JavaScript is off. Please enable to view full site.

Vietnam plans non-tariff zone in Da Nang

Vietnam plans non-tariff zone in Da Nang

Thursday, January 05, 2023, 10:26 GMT+7
Vietnam plans non-tariff zone in Da Nang
Motorcyclists travel on the Dragon Bridge, an infrastructural icon in Da Nang, Vietnam. Photo: V.P.T. / Tuoi Tre

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.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

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.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Bao Anh - Bao Ngoc / Tuoi Tre News

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news