Vietnam to establish first free trade zone in Da Nang

The government of Vietnam has approved the establishment of its first-ever free trade zone (FTZ) in Da Nang. Spanning approximately 1,881 hectares, the FTZ will include functional areas dedicated to logistics, trade, digital technology, and innovation, Viet Nam Government News said in a release.

Deputy Prime Minister Nguyen Hoa Binh signed Decision No. 1142/QD-TTg on June 13, officially sanctioning the FTZ, which will operate under the management of the Da Nang Hi-Tech Park and Industrial Zones Authority (DHPIZA) through a streamlined ‘one-stop, on-site’ model, as per local media reports.

Designed with modern, synchronised infrastructure, the FTZ is expected to enhance high-tech manufacturing and digital transformation in the region. It is also expected to turn Da Nang into an important hub of supply chain networks in the Asia-Pacific region and the world.

Complementing this, the government is also considering the establishment of an International Financial Center (IFC) in Da Nang. With its favourable location, robust infrastructure, and business-friendly environment, Da Nang is poised to emerge as a regional economic and financial powerhouse.

ALCHEMPro News Desk (HU)