Vice Chairman of the Da Nang People's Committee Tran Chi Cuong chaired a meeting on Saturday with experts, scientists, managers, investors and businesses to discuss the draft project to establish the free trade zone in the city.

An overview of the meeting discussing the draft project to establish the Da Nang Free Trade Zone. Photo: HOANG HIEP

In his remarks at the event, Vice Chairman Cuong informed that Da Nang has been focusing on coordinating with central ministries and branches to promptly implement the specific mechanisms and policies assigned by the Central Government and the National Assembly, including the pilot implementation of the Free Trade Zone model. This will create a concentrated economic zone combined with logistics, which will be the driving force for Da Nang to strongly rise to become the economic centre of the region.

He stressed the need for relevant units to clearly define plans to develop functional areas, industries and fields in the Da Nang Free Trade Zone; how to manage and operate the zone; and solutions to attract investors, especially strategic ones.

Vice Chairman of the Da Nang People's Committee Tran Chi Cuong speaking at the event. Photo: HOANG HIEP

Vice Chairman Cuong added that the Politburo has just given a green light on a project to develop a comprehensive international financial hub in Ho Chi Minh City and a regional financial centre in Da Nang. He remarked, with such policies and orientations, it is possible to create a big "push" for the development of not only Da Nang, but also the whole country.

Dr. Tran Du Lich, Member of the National Monetary Policy Advisory Council, pointed out some points in the implementation and operation of the Da Nang Free Trade Zone.

Dr. Tran Du Lich speaking at the event. Photo: HOANG HIEP

In particular, customs procedures need to be extremely simple, shorten the processing time for all tasks. Aside from import and export taxes, there should be more tax and fee incentives and other support, especially for strategic investors inside. Service infrastructure must be modern, facilitating production and business. Manufacturers and enterprises in the free trade zone can make the most of raw materials, manufacturing, assembling according to market demand. The city must create a more attractive investment environment than outside to attract more businesses; as well as offer the best possible facilitation to businesses to participate in the global supply chain at all stages with a modern logistics service system.

He also underlined the necessity for the city to build a modern seaport, and promote innovation by businesses in the free trade zone.

Dr. Nguyen Dinh Cung giving comments on the draft project. Photo: HOANG HIEP

Dr. Nguyen Dinh Cung, former Director of the Central Institute for Economic Management, said that the construction of the Da Nang Free Trade Zone is a way to implement industry planning and other plans, so it is necessary to closely follow the planning, and create a framework for investors to choose to invest.

He underlined the must-do for the city to build hard infrastructure for roads, seaports, railways, electricity, water supply, telecommunications and environment as soon as possible to attract strategic investors, especially the construction of Lien Chieu Seaport.

Director of the municipal Department of Industry and Trade Le Thi Kim Phuong said that the model of the complex free trade zone mentioned in the draft project is approaching the successful model in Dubai (UAE), and Shanghai and Hainan (China). These free trade zones feature many functions such as production, logistics, trade and services.

Reporting by HOANG HIEP - Translating by M.DUNG