Free Trade Zone to be established in Hai Phong city

The National Assembly on June 27 approved a resolution on several pilot special mechanisms and policies for the development of northern Hai Phong City, including a free trade zone (FTZ).

The projected FTZ is allowed to pilot special mechanisms and policies to attract investment and spur exports and research and development activities.

It would include several functional areas such as a production zone, a port and port logistics zone, a commercial and services zone, along with other types of functional zones in accordance with legal regulations.

Businesses operating in the FTZ are entitled to various incentives in terms of administrative procedures, work permits, land use fees and tax.

The resolution also outlines other special policies to accelerate the development of Hai Phong, including a venture fund to invest in high-tech enterprises and startups.