Hung Yen: A new attraction from the free economic zone.

According to the socio -economic development plan for the period 2026-2030, Hung Yen aims for faster and more sustainable development with double-digit economic growth. The goal is to build a dynamic, rapidly developing, and sustainable economy based on science, technology, innovation, and digital transformation. This will create a comprehensive foundation of a modern industrial base, civilized urban areas, and a strong marine economy.

The vision for Hung Yen's development by 2035 is to become a modern industrial province meeting the criteria of a Class I urban area; and by 2045, to become a smart, ecological city directly under the central government, with a modern industrial base among the leading in the country, becoming a strong maritime economic center in the North.

To realize its goals, Hung Yen cannot rely solely on traditional growth drivers. Instead, the province needs to unlock new growth drivers through innovative and differentiated economic models, thereby creating opportunities to attract strategic foreign investment. The recent approval of the Hung Yen Free Economic Zone Project by the Provincial Party Committee is seen as a step towards creating new growth drivers for the locality.

The Hung Yen Free Economic Zone developed based on the Thai Binh Economic Zone and expanded its area.

According to the plan, the Hung Yen Free Economic Zone has a natural area of approximately 30,583 hectares. In addition, studies are underway to expand the Hung Yen Free Economic Zone to the west by approximately 13,000 hectares and reclaim land from the sea to the east by approximately 17,000 hectares.

The project proposes 12 groups with 31 mechanisms and policies; including 18 of Vietnam's current best policies and 13 breakthrough policies based on international standards. The development of specific and outstanding mechanisms and policies for the Hung Yen Free Economic Zone will be guided by the principle of: not focusing on expanding traditional tax and fee incentives, but prioritizing solutions that create a more attractive and effective investment and business environment; ensuring international competitiveness; being designed to align with spatial and sectoral development orientations; and placing the needs and barriers to investors at the center of policy design.

Free economic zones are built on an integrated, multi-sectoral model, focusing on high-tech manufacturing, digital technology , innovation, and logistics services (including seaports, airports, and resort cities), forming a dynamic ecosystem. This model is expected to attract large corporations in the global supply chain, creating an economic space that extends beyond traditional regions.

According to Mr. Nguyen Huu Nghia, Secretary of the Hung Yen Provincial Party Committee, the Free Economic Zone will be the driving force for the rapid and sustainable development of Hung Yen province in the coming time. The Hung Yen Free Economic Zone is positioned as a new generation growth pole, creating breakthroughs in economic growth, productivity, and attracting high-quality investment.

With its flexible institutional model, outstanding incentives, and synchronized infrastructure, the Hung Yen Free Economic Zone will significantly improve the investment and business environment, attract strategic domestic and international capital flows, thereby enhancing production capacity, exports, and integration into global value chains. The Hung Yen Free Economic Zone will be the foundation for Hung Yen to become a modern industrial province, a maritime economic center, and a regional energy hub.

Source: https://baodautu.vn/hung-yen-suc-hut-moi-tu-khu-kinh-te-tu-do-d555134.html