Vietnam will create the country’s first free trade zone — it will be located in the city of Da Nang, one of the key technological and tourist centers of the central region, as reported online publication Kommersant.
The government expects that the launch of the zone will become a driver of economic growth and bring the country closer to its strategic goal — becoming a high-income state by 2045.
The zone will cover an area of 1,881 hectares. Residents will receive preferences: tax breaks, preferential land lease terms, and simplified administrative procedures, including obtaining licenses.
As the Prime Minister of Vietnam emphasized, the long-term goal is to form a global production and logistics platform — a hub integrated into the supply chains of the Asia-Pacific region and the entire world.
The plans also include transforming the city into an international financial center.
