National Assembly approves establishment of first free trade zone

The National Assembly (NA) has approved a plan to establish a free trade zone in central Da Nang city in connection with Lien Chieu port with the aim of promoting investment attraction, finance, trade, tourism and high-quality services.

The free trade zone is part of a resolution on piloting some specially-designed mechanisms and policies to develop Da Nang that was adopted at the ongoing seventh sitting of the 15th NA on June 26.

The resolution contains 30 policies specifically designed for Da Nang, covering investment management, finance -state budget, attraction of strategic investors, establishment of a free trade area, semiconductor and AI, communications, science and technology management, innovation, and wage and income.  

The Da Nang free trade zone includes three functional areas covering production, port logistics, and trade-services.

It will have a defined geographic boundary and be established by the Prime Minister.

Detailed plans for investment and infrastructure development for the free trade zone's functional areas will be decentralized to the Da Nang People's Committee.

The Da Nang free trade zone will offer investment incentives similar to an economic zone, such as corporate income tax incentives, land rental fee exemptions/reductions, along with other benefits.