Free Trade Zone proposed for Hai Phong city

A Free Trade Zone (FTZ) is expected to be developed in northern Hai Phong port city under a draft National Assembly resolution that aimed at transforming the northern port city through pilot special mechanisms and policies.

The 15th National Assembly on May 13 heard a proposal and verification report on the draft resolution.

As proposed, the FTZ will be accompanied by several special preferential policies, including simplified administrative procedures for investment and business registration, export-import processes, immigration, temporary residence, and work permits.

Additionally, the FTZ will feature streamlined rules for land use and construction investment, optimised investment incentives such as land and water surface rent reductions, and tax breaks. It will also facilitate other investment and business activities, including permission for foreign bank branches to open transaction offices within the FTZ outside of their branch headquarters.