The Viet Nam Chamber of Commerce and Industry (VCCI) in the Central and Central Highlands regional branch in partnership with the CT Strategies Vietnam Co., Ltd. organised a seminar “Free trade zone - New driving force for economic development in Central Viet Nam” on Thursday.

A representative of the CT Strategies Vietnam Co., Ltd. presenting information about the free trade zone. Photo: M.Q

In his opening speech at the seminar, Mr. Nguyen Tien Quang, Director of VCCI in the Central and Central Highlands regional branch, said that the free trade zone is a new model in Viet Nam but not new to the world.

In fact, free trade zones were established and developed decades ago in countries in the region and around the world, including Singapore, Malaysia, China, and the U.S.

The model has been very successful in a number of developed and developing countries.

According to policymakers, experts and scientists, Da Nang boasts the optimal conditions and great comparative advantages to form a free trade zone which is expected to be a boost for the economic development of Da Nang and the central region in the coming time.

Mr. Tien Quang voiced his hope that the soon-to-be-developed free trade zone in Da Nang will be an integration of experiences and models in the world, with outstanding mechanisms and utilities, contributing to tackle bottlenecks and creating new growth momentum for Da Nang in particular and Central Viet Nam in general.

The free trade zone not only helps expand the economic development space of Da Nang, but also serves as a "bridge" for regional connectivity in Central Viet Nam which still has many limitations in the coming time.

Speaking at the event, Mrs. Ngo Quynh Hoa said that the free trade zone model is increasingly becoming more popular in the world.

The free trade zone will apply a special policy system in supervision of commodity goods, foreign exchange management, tax policy and business establishment to promote foreign trade development, attract foreign investment and boost international integration.

It can be said that the free trade zone will bring many benefits in terms of economic development and the national government has just proposed to the National Assembly to pilot the establishment of the Da Nang Free Trade Zone.

Mrs. Ngo Quynh Hoa, Deputy Director General of the Department of Legal Dissemination and Education under the Ministry of Justice, speaking at the seminar. Photo: M.Q

Mrs. Ngo Quynh Hoa, Deputy Director General of the Department of Legal Dissemination and Education under the Ministry of Justice, suggested Da Nang refer to free trade zone models from countries in Southeast Asia such as Singapore and Malaysia.

Accordingly, it is necessary to form synchronous institutions and policies for the free trade zone to operate effectively; concretise investment incentive policies on corporate income tax, and land rent exemption and reduction; and other incentives. At the same time, heed should be on improving the quality of human resources to participate in the free trade zone.

She underlined the need for Da Nang to soon develop a pilot policy and legal framework on free trade zones as the free trade zone model is approved by the National Assembly.

Heed will be on making detailed regulations on conditions to ensure the operation of the free trade zone; proactively reviewing legal documents related to foreign investors; and continuing to increase legal support for businesses.

The Ministry of Justice was asked to continue to coordinate with ministries, branches and relevant parties to support Da Nang in widely propagating policies related to the free trade zone in the coming time.

At the seminar, delegates and businesses learned about free trade zones; as well as discussed with experts and management agencies to grasp this potential economic model.

Reporting by M.QUE - Translating by M.DUNG, T.TUNG