On February 18, the People's Committee of Ba Ria - Vung Tau province and DP World Group signed a Memorandum of Understanding on discussing and signing a cooperation agreement to develop a research project on a free trade zone associated with seaports in the Cai Mep - Thi Vai area. This event marks an important milestone for the locality when DP World becomes a strategic consultant for the formation of the first free trade zone in the Southeast region.
Also attending the signing ceremony were Mr. Pham Viet Thanh - Secretary of the Provincial Party Committee; Mr. Eisa Mohamed Alhammadi - Deputy Ambassador of the United Arab Emirates to Vietnam.
The project "Research on the free trade zone associated with seaports in Cai Mep Ha area" was developed by Ba Ria - Vung Tau province under the direction of socio-economic development, ensuring national defense and security in the Southeast region until 2030, with a vision to 2045 in Resolution 24 of the Politburo.
According to the Memorandum of Understanding, the discussions aim to reach the signing of a consulting cooperation agreement, in which experience will be shared on design, construction of a model for formation and operation, and development policies in the following contents: Developing a Free Trade Zone (FTC) associated with seaports in Phu My City; developing a new port within the FTC; developing an industrial - commercial - service area within the FTC.
According to the People's Committee of Ba Ria - Vung Tau province, the free trade zone associated with seaports in Cai Mep Ha area is expected to promote the development of the marine economy to take advantage of its strategic location, contributing to the development of the logistics, seaports, and international trade industries; at the same time, increasing the ability to attract foreign investment, being an attractive destination for international enterprises, creating momentum for local and regional economic development.
"The cooperation between DP Word Group and Ba Ria - Vung Tau province is a choice in line with long-term development trends and goals. The province has identified the implementation of the project as the most competitive and modern. During the cooperation process, if DP World believes that it needs new appropriate policies and mechanisms for the SPP, the province will also make recommendations to competent authorities to build a free trade zone associated with deep-water ports and Long Thanh airport to bring the highest efficiency," Mr. Pham Viet Thanh emphasized.
