Vietnam's Ministry of Planning and Investment has consulted 14 ministries and agencies on a plan to develop a non-tariff zone in Da Nang City and is currently preparing to submit its proposal to the prime minister.
Da Nang authorities hope the plan will allow the city to take advantage of its geographic and economic potential in order to form a center of high-quality international trade, tourism, and services, thereby increasing its competitiveness with similarly sized coastal cities in neighboring countries and across Asia.
If successful, the plan will help create attractive economic policies to attract investors, improve the city’s business environment, encourage the consumption of high-quality international goods and services in Vietnam, and promote domestic products to inbound tourists.
The tariff-free zone will also be home to pilot programs for a number of new economic management mechanisms that have become the norm in other international destinations, but have yet to be applied in Vietnam.
These include duty-free sales, outlet stores, high-quality entertainment areas, restaurants, premium healthcare, and interntional-standard education services.
There tariff-free zone will also be a completely commerical area, with both permanent and temporary residences prohibited.
It will be cordoned off by fencing and will meet all regulations related to customs inspections, supervision, and control by customs agencies and other relevant agencies.
Sales and exchanges between the tariff-free zone and outside areas will be considered imports and exports.
According to the proposal of Da Nang City, the tariff-free zone will be built on an area of 151.3 hectares at the end of Ba Na - Suoi Mo Street, which lies at the foot of Ba Na Mountain.
City authorities have proposed a road map to develop the non-tariff zone in four phases until 2027.
They gave a green light to the establishment of a team responsible for the project in March 2022.