Which Cases are Allowed for 99-Year Land Leasing in Economic Special Zones?

Doan Trinh

10:07, 11/07/2024

Draft Law on Special Economic Zones (or Law on Special Administrative - Economic Units) is causing much controversy, especially regarding the regulation allowing foreigners to lease land in special zones for a term of 99 years.

Currently, there is much information claiming that foreigners are allowed to lease land for a term of 99 years in special zones; however, not all cases are granted such lease terms.

According to Clause 1, Article 32 of the Special Zone Law, the maximum land use term of 99 years is only permitted for investors in certain special cases. In these special cases, the decision to allow investors to lease land for 99 years falls under the authority of the Prime Minister of the Government of Vietnam.

Furthermore, based on the scale and nature of the investment project and the investor’s proposal, the authority to lease land belongs to the Chairman of the People’s Committee of the special zone for cases where investors lease land for 70 years.

land lease 99 years

The Special Zone Law also allows investors to mortgage their assets attached to the land leased in the special zones at foreign credit institutions with commercial presence in Vietnam to borrow investment capital.

In the case of handling mortgaged assets, the mortgagee is allowed to transfer the assets attached to the leased land in the special zones only to entities eligible to be allocated, leased land, or receive transfers of land use rights according to the provisions of the land law.

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