Vietnam to consider developing free trade zones in all localities-Xinhua

Vietnam to consider developing free trade zones in all localities

Source: Xinhua

Editor: huaxia

2024-06-14 15:43:45

HANOI, June 14 (Xinhua) -- The Vietnamese government will consider allowing all localities to develop free trade zones if they meet the necessary conditions and standards, Vietnam News reported Friday, citing Minister of Planning and Investment Nguyen Chi Dung.

If established, these free zones will enjoy the same mechanisms as the Da Nang free trade zone in the central region, he said.

He said although the free trade zone was a common global model used to promote international trade and attract foreign direct investment, Vietnam's current laws have no regulations governing the zone's setup and operation.

National Assembly deputy Tran Hoang Ngan said when central Da Nang city successfully establishes a free trade zone, this economic model should be replicated immediately in many other localities that have similar characteristics such as having many seaports that can connect to free trade zones.

Earlier, Vietnam proposed to allow Da Nang to pilot the establishment of a Da Nang free trade zone connected to the Lien Chieu seaport to implement experimental policies and mechanisms to attract investment to the area.