New Opportunity
On June 13, Deputy Prime Minister Nguyen Hoa Binh signed Decision No. 1142/QD-TTg on the establishment of the Da Nang Free Trade Zone. This is the latest step taken by the Central Government to implement Resolution No. 136/2024/QH15 of the National Assembly allowing Da Nang to pilot the establishment of a free trade zone associated with Lien Chieu Port.
Accordingly, Da Nang Free Trade Zone has a scale of about 1,881 hectares, located in 7 non-contiguous locations, including functional areas: Production, logistics; trade - services; digital technology industry, information technology, innovation and other types of functional areas..., aiming to become a regional economic center, playing the role of a strategic growth pole of the Central region and the whole country in the new development context.
The long-term goal is to build the Da Nang Free Trade Zone into an important link in the global supply chain network and the Asia-Pacific region; a production center, an international goods transit hub connected to Lien Chieu port, Da Nang international airport and the East-West economic corridor...
The Government also requested the People's Committee of Da Nang City to develop the Da Nang Free Trade Zone in conjunction with the International Financial Center in Da Nang City, forming a modern, smart, highly competitive economic ecosystem, creating great spillover effects, contributing to enhancing Vietnam's position in the region and internationally in the context of globalization.
The functional areas are also oriented for specific development. In particular, the Production - Logistics Functional Area will develop into a modern production and logistics center, integrating technical infrastructure and digitalization to improve productivity, efficiency and connectivity with regional and global supply chains. Focus on developing multimodal logistics services; logistics and accompanying support services, creating high added value. The Trade - Service Functional Area will develop according to international standards.
The digital technology, information technology and innovation industrial park and other functional areas are oriented to develop into a high-tech and innovation center, contributing to improving the competitiveness of the country and the region in the global digital economy. Developing new technology fields such as artificial intelligence, semiconductors, big data, cloud computing, internet of things, blockchain; research and development; renewable energy, etc.
Vice Chairman of the People's Committee of Da Nang City Tran Chi Cuong commented: "The establishment of the Da Nang Free Trade Zone is the basis for strongly attracting FDI capital flows into Da Nang and the Central dynamic region, promoting the socio-economic development of the region and the whole country...".
High expectations
According to the forecast of the People's Committee of Da Nang City, the Free Trade Zone can contribute 8-9% to Da Nang's GRDP by 2030 and increase to 25% by 2050, contributing to boosting the city's annual growth by 1.7% and 2.4% respectively in the 2026-2030 period and the entire 2031-2050 period.
The Da Nang Free Trade Zone will also attract a large number of workers and experts in high value-added sectors: about 41,000 workers in 2030, and about 137,000 workers in 2050.
According to the Head of the Management Board of the Da Nang High-Tech Park and Industrial Zones, Vu Quang Hung, Da Nang possesses a rare closed value chain. The city has Lien Chieu port, which is considered a logistics gateway to optimize customs clearance, reducing transportation costs by 30%. Da Nang also has the advantage of "Multimodal connection" including an existing international airport less than 30 minutes from the proposed location of the Free Trade Zone; leading digital infrastructure with 5G speed of 324 Mbps and 8 submarine optical cables. In particular, Da Nang also has a stable source of clean energy. That is the 1,500 MW Hoa Ninh LNG Plant (Phase 1, newly added to the reserve list - Power Plan VIII) ensuring electricity for the semiconductor industry and data centers..., favorable in attracting "eagles" to invest and operate.
As one of the partners working with the People's Committee of Da Nang City to realize the Free Trade Zone model, Mr. Phan Duc Tu, Chairman of BIDV Board of Directors shared: "Da Nang Free Trade Zone will not only be a lever for economic growth, but also a place to apply breakthroughs in policy, technology and sustainable development, contributing to helping Da Nang soon realize its aspiration to create a regional-scale commercial zone".
According to the People's Committee of Da Nang City, from now until 2029, the city will focus on implementing policies to increase the attraction of strategic investors in infrastructure and attract secondary investors to accelerate the construction and operation of free trade zones. After 2029, the city will continue to research, expand, and upgrade incentive mechanisms and policies under the authority of the National Assembly to attract secondary investors in key sectors.
Source: https://hanoimoi.vn/tang-toc-hien-thuc-hoa-mo-hinh-khu-thuong-mai-tu-do-thanh-pho-da-nang-705814.html
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