At the forum "Connecting Enterprises 2024" organized by Lao Dong Newspaper, the Management Board of Da Nang High-Tech Park and Industrial Parks on October 9 in Da Nang, Da Nang city leaders will introduce to businesses and investors the Free Trade Zone model, effective from January 1, 2025 according to Resolution 136/2024/QH15.
According to the content of the National Assembly's Resolution on pilot establishment, Da Nang Free Trade Zone is a functional area with defined geographical boundaries, established by the Prime Minister to pilot policy mechanisms aimed at attracting investment, finance, trade, tourism and high-quality services, and the purchase and sale of goods with the outside is an export and import relationship.
Investment policies for infrastructure construction projects in functional areas are decentralized to the City People's Committee. Investment incentive policies on corporate income tax, land rent exemption and reduction, and other incentives in the Da Nang Free Trade Zone are applied as in the Economic Zone.
Goods and services in the Free Trade Zone are subject to a synchronous customs management mechanism and policies currently applied to non-tariff zones. Enterprises are facilitated in accessing preferential treatment in customs procedures.
The Management Board of Da Nang High-Tech Park and Industrial Park performs the function of state management of Da Nang Free Trade Zone and has the authority to implement management according to the "one-stop, on-site" mechanism in all fields.
Compared to free trade zones around the world, the proposed Da Nang Free Trade Zone is piloted on a small scale, about 10 square kilometers, equivalent to Singapore's free trade zones.
With this scale, Da Nang Free Trade Zone includes 3 main functional areas: production; port logistics; trade - services.
The first phase of the Da Nang free trade zone will have no permanent residents and must have a hard fence to ensure maximum convenience in management, both piloting and completing in the direction of opening and softening the boundaries on the basis of research and application of the integrated urban business model.
This is a free trade zone model that has been quite popular since 2003.
