Hanoi: In a significant milestone for regional development, Deputy Prime Minister Nguyen Hoa Binh on June 22 officially announced the Prime Minister’s decision to establish the Da Nang Free Trade Zone (FTZ), the first of its kind in Vietnam. This strategic initiative marks a turning point for the central city of Da Nang and the nation as a whole, setting the stage for enhanced economic integration, innovation, and investment.
According to Vietnam News Agency, the establishment of the Da Nang FTZ is expected to attract substantial foreign direct investment, boost exports, and foster economic growth in the region. The FTZ will provide a conducive environment for businesses by offering incentives such as tax exemptions, simplified customs procedures, and improved infrastructure. This move is anticipated to position Da Nang as a competitive economic hub in Southeast Asia.
The Da Nang FTZ is part of Vietnam’s broader strategy to accelerate economic development and modernization. By integrating more closely with global markets, Vietnam aims to increase its competitiveness and create job opportunities. The initiative is also aligned with the government’s goal to promote sustainable development and innovation-driven growth.