Proposal to establish a Free Trade Zone in Hai Phong - Lang Son Newspaper and Radio and Television

On the morning of May 13, Minister of Finance Nguyen Van Thang presented a draft Resolution of the National Assembly to replace Resolution No. 35/2021/QH15 on piloting a number of specific mechanisms and policies for the development of Hai Phong City.

According to Minister Nguyen Van Thang, the draft resolution on decentralization and maximum authorization to Hai Phong aims to increase the city's proactiveness, creativity, autonomy and self-responsibility; create consensus among people and businesses, and not greatly affect the investment and business environment.

One of the notable contents in the resolution is the policy of establishing a Free Trade Zone in Hai Phong.

Minister of Finance Nguyen Van Thang presents the draft proposal. (Photo: Quochoi.vn)

Accordingly, a Free Trade Zone will be established in Hai Phong to pilot outstanding, breakthrough mechanisms and policies to attract investment, finance, trade, services to promote exports, industry, research and development (R&D) activities and attract high-quality human resources.

The free trade zone in Hai Phong is organized into functional areas: Production area, port and port logistics area, trade - service area and other types of functional areas according to the provisions of law.

The draft resolution proposes decentralization to the City People's Committee to decide on the establishment, expansion, and adjustment of the boundaries of the Free Trade Zone in Hai Phong associated with the Dinh Vu - Cat Hai Economic Zone and the Southern Hai Phong Coastal Economic Zone similar to industrial parks.

The draft resolution stipulates a number of specific preferential policies including: Simplifying administrative procedures in investment and business procedures; import and export procedures; immigration, temporary residence and work permit procedures; land procedures, construction investment.

To pilot the “one-stop, on-site” mechanism for the Free Trade Zone in Hai Phong, the draft resolution stipulates that the Hai Phong Economic Zone Management Board is authorized to directly perform the State management function for the functional areas of the Hai Phong Free Trade Zone and assigns authority to the management board to directly handle procedures for granting certificates of origin of goods.

At the same time, issue, change, reissue, adjust, and revoke business licenses and retail establishment licenses for investors and issue, reissue, extend, and revoke work permits.

The draft resolution also stipulates that a number of innovative start-up activities are eligible for tax incentives as follows: Exemption from corporate income tax for a period of 5 years; exemption from personal income tax and corporate income tax for individuals and organizations with income from transferring capital contributions and capital contribution rights to innovative start-up enterprises in the city; the tax exemption period is 5 years.

There is also a 5-year personal income tax exemption on income from salaries and wages for experts, scientists, and individuals starting creative businesses.

Source: https://baolangson.vn/de-xuat-thanh-lap-khu-thuong-mai-tu-do-tai-hai-phong-5046930.html