Expected timeline for establishing free trade zones in Da Nang, Hai Phong, and Ho Chi Minh City.

The need to develop a plan is urgent.

On the morning of December 5th, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee to discuss the draft free trade zone project, which is being prepared for submission to the competent authorities.

According to reports and opinions expressed at the meeting, there are currently more than 7,000 special economic zones and free trade zones operating worldwide; with increasing importance in the modern economic development strategies of developing and emerging countries.

The current free trade zone model has been expanded to include multi-functional zones encompassing industry, urban development, services, finance, high technology, and innovation, maximizing the attraction of resources for development.

*Prime Minister Pham Minh Chinh chaired the meeting. Photo: VGP*

According to the Ministry of Finance, free trade zones are expected to be established in Da Nang, Hai Phong, and Ho Chi Minh City in 2026; by 2030, the whole country will have approximately 6-8 free trade zones and similar models.

In Vietnam, the general legal system lacks specific regulations on the mechanisms, policies, management, and operation of free trade zones. Recently, the National Assembly has issued resolutions on piloting certain special mechanisms and policies for the development of Da Nang and Hai Phong cities, including provisions on free trade zones.

Therefore, the development of a free trade zone project is urgent and important, requiring immediate implementation to provide a political basis and ultimately institutionalize it into a common legal framework for free trade zones.

Contributing 15-20% of GDP

The Ministry of Finance stated that it is expected that free trade zones will be established in Da Nang, Hai Phong, and Ho Chi Minh City in 2026; by 2030, the whole country will have approximately 6-8 free trade zones and similar models in localities with favorable conditions; and by 2045, the whole country will have 8-10 free trade zones and similar models that meet international standards, are competitive with countries in the region, and contribute 15-20% of GDP.

In his concluding remarks, Prime Minister Pham Minh Chinh stated that this is a new initiative, and while the principle is agreed upon, its implementation must be feasible and effective; the goal is to test the policy and contribute to socio-economic development, meeting both immediate and long-term objectives, especially the two centenary strategic goals.

*The Prime Minister speaks at the meeting. Photo: VGP*

The selection of pilot locations for free trade zones must be appropriate, balanced across regions, and in line with the spirit of the pilot program. Relevant agencies should consult international experience and base their decisions on Vietnam's conditions to develop specific, suitable, superior, competitive, and feasible mechanisms and policies that do not significantly impact the overall investment environment.

To pilot the free trade zone, the Prime Minister emphasized the need to implement tasks that transform the initial idea into a policy, including planning, infrastructure development, attracting resources, developing and applying high technology, smart management, and human resource training.

Developing petrochemical refining centers

Earlier that day, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee on proposals for mechanisms and policies to promote the development of a national petrochemical and energy center in the Dung Quat Economic Zone (Quang Ngai).

This is Vietnam's first oil refinery, located within the Dung Quat Economic Zone. With its strategic location and developed infrastructure, this economic zone has become an attractive investment destination for both domestic and foreign investors.

In his concluding remarks, the Prime Minister stated that the Dung Quat oil refinery, invested and implemented by Vietnam, is operating efficiently and there are plans for a second expansion, in line with the overall development of the country.

The Prime Minister noted that a comprehensive plan is needed to ensure overall feasibility and effectiveness, thereby developing a national petrochemical and energy center in the Dung Quat economic zone, meeting the requirements of rapid and sustainable development, and promoting double-digit growth in the coming years.

Source: https://tienphong.vn/du-kien-thoi-diem-lap-khu-thuong-mai-tu-do-da-nang-hai-phong-tphcm-post1802129.tpo