Ho Chi Minh City and Da Nang to launch international financial centers
Reporting on the implementation of research projects on Free Trade Zones (FTZ) in Ho Chi Minh City, Ho Chi Minh City is promoting a research project to establish 4 free trade zones linked to strategic infrastructure hubs such as seaports, railways and international border gates…, which are:
- Cai Mep Ha FTZ: Located in Ba Ria – Vung Tau, it spans 3,764 hectares with areas for a transportation hub, logistics/industrial warehouses, and high-tech industry/urban services.
- Can Gio FTZ: This is a planned zone of 1,000-2,000 hectares, associated with Can Gio International Transit Port. It is still in the research phase.
- Bau Bang FTZ: Located in Binh Duong, it is a 100-hectare zone connected to the Ho Chi Minh City – Loc Ninh railway line. Implementation is pending the railway’s development.
- An Binh Ward FTZ: Also in Binh Duong, this 100-hectare zone is connected to the same railway line and faces the same implementation challenge.
Ho Chi Minh City Department of Industry and Trade stated that free trade zone projects have many advantages when receiving attention, support and close direction from all levels of government, from central to local.
At the same time, the process of implementing research on FTA projects has also received attention from many domestic and foreign investors. Up to now, large corporations such as DP World, Vingroup, Geleximco consortium… have expressed their desire to participate.
However, according to the Ho Chi Minh City Department of Industry and Trade, the legal framework for free trade zones is still incomplete and lacks specific policies. The development of specific policies is difficult because they are not consistent with current regulations such as tax exemptions, investment incentives, land… or have not been regulated. In addition, the economic scale and administrative boundaries of Ho Chi Minh City have changed after implementing the policy of merging provinces. Therefore, this agency believes that it is necessary to conduct a survey and re-evaluate the current status of the development of the logistics industry and regional supply chains, on the basis of promoting the potential strengths of three regions: Binh Duong with industry, Ba Ria – Vung Tau with marine economy and logistics services, Ho Chi Minh City with international finance.
