Within the framework of their business trip to accompany Minister of Planning and Investment Nguyen Chi Dung during an official visit to China, a delegation of Da Nang’s officials, led by Acting Chairman of the municipal People's Council Tran Phuoc Son, had working sessions in Shanghai City and Hainan Province from March 29 - April 1 to learn from experience in establishing and developing free trade zones.

The delegation of Viet Nam works with the Management Committee of Shanghai Pilot Free Trade Zone

On the afternoon of March 29, the Da Nang delegation had a working session with the Management Committee of Shanghai Pilot Free Trade Zone.

According to a representative of the Shanghai Pilot Free Trade Zone, the zone has undergone 6 construction versions with its area increased from 20 km² to 120 km² since 2013.

Also, many open management regimes have been put into use on a trial basis, creating favourable conditions for trade, investment, finance, data, science and technology activities.

In particular, many industries have limited foreign investment. Financial institutions have been allowed to issue funds. Many insurance and securities organizations have operated smoothly.

At the same time, the one-stop mechanism has formed 66 types of international trade services, serving about 600,000 businesses and speed up customs clearance in Shanghai in just 6 hours. The Shanghai international energy trading centre and the Shanghai Data Exchange Department have been set up.

The Da Nang visitors exchanged and discussed experiences in building a free trade zone in order to facilitate investors, and handle issues related to institutional testing and operating models.

During the meeting, the Management Committee of the Shanghai Free Trade Pilot briefed the Da Nang guests on the general benefits of a free trade zone for the country, the socio-economic development, and the impact on people, as well as the model of residential areas and clusters in the zone.

The Da Nang guests visit the Medical Healthcare AI Innovation Center of AstraZeneca Group

Also in Shanghai City, on March 30, the Da Nang officials visited the Global R&D Centre, the Medical Healthcare AI Innovation Center of AstraZeneca Group, and the Shanghai Urban Planning Exhibition.

On March 31 and April 1, the group of Da Nang visitors arrived in Hainan and paid visits to the China Port Construction Corporation under the China Communications Construction Company Limited (CCCC), and the Office of the Free Trade Port Working Committee of Hainan.

Relevant agencies shared many contents about the basis for turning Hainan into a free trade zone.

It is known that the master plan of the Hainan Free Trade Port is oriented to go through 3 stages.

Specifically, the Hainan free trade port policy framework will be successfully built by 2025.

By 2030, Hainan eyes becoming the most open locality in the country. By 2050, the Hainan Free Trade Port will have regional and global influence.

The delegation of Vietnamese officials having a meeting with leaders of the Office of the Free Trade Port Working Committee of Hainan

In addition, the two sides discussed the difficulties in forming and developing the Hainan Free Trade Zone, including low investment growth, competition with other free trade zones, the stability and continuity of overall policies, and the unfavourable investment and business environment.

At the same time, they proposed a number of recommendations for the development of free trade zones in Viet Nam such as joining the world free trade port partnership alliance, and promoting cooperation in the fields of trade, traffic connection, seaports, airlines and new energy field.

These are quite specific and similar models and experiences that Da Nang can refer to, research, build and propose in forming and developing free trade zone.

The delegation of Viet Nam meeting with leaders of Hainan Province

On the afternoon of April 1, the delegation of Viet Nam met with Mr. Liu Xiaoming, Deputy Secretary of the CPC Hainan Provincial Party Committee and Governor of Hainan Provincial People's Government.

Mr. Liu Xiaoming introduced the Da Nang guests to the process of forming and developing the Hainan Free Trade Port, and presented some recommendations for cooperation with Viet Nam.

On behalf of the working delegation of Viet Nam, Minister of Planning and Investment Nguyen Chi Dung congratulated Hainan on its initial results. He also expressed his belief on the successful implementation of the Hainan Free Trade Zone model as planned in the near future.

He took the opportunity to send best wishes to Mr. Liu Xiaoming and the leaders of Hainan Province, as well as thanked them for supporting the delegation of Viet Nam during the business trip.

Reporting by PV - Translating by M.DUNG