With new specific mechanisms and policies, especially the forming of a free trade zone and a regional financial centre, Da Nang needs to have bold thinking, and creative approaches as well, to accelerate development, thereby heling the coastal city make a comprehensive breakthrough, becoming a model of national development in the new era - ‘The Era of Nation's Rise’. This suggestion was made by Assoc. Pro. Dr. Tran Dinh Thien, the former Director of the Viet Nam Economic Institute, during his recent interview with the DA NANG Newspaper on the occasion of the Lunar New Year of the Snake 2025.

Assoc. Pro. Dr. Tran Dinh Thien, the former Director of the Viet Nam Economic Institute

Assoc. Prof. Dr. Tran Dinh Thien emphasized a fact that with the new specific mechanisms and policies stipulated in Resolution No. 136/2024/QH15 of the National Assembly on the organization of urban government and piloting a number of specific mechanisms and policies for the development of Da Nang, this city is getting closer to building the first free trade zone in Viet Nam.

The Politburo has issued Conclusion No. 79-KL/TW on continuing to implement Resolution No. 43-NQ/TW of the Politburo (12^th tenure) on the construction and development of Da Nang by 2030, with a vision toward 2045. The Politburo also agreed to the policy of establishing a regional financial centre in Da Nang, along with a comprehensive international financial centre in Ho Chi Minh City. The outstanding mechanisms and policies stipulated in the resolutions and conclusions of the Politburo and the National Assembly are important political foundations for Da Nang to develop strongly in the new era - ‘The Era of Nation's Rise’.

Opportunities for comprehensive breakthrough

* One of the important milestones of Da Nang's economy in 2024 was the National Assembly's approval of a resolution allowing the piloting of a number of specific mechanisms and policies, including the establishment of a free trade zone. In your opinion, how should Da Nang seize this opportunity?

Based on research on successful models in the world, Da Nang proposed a model of a multi-functional free trade zone complex following the "zone within zone" interconnection mechanism. Accordingly, attracting external development will resonate to attract internal activities.

Free trade zones are no longer new to the world. Countries have established and operated them for decades and "reaped" countless achievements in economic and tourism development, and they have been the driving force for many regions to change dramatically. For example, Singapore has an area of less than 2/3 of Da Nang's area but has developed 9 free trade zones.

The first free trade zone in Viet Nam is now allowed by the National Assembly to be piloted. So we need to have a breakthrough reform mindset, to have a bold approach to the concept of a creative free trade zone, so as not to fall behind the times.

First of all, we need truly different policies, "unleashing" the institutions. The Da Nang Free Trade Zone also needs to gather enough resources and advantages to develop at a high level. The new generation of the free trade zone should be a modern complex including a seaport - airport - hi-tech industrial centre - logistics, developing high-class urban - tourism in parallel. This will create a huge resonance attraction for Da Nang.

Currently, the area of the free trade zone up to the stage of completing infrastructure and synchronizing functional areas is about more than 2,000 hectares. This includes the planned location to reclaim the sea in Da Nang Bay. I highly appreciate these proposals, because it allows to promote the unique advantages of Da Nang.

However, as the first pilot free trade zone in Viet Nam, Da Nang will have to “take on” challenges ahead, experiment unprecedented innovations. These tasks, if successful, will help Da Nang make a comprehensive breakthrough in trade, investment, and tourism, becoming a development model for other Vietnamese localities, creating overall national momentum.

* What does Da Nang need to overcome these challenges, sir?

- First of all, it must be affirmed that the establishment of the Da Nang Free Trade Zone is a national mission, aiming to implement the first pilot model. Therefore, the role of the State, especially the Vietnamese Government, in terms of orientation, institution creation and resource support is decisive.

To attract investment from international corporations, the Vietnamese Government needs to allow the expansion of the "amplitude" of this new free trade zone according to modern standards, building institutions that no locality has applied before.

The Vietnamese Government also needs to provide maximum support in terms of material conditions and resources to build a system of seaports, airports, infrastructure, industrial parks, and modern logistics centres with appropriate scale. In the current conditions, it is necessary to mobilize the private economy to join hands in developing the economy and infrastructure.

In addition, the Da Nang government needs to be granted certain “superior” powers, such as a land clearance mechanism, allowing adjustments to the development planning of functional subdivisions, and having the right to decide on budgets and staffing, within sufficiently large limits of autonomy, different from other localities. This is international competition, establishing a national development model, not a matter of “comparison” between localities. In order not to miss the opportunity, to become a national model that motivates the national economy, Da Nang needs to be granted such preferential powers.

The appearance of Da Nang today.

* Known as a city worth visiting and worth living in Viet Nam, in your opinion, after the free trade zone is established, how should the economic portrait of Da Nang be shaped?

- Having a clearly defined direction from the beginning is very important. Up to now, it can be said that Da Nang is the most systematically developed tourist city in Viet Nam. The reason is that from the beginning, Da Nang has invited businesses to invest in developing tourism in a different direction at a high level. Obviously, Da Nang has shaped the standard of systematic tourism through creating a difference, aiming for a high level from the beginning, associated with existing advantages. However, the city needs more development motivation in the new era – ‘The Era of Nation's Rise’.

Resolution 169/NQ-CP promulgating the Government's Action Programme to implement Conclusion No. 79-KL/TW of the Politburo has determined to build and develop Da Nang into a major marine economic centre of Viet Nam, an international marine urban area, a major tourist urban area associated with the marine economy. In the future, Da Nang tourism will resonate with the strength of the free trade zone, have new and different development momentum, to become a destination with outstanding appeal, in terms of tourism, trade and investment.

Many areas will receive key investment with a vision toward 2045, Da Nang will become a high-tech, marine economic centre, forming a key logistics service supply chain in the central region. Da Nang is finalizing the draft Project on Semiconductor and Microchip Development; research solutions on specific mechanisms and policies, human resource development, infrastructure... to promote the development of this field... This is also the time to seize the opportunity to approach large domestic and international investors.

Da Nang has a rare advantage in nature, friendly people, and fresh climate. When there are new driving forces, it will definitely create a breakthrough, attracting the best businesses, the most talented and skilled people, turning Da Nang into an destination of international stature in Viet Nam.

The Da Nang Hi-tech Park is expected to become a production area of the Da Nang Free Trade Zone. Photo: HOANG HIEP

Expanding development space, attracting more “eagles”

* In the context of global economic competition, how can Da Nang attract more large domestic and foreign investors, upgrade its internal strength to enter a new era, sir?

 Da Nang became a centrally-governed city 28 years ago. That was a very glorious development journey, a breakthrough, a rise, not simply a gradual progress of year - on - year growth. I think, in Viet Nam, few localities can do that.

The global competition is changing dramatically. To attract more “eagles” to nest, Da Nang needs to have a different mindset, come up with different policies, and be better than now. If this can be done, large, strategic investors will continue to do business in Da Nang, and new large investors will operate in new preferential fields, including investment in the Da Nang Free Trade Zone.

It will be a free trade zone with new functions and modern level, a logistics centre with both industry, trade centres, and international transactions. Investors and businesses entering the Da Nang Free Trade Zone can be granted entry visas right at the Da Nang International Airport, with visa durations that can be longer than the usual 90 days...

Da Nang is aiming to attract investment in the hi-tech sector. Accordingly, a new generation of free trade zones will be formed, attracting the world's high-tech "elite" to Da Nang, to work and live long-term here.

Da Nang must aim to become a hi-tech development centre, a logistics port, with dynamic small-city models within the existing big city. Thus, there is still a lot of room for high-level development. To do so, it is high time for Da Nang to rise up, just like Singapore, from a country limited in area and natural conditions has risen to almost the top of the world in terms of attracting international investors and tourists.

Da Nang also needs to focus more on attracting investment, developing urban infrastructure commensurate with its potential and advantages, especially forming high-class urban areas capable of attracting businessmen, talented international experts who are ready to settle down and work long-term in Da Nang. To do so, there must be places worth living and enjoying at international standards.

From building a free trade zone, or recently the policy of building a regional financial centre, with solutions to attract investment in the field of semiconductor chips, Da Nang is setting out urgent tasks. To achieve these tasks, there must be development links between the State - the City - Enterprises.

In the immediate future, when the entire political system from the national to local levels joins in successfully implementing the Da Nang Free Trade Zone, then the regional financial centre in this central coastal city, it will help the Da Nang economy soon have a development model in line with the trend of the times. I believe that Da Nang will succeed, because this has been clearly stated by the Politburo in the conclusion on the construction of the regional financial center: This is not just a private matter but the responsibility and achievement of the whole country!

* Thank you for joining this interview!
 

Interview conducted by THAO NHI - Translating by A.THU