Hanoi: The northern port city of Hai Phong on July 30 announced the Prime Minister's decisions on the locality's economic zones, and officially launched the Hai Phong Free Trade Zone, marking the start of a new phase of development.

According to Vietnam News Agency, the establishment of the Hai Phong Free Trade Zone is expected to enhance the region's economic prospects by attracting investment and fostering trade activities. The announcement signifies a strategic move to leverage Hai Phong's geographical advantages, taking advantage of its position as a key port city in Vietnam.

The Prime Minister's decisions regarding the economic zones are seen as a commitment to developing infrastructure and creating a business-friendly environment. This initiative is anticipated to boost industrial growth and create job opportunities in the region. The launch of the Free Trade Zone reflects the government's broader economic strategy to integrate into the global market and strengthen the country's economic standing.

Local authorities have expressed optimism about the potential impacts of the Free Trade Zone. The decision aligns with national goals to increase exports and improve the competitiveness of Vietnamese products in international markets. The zone is expected to become a hub for various industries, contributing significantly to the economic development of Hai Phong and the surrounding areas.