Hai Phong trying to developing free trade zone, non-tariff zone
Hai Phong city's Economic Zone Management Board and the US Customs and Border Protection on December 5 organised a workshop on developing a free trade zone and a non-tariff zone in the city.
Le Trung Kien, head of the board, said that the city is preparing for the construction of a new 20,000-ha economic zone in the south of the city, adding it will offer incentives to investors in the development of a free trade zone while also focusingon developing a 752-ha non-tariff zone at Lach Huyen International Port.
Kully Nelson, Commercial Attaché at the US Embassy in Vietnam, said that the workshop concretises the cooperation agreement between Vietnam and the US that leaders of the two countries reached during the US President Joe Biden’s visit to Vietnam over two months ago. It also demonstrates the cooperation between the US Embassy in Vietnam and Hai Phong city in terms of trade.
As of November 30, 2023, there had been 904 foreign investment projects in Hai Phong city with a total investment capital of nearly US$30 billion, with 520 of those located in industrial parks and economic zones and totally capitalised at US$25.98 billion. In the first 11 months of 2023, Hai Phong attracted US$3.2 billion in foreign direct investment, accounting for 160% of its plan.
