Da Nang eyes setting up Vietnam’s first free trade zone

March 04, 2024

Authorities in Da Nang City, central Vietnam have suggested the creation of the country's inaugural pilot free trade zone (FTZ), which includes incentives for foreigners, aiming to generate a new development boost for the coastal city. Da Nang authorities envision the proposed FTZ as Vietnam's first, functioning as a hub for export processing, logistics, trade and service operations, and duty-free businesses. The central government will streamline regulations governing the organization, operation, and policies of the Da Nang FTZ, prioritizing convenience and competition for businesses while ensuring effective management. Foreign and Vietnamese tourists staying in Da Nang for one day or more can buy duty-free goods in the FTZ for use in Vietnam, subject to restrictions. The Da Nang administration suggests permitting the establishment of medical facilities and high-class hospitals in the FTZ, along with other proposed policies and regulations, according to VietnamFinance e-magazine.

The source of this news is from Tuoi Tre News

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