Da Nang Free Trade Zone needs flexible legal framework and incentive policies
Besides investing in modern logistics infrastructure, Da Nang needs to build a legal framework and flexible incentive policies to attract investment in the Free Trade Zone.
Speaking at the Forum “Da Nang Free Trade Zone – New driving force for the development of Da Nang’s logistics industry” on the morning of November 14, Dr. Tran Thi Hong Minh, Director of the Central Institute for Economic Management (CIEM), affirmed that Da Nang has many favorable conditions to attract investment and make the most of its commercial potential in logistics.
According to Dr. Tran Thi Hong Minh, in essence, a free trade zone is a special economic zone regulated by the government, where goods can be imported, stored, processed, produced and re-exported without being subject to import duties, export duties or other taxes.
Tax incentives, customs and simple administrative procedures are important factors that help free trade zones attract foreign investment, promote exports, create jobs, and contribute positively to sustainable economic growth...
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| Dr. Tran Thi Hong Minh spoke at the Forum "Da Nang Free Trade Zone - New driving force for the development of logistics industry in Da Nang city". |
According to Ms. Minh, free trade zones have become the driving force of global trade, with more than 3,500 zones in 135 countries.
Citing the success of many countries around the world, Ms. Minh said that Da Nang can apply many creative solutions to build an effective and sustainable Free Trade Zone, making Da Nang the leading logistics center in the Central region.
Dr. Tran Thi Hong Minh said that although Da Nang has many favorable conditions, there are also issues that Da Nang needs to consider carefully. In particular, the Da Nang Free Trade Zone needs to be a pioneer in developing new industries with high technology content, adapting to new trends, digital transformation, green transformation, etc.
“Otherwise, if Da Nang is only positioned as an intermediary in the global value chain, it may face significant challenges in its long-term development,” said Ms. Minh.
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| Construction area of Lien Chieu Port, Da Nang. |
According to Dr. Tran Thi Hong Minh, the key factor is that Da Nang City needs to invest in modern logistics infrastructure. Tien Sa and Lien Chieu ports need to be invested in and upgraded synchronously to expand cargo handling capacity and meet increasing demand. At the same time, develop domestic logistics centers connecting the free trade zone with neighboring areas and expand the international market.
In addition, digital transformation is an indispensable factor for the development of the free trade zone in Da Nang. Digitizing warehouse management processes, shipping tracking, and customs clearance will help reduce costs, increase operational efficiency, and support businesses to easily access international markets.
In particular, Da Nang needs to build a legal framework and flexible incentive policies to attract investment in the free trade zone. Tax incentives and a transparent customs mechanism will help businesses reduce administrative procedures and facilitate international trade.
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| Experts and businesses proposed solutions at the Forum "Da Nang Free Trade Zone - New driving force for the development of logistics industry in Da Nang City". |
The Da Nang city government needs to closely coordinate with central agencies in developing infrastructure, simplifying administrative procedures and providing tax incentives, such as exemption of value-added tax for goods in storage and land use incentives, to attract strong investment in the free trade zone.
Dr. Tran Thi Hong Minh also said that sustainable development and application of high environmental standards in the Da Nang Free Trade Zone is an important requirement. Because it not only aims at economic growth but also needs to ensure sustainability and environmental friendliness...
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