Vietnam considers allowing creation of free trade zones across country: minister

If established, these zones will benefit from the same mechanisms as the Da Nang Free Trade Zone, Dung said at a recent National Assembly roundtable.

Vietnam will consider allowing all localities to develop free trade zones (FTZs) if they meet the necessary conditions and standards, Minister of Planning and Investment Nguyen Chi Dung said. Companies in free zones will benefit from customs priority. However, the country’s current laws do not contain regulations governing the creation and operation of free trade zones, he noted.

The government is asking the National Assembly to allow Da Nang city to test 30 unique mechanisms and policies, he said according to domestic media.

Investment and infrastructure development for functional areas will be decentralized to the Da Nang People’s Committee.

The Da Nang Free Trade Zone will offer investment incentives similar to an economic zone, such as corporate income tax incentives, exemptions and reductions in land rental fees.

Companies in free zones will be given priority by the customs service. The Da Nang High-Tech Park and Industrial Park Authority will oversee the free trade zone, with the authority to implement on-site one-stop-shop mechanisms in different zones.

However, the country’s current laws do not contain regulations governing the establishment and operation of free trade zones, Dung added, suggesting that large companies should be allowed to establish offices in the city without any plans, so that They can then develop projects.

Fibre2Fashion press office (DS)