Vietnam to consider allowing setting up FTZs across country: Minister

If set up, these zones will enjoy the same mechanisms as the Da Nang FTZ, Dung said during a recent National Assembly panel discussion.

The government is requesting the National Assembly to allow Da Nang city to pilot 30 unique mechanisms and policies, he was cited as saying by domestic media reports. 

Investment and infrastructure development for the functional zones will be decentralised to the Da Nang people's committee.

The Da Nang FTZ will offer investment incentives similar to an economic zone like corporate income tax incentives, land rental fee exemptions and reductions.

FTZ businesses will be accorded priority by the customs department. The Da Nang Hi-Tech Park and Industrial Park Authority will oversee the FTZ, with the power to implement single-window, on-site mechanisms across different areas.

However, the country's current laws do not have regulations governing the set-up and operation of FTZs, Dung added, suggesting that large corporations should be allowed to set up offices in the city without any project, so that they develop projects afterwards.

ALCHEMPro News Desk (DS)