On December 5th, Prime Minister Pham Minh Chinh chaired a meeting of the Government’s Standing Committee to discuss the free trade zone proposal, which is set to be submitted to the competent authorities.
Prime Minister Pham Minh Chinh speaking at the meeting. Photo: Nhat Bac
The free trade zone proposal is being developed under the leadership of the Ministry of Finance. Currently, Vietnam’s general legal framework lacks specific regulations on the mechanisms, policies, management, and operations of free trade zones. Over the years, the National Assembly has issued resolutions piloting certain special mechanisms and policies for the development of Da Nang City and Hai Phong City, including provisions related to free trade zones.
The Ministry of Finance anticipates establishing free trade zones in Da Nang, Hai Phong, and Ho Chi Minh City by 2026. By 2030, the country aims to have approximately 6-8 free trade zones and similar models in localities with favorable conditions. By 2045, Vietnam plans to have 8-10 internationally standardized free trade zones and similar models, capable of competing with regional counterparts and contributing 15-20% to the GDP.
Concluding the discussion, Prime Minister Pham Minh Chinh instructed the Ministry of Finance to incorporate feedback from the meeting to further refine the proposal for submission to the competent authorities. He emphasized the need for speed and urgency while maintaining quality.
The Prime Minister highlighted the importance of clarifying the concept of free trade zones, their similarities and differences with international trade centers, and the mechanisms and policies applicable to both. He urged flexible and creative application of existing regulations.
The government leader stressed that the selection of pilot locations for free trade zones must be appropriate, balancing regional representation and adhering to the pilot spirit. Agencies are encouraged to reference international experiences and Vietnam’s specific conditions to develop special, competitive, and feasible mechanisms and policies without significantly impacting the overall investment environment. Policies should include both general provisions and specific adaptations for different zones and localities.
The Prime Minister called for the development of competitive and superior policies to pilot free trade zones. Photo: Nhat Bac
On the same morning, Prime Minister Pham Minh Chinh chaired another meeting of the Government’s Standing Committee to discuss proposed mechanisms and policies to promote the development of the Dung Quat National Oil Refinery and Energy Center in the Dung Quat Economic Zone (Quang Ngai Province).
According to reports and opinions shared at the meeting, the Dung Quat Oil Refinery is Vietnam’s first oil refinery, located within the Dung Quat Economic Zone. Leveraging its strategic location and developed infrastructure, the economic zone has become an attractive investment destination domestically and internationally. The government has designated it as a multi-sector economic zone, focusing on oil refining, petrochemicals, heavy industries, and light industries.
In Resolution No. 26 on socio-economic development and national defense and security in the North Central and Central Coastal regions until 2030, with a vision to 2045, the Politburo tasked the expansion and development of the Dung Quat National Oil Refinery and Energy Center.
Addressing the meeting, Prime Minister Pham Minh Chinh emphasized that the Dung Quat Oil Refinery, invested and operated by Vietnam, is functioning effectively. Plans for its second expansion phase align with the country’s overall development.
Expressing general agreement with the proposed mechanisms and policies from various ministries, Prime Minister Pham Minh Chinh directed agencies and the Vietnam Oil and Gas Group (Petrovietnam) to review and clarify new content, special policies, and more breakthrough measures for submission to the competent authorities.
The Prime Minister underscored the need for mechanisms and policies to develop the Dung Quat National Oil Refinery and Energy Center, contributing to local socio-economic development, ensuring national energy security and self-sufficiency, advancing the petrochemical and energy industries, and driving double-digit growth in the coming years. These efforts aim to achieve the nation’s 100-year strategic goals.
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