The planned KEZ, which includes southern provinces of An Giang, Kien Giang and Ca Mau as well as Can Tho city, is expected to have a growth rate 1.25 times higher than the average GDP growth rate of the country in the 2011-20 period.
Under the plan, this KEZ in the country's major rice basket will make up 40% in the nation's GDP in 2020.
The zone's economy will be restructured, with an increase in the contribution of the industrial and services sectors and fewer inputs from the agricultural, forestry and fishery sectors.
The contribution of the zone's industrial and construction sectors will rise from 29% in 2010 to 40% in 2020, and the contribution of the zone's service sector from 42% to 45% over the same period.
Meanwhile, the contribution of the zone's agricultural, forestry and fishery sectors will decrease from 29.4% in 2010 to 15% in 2020.
Per capita income of the zone's residents is expected to rise from US$1,200 last year to US$3,000 in 10 years.
To reach these targets, the zone must speed up its technological renewal during its modernisation process, with technological renewal of 20% annually.
The ratio of trained workers should be raised from 38% of its labour force in 2010 to 65% in 2020.
In the next decade, the zone will focus on developing three thermal power complexes of O Mon, Ca Mau and Kien Luong, with total capacity of 9,000MW to 9,400MW.
These power complexes will be fuelled by gas from fields offshore the southwest coastline.
Priority will be given to the development of transport infrastructure in the region, including National Highway No1A, the N1 and N2 highways, the road systems on Phu Quoc Island and airports in the zone.
Enterprises and businesses from different economic sectors are encouraged to invest in Built-Transfer (BT) and Build-Operate-Transfer (BOT) forms in infrastructure projects such as highways, airports and ports, according to the PM's decision.