECONOMIC ZONE 39 2.1 Overview of formation and development of Shenzhen Special Economic Zone 39 2.1.1 The construction context of Shenzhen Special Economic Zone 39 2.1.2 The development of Shenzhen Special Economic Zone 41 2.2 Prominent features of Shenzhen Special Economic Zone .43 2.2.1 Advantages from geographical location 43 2.2.2 Government's appropriate policies and legal regulations 46 2.2.3 Effective government organizational structure 52 2.3 Evaluating Shenzhen Special Economic Zone 54 2.3.1 Achievements 54 2.3.2 Limitations and causes .62 CONCLUSION OF CHAPTER 68 CHAPTER ORIENTATIONS AND SOME RECOMMENDATIONS FOR VIETNAM .69 3.1 Similarities between Vietnam and China in SEZs establishment 69 3.2 Overview of establishment of SEZ in Vietnam 75 3.3 Orientation of establishment of SEZ in Vietnam 84 3.3.1 General development perspectives 84 3.3.2 On institution and policy mechanisms 86 3.3.3 On organization and management systems 87 3.3.4 On strategic and development goals 88 3.4 Recommendations for Vietnam 89 v 3.4.1 For the development roadmap 89 3.4.2 For incentives and legal framework 90 3.4.3 For investment resources and strategic investors 93 3.4.4 For organization and management 94 CONCLUSION OF CHAPTER 97 CONCLUSION 98 LIST OF REFERENCES i vi LIST OF TABLES Table Potential Benefits Derived from SEZs .17 Table Tax incentives in the Shenzhen Special Economic Zone 48 Table Population Growth in the City of Shenzhen SEZ 1979-2006 .54 Table FDI Inflows in Shenzhen SEZ and other SEZs in China 1978–2008 56 vii LIST OF FIGURES Figure The population growth rate of the Shenzhen SEZ 1979 - 2009 55 Figure Total import and export value in Hong Kong, Shenzhen, Shanghai and Ningbo, 1990- 2014 58 Figure Shenzhen’s GDP per capita and utilized FDI, 1979–2009 60 Figure Shenzhen Stock Exchange Component Index 2000-2022 .61 viii LIST OF ABBREVIATIONS BOT Build – Operate – Transfer CIP Comprehensive Industrial Parks CPTPP Comprehensive and Progressive Agreement for Trans-Pacific Partnership ESCWA United Nations Economic and Social Commission for Western Asia EVFTA European Union-Vietnam Free Trade Agreement FDI Foreign Direct Investment FIAS Foreign Investment Advisory Service GDP Gross Domestic Product GDP Gross Domestic Product ODA Official Development Assistance PPP Public - Private Partnership R&D Research and Development SEAU Special Administrative-Economic Zones SEZ Special Economic Zones WTO World Trade Organization 88 provide public services for relevant organizations and individuals within the administrative area In order for the special zone, People's Committee to have sufficient authority to perform tasks and meet the requirements for promptly addressing recommendations from investors, businesses, and residents, the SEZ Law should specify the authority of the SEZ People's Congress in certain tasks and powers in the fields of defense, security, and government construction; approving mid-term socioeconomic development plans, land planning and use plans, budget decisions within the area; deciding on measures for developing education, culture, physical education, sports, healthcare for the people, family planning, policies for individuals with meritorious service, social welfare, religion, and supervising the implementation of resolutions of the People's Committee For the remaining powers and tasks in the economic, resource, and environmental fields, they are delegated to the SEZ People's Committee for organization and implementation responsibilities 3.4.4 On strategic and development goals The SEZs have clear development goals aimed at attracting FDI, technology transfer, and high-quality human resources in the context of globalization and the Fourth Industrial Revolution Attracting multinational corporations with strengths in capital, technology, and management is one of the top priorities for the construction and development of SEZs in Vietnam Vietnam can build and develop multiple SEZs, but each economic zone must have clear and focused development goals Based on the analysis of the potential and advantages of each proposed location for the SEZs, there is a need for clear mechanisms, policies, and binding standards that aim to attract FDI, especially strategic investors To ensure outstanding preferential mechanisms and policies related to socio-economic development, which are competitive at the regional and international levels, the establishment of SEZs requires the regulation of management policies in several areas directly related to investment and project implementation in the SEZs, such as planning, investment and business, land, construction, bidding, environment, trade, market opening, labor, selection of foreign laws, and simplified dispute resolution procedures, creating the most favorable conditions for investors in various fields 89 Policies related to infrastructure development, exemptions and reductions of taxes, fees, and charges, exemption of land and water rent, currency, banking, foreign exchange management, emigration, immigration, travel, temporary residence, transportation, and casino business within the SEZs are regulated with higher, superior, and more favorable incentives compared to the current regulations applied to industrial zones, SEZs, and high-tech zones, in line with Vietnam's international commitments and ensuring competitiveness compared to some SEZs worldwide, without violating the Constitution 3.5 Recommendations for Vietnam 3.5.1 For the development roadmap Based on the prerequisites and characteristics of SEZs construction, and considering the current status of various types of SEZs operating in Vietnam, feasible zones are selected, and a development pathway is constructed for each fiveyear stage (2021-2025 and 2026-2030) to gradually enhance the conditions and specific characteristics of the economic zone's development in the true sense The prerequisites (6) and characteristics (3) include: (1) Strategic location: This can be considered the most important condition It ensures the fulfillment of the economic strategic geographic position of the zone (proximity to international seaports, important transportation routes, easy connectivity with the region and international markets), adjacency to developed areas, and an important aspect for Vietnam is ensuring national security and defense; (2) Separate regulatory framework: The law needs to stipulate policies on investment in developing technical infrastructure, social infrastructure, general preferential treatment, and industry-specific preferential treatment; (3) Investment and business environment and international competitive advantages, with the selection of strategic investors; (4) Clear development strategies and objectives: targeting priority industries and professions with comparative advantages; (5) Initial state investment support: Proposing state resources to support the initial stage in constructing important infrastructure projects and developing high-quality human resources; (6) Administrative apparatus; strong decentralization and delegation of autonomy Simultaneously, 90 selecting a highly competent management team through a competitive recruitment mechanism with attractive remuneration packages In addition to the aforementioned six prerequisites, it is necessary to consider characteristics that are suitable for Vietnam's political and economic system, which are: (1) SEZs are granted higher levels of autonomy and flexibility compared to the existing laws and regulations applied to the rest of the country; (2) SEZs are granted economic and administrative autonomy at a higher level, surpassing that of the rest of the country; (3) SEZs are established with a political system, economic system, and administrative autonomy that are distinctive from the rest of the country 3.5.2 For incentives and legal framework Firstly, establishment of mechanisms, policies, and legal regulations governing the organization and operation of SEZs in Vietnam The National Assembly needs to provide guidance in establishing the Law on SEAU, which includes provisions on organizational structure, mechanisms, management policies, inspection work, and auditing in a transparent manner These units should be granted a high degree of autonomy in managing and developing their socio-economic aspects Alongside the development of the law, urgent direction should be given to ministries, sectors, and three localities planning to establish SEZs to develop a project for the formation of these zones in the upcoming phase The project should cover several key aspects, including the necessity and basis for its construction, the historical formation and development of the region intended for the establishment of the SEZ in the future, the proposed method for establishing the SEZ, implementation solutions, effectiveness assessment, and evaluation of the impact of constructing the SEZ During the process of constructing the Law on SEAU, the Ministry of Justice will review issues related to certain laws and regulations (Civil Code, Labor Code, Law on Local Government Organization, Investment Law, Enterprise Law, Land Law, Commercial Law, Budget Law, Construction Law, Housing Law, Urban Planning Law, Residency Law, Immigration Law, Inspection Law, tax-related laws, 91 fee and charge ordinances, Foreign Exchange Ordinance, etc.) [Khai & Hoa, 2018] These laws and regulations need to be reviewed and incorporated into the Draft Law on SEZs to address any inconsistencies with existing legal documents, and to modify or supplement them accordingly Special attention should also be given to specific policies and mechanisms that go beyond the current provisions [Thai Van Doan, 2018] Secondly, on the basis of proposals from the authorities of the SEZs, the central government shall consider and promulgate preferential policies to attract investment, particularly foreign investment capital Specifically, these policies should aim to: Finance, Currency, and Banking: (1) Establish a separate financial and monetary system, diversify transaction types to align with international practices Establish branches of the State Bank of Vietnam in SEZs to manage the banking and monetary sectors (2) Allow for the conversion of freely convertible currencies into Vietnamese dong (3) Develop banking, financial, securities, and insurance institutions that operate in accordance with international practices, without being constrained by ownership forms (4) Establish an investment development fund for SEZs Tax Policies: (1) Exempt corporate income tax and value-added tax for banks and credit institutions engaging in credit activities for development projects within SEZs (2) Apply a duty-free zone policy, whereby goods originating from within Vietnam and imported goods are exempt from export tax and import tax, and processed, recycled, manufactured, and assembled goods within SEZs are exempt from export tax (3) Goods produced, processed, and assembled using imported materials are granted a 30-50% exemption on import tax, and materials transferred from within Vietnam to SEZs are not subject to import tax (4) Imported goods and services consumed within SEZs, as well as goods and services exported abroad, are not subject to value-added tax Goods and services exported to domestic Vietnam are subject to taxes as stipulated by state regulations Domestic goods and services brought into SEZs are exempt from value-added tax (except for unprocessed natural 92 resources and minerals) (5) Special consumption tax exemption for production and business activities Goods and services from SEZs consumed domestically are subject to special consumption tax if applicable (6) Personal income tax is gradually reduced over time, with a significant period of exemption or reduction Researchers and scientists may be eligible for personal income tax exemption (7) Corporate income tax is set at 5%-10% and can be exempted for up to 15 years, with a 50% reduction for the following 12 years (8) Investment projects in SEZs are exempt from land and water surface lease fees, except for infrastructure construction projects for urban areas Land and Housing Policies: (1) The land use term for investors proposed by investors shall not exceed 70% (2) For strategic projects, important investment partners are considered for land leases of up to 99 years (3) Allowing the use of land and assets attached to the land as collateral for investment loans from foreign credit institutions (4) Foreign organizations and individuals (without residency restrictions) are allowed to buy, sell, and conduct business in real estate projects in the SEZs Training and Human Resource Development Policies: (1) New investment projects or investment expansions in the SEZs are supported by the state budget for vocational training expenses (at various rates of 100%, 50%, and 30%) for a period ranging from months to year (2) Developing appropriate salary policies based on actual conditions (except for certain positions elected or appointed by the Prime Minister), particularly in hiring foreign experts based on agreed-upon salaries and assigned tasks (3) Collaborating with reputable universities worldwide to establish training branches in the SEZs, exempting domestic and international students from tuition fees (even providing scholarships), with the condition that graduates will work in the SEZs for a minimum of years Applying the highest level of tax exemptions and reductions Population and labor management policies: Encouraging and protecting the rights and legitimate interests of domestic and foreign organizations and individuals participating in investment, business, work, and residency within the economic 93 zone Establishing a management regime for citizens (Vietnamese and foreigners) entering and exiting the economic zone to promote, protect, and develop national interests Developing long-term residence card schemes with a maximum duration of years (for workers, students, and pupils), and long-term residence cards for investors and their families Allowing the use of long-term residence cards as Travel Passes when entering or exiting the economic zone [Khai & Hoa, 2018] Immigration and Residency Policies: (1) Foreigners and Vietnamese nationals residing abroad entering or exiting the SEZs via sea or air routes (applies to citizens of 180 countries and territories worldwide) are exempt from entry visas (2) Investors and their families with long-term residency in Vietnam are not required to apply for residency extension until the completion of the investment project 3.5.3 For investment resources and strategic investors Vietnam need to conduct in-depth research and specific assessments on policies on investment resources and strategic investors Simultaneously, they should report these findings to the central government for review and approval of investment projects aimed at advancing the economic and social development of the economic zone The research and evaluation of investment resources and potential investors should take into account the following aspects: Regarding project classification: (1) Group of projects: transportation infrastructure, technical infrastructure, including airports, tourism port systems, transportation routes; power, water, and telecommunications infrastructure; residential and urban infrastructure, resettlement areas; industrial zone infrastructure, export processing zones, non-tariff zones (2) Group of projects in the fields of services, tourism, commerce, finance, and banking: high-end integrated tourism service areas combined with casinos (3) Group of projects and constructions in the fields of healthcare, education, science, and technology, such as international hospitals, international universities, human resources training centers, and research and development centers 94 (4) Group of secondary projects serving the internal area Financial resource structure: With the perspective of relying on internal resources as a long-term strategic approach and considering the importance of external resources as breakthroughs and mobilization directions, the following resource mobilization strategies are implemented: (1) Non-budgetary capital sources: Attract FDI into profitable and attractive projects, such as tourism complex projects associated with casinos, construction or expansion of existing airports, high-tech industrial zones that can attract FDI or other sources such as public-private partnerships (PPP), build-operate-transfer (BOT), and build-transfer Mobilize official development assistance (ODA) for environmental and sustainable development projects, social welfare projects (2) Budgetary capital sources: The initial support funds are used to establish basic infrastructure for functional areas to attract investors, support land clearance, resettlement, and provide clean land funds for investors, bomb and mine clearance, and invest in supporting infrastructure systems up to the project site beyond project boundaries Estimated total investment level: Based on the estimated construction and development of SEZs, together with the expected investment capital for each project, while referring to the Investment Capital Output Ratio used in other SEZs Determine the estimated total investment level for project groups as follows: Group I, transportation and technical infrastructure projects; Group II, tourism, commerce, and finance projects, including casino projects; Group III, healthcare, education, environment, and science and technology projects; Group IV, secondary projects in non-tariff SEZs and other investment projects for production and business 3.5.4 For organization and management Firstly, the authorities at the planned SEZ construction site need to establish a mechanism for linking and safeguarding vested interests Specifically, this mechanism entails the following: 95 - Expanding and enhancing the effectiveness of foreign affairs operations: Promoting the establishment of international cooperation mechanisms and foreign affairs work Building relationships with SEZs around the world such as Incheon, Jeju (South Korea), Batam (Indonesia), Shenzhen (China) Establishing mechanisms for expanding people-to-people diplomacy - Strengthening regional connectivity: Enhancing links with neighboring localities, SEZs, as well as other areas within the region Increasing the capacity for connectivity and spatial dissemination (both domestically and internationally) to become a “developing pole” with “attractive force” similar to the development of urban areas, resort centers, large modern entertainment facilities, and world-class leading destinations; improving the quality of infrastructure connecting SEZs with major centers nationwide; developing deep-water seaport systems capable of accommodating large-tonnage vessels and large-scale tourist ships; constructing international standard airports with flight routes to Hong Kong, Macau, Manila, Beijing, Shanghai, Seoul, Tokyo, Singapore, and other leading tourist, commercial, and financial destinations in the world - Ensuring security, national defense, and organizing judicial agencies, including the construction of sub-projects: The project to build and maintain a solid defense area, the project to ensure security and order, and the project to ensure border security to firmly guarantee security and national defense during the process of constructing and developing the economic zone Secondly, deployment and management directive Based on the laws enacted by the National Assembly and the policies approved by the Government, the local authorities in the intended location of the proposed economic zones need to establish regulations and implement special policies to attract investment into these economic zones Specifically, the provincial People's Committees in the areas designated for the economic zones will coordinate with the Ministry of Home Affairs to develop a plan for organizing personnel, job 96 positions, title standards, and human resources to meet the needs of constructing and developing the economic zones The provincial People's Committees will also collaborate with the Ministry of Information and Communications, Vietnam Television, Voice of Vietnam, and other press agencies to effectively carry out propaganda, mobilization, and ideological work, ensuring that the entire political system, sectors, and levels from central to local and all segments of the population understand and support the perspective of building and developing economic zones in Vietnam Thirdly, the administrative management apparatus should be streamlined and efficient, with simple, transparent, and publicly disclosed administrative procedures Sufficient authority should be granted to timely handle and resolve administrative procedures, requests, and obstacles faced by investors, organizations, and individuals The central government should provide timely guidance, address difficulties, and decide on major interdisciplinary issues beyond the jurisdiction of the special administrative government by establishing a Council chaired by the Prime Minister For example, in Shenzhen, the economic special administrative government effectively supports investment and business activities of investors The management team should possess international qualifications and apply advanced management methods through competitive recruitment mechanisms, improving salary and bonus systems, and providing support for housing, in order to attract highly skilled labor The state only provides capital investment and external human resources Many FDI projects from large multinational corporations should be attracted, leading to the transfer of technology and the development of nationally competitive products in the global market, particularly in the fields of information technology, high technology, biotechnology, new energy, and new materials Attracting talents from around the world to work in SEZs and fostering numerous inventions and patents should also be emphasized 97 CONCLUSION OF CHAPTER The SEZ model, along with its specific mechanisms and policies, has been successfully implemented in several countries around the world Based on the practical development of this model in Shenzhen, China, coupled with its success in socio-economic development, it is closely linked to the strong determination of policy makers, as well as institutional frameworks and exceptional incentive policies Building upon this foundation, the author recognizes the valuable lessons for Vietnam in constructing the SEZ model The author proposes the implementation of a pilot program for specific mechanisms and policies regarding Vietnam's SEZ model, which is expected to be established in the future The development of SEZ in Vietnam, with its breakthrough-oriented and distinctive policy mechanisms, will create opportunities for economic development and have a ripple effect on other regions throughout the country To successfully develop SEZ, both objective and subjective factors need to converge Among these, it is necessary to have strong political determination from the Party, the State, and local authorities, as well as bold yet cautious steps, including the application of specific mechanisms and policies that may lie outside the current legal framework In the short term, it is essential to establish a unified system of perspectives and orientations for SEZ development, as well as to establish a legal framework and pilot mechanisms for the planned SEZ within the foreseeable future Based on this foundation, the competent authorities will decide on the pilot establishment of SEZ in Vietnam, with a strong and streamlined organizational structure Alongside specific mechanisms and preferential policies, as well as modern institutional frameworks, SEZ in Vietnam will serve as a driving force for growth and economic impact throughout the country 98 CONCLUSION This thesis has examined the successes of Shenzhen SEZ and drawn valuable lessons for the process of building SEZs in Vietnam The study revealed that the Shenzhen SEZ has achieved remarkable accomplishments, transforming from a small fishing village into a global economic powerhouse The zone's strategic location, proactive government policies, robust infrastructure development, and efficient administrative procedures played pivotal roles in attracting domestic and foreign investments Shenzhen's commitment to innovation and technology-driven growth fostered the emergence of a vibrant entrepreneurial ecosystem, resulting in significant economic expansion and job creation Moreover, the Shenzhen SEZ served as a valuable case study for Vietnam's own efforts in establishing economic zones One crucial lesson learned is the importance of providing a conducive business environment with clear and stable regulatory frameworks This fosters investor confidence and encourages long-term commitments Additionally, investing in infrastructure development and human capital, along with a strong emphasis on education and skills training, can significantly boost economic growth and competitiveness Therefore, Vietnam can benefit from emulating Shenzhen's focus on fostering innovation and technology-driven industries, which are essential for sustainable economic development in the modern world Encouraging research and development activities, promoting start-ups, and nurturing a culture of 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