On May 13, the Minister of Finance, Nguyen Van Thang, presented to the National Assembly a draft resolution proposing special mechanisms and policies for the development of Hai Phong city. This follows the successful implementation of a three-year pilot program established by the National Assembly’s Resolution 35 in 2021.
*Minister of Finance Nguyen Van Thang presents the proposal to the National Assembly. Photo: Pham Thang*
While the pilot program has yielded positive results, there is a need to further enhance its impact. The new resolution aims to address this by proposing 41 specific policies across six key areas: investment management, financial and state budget management, planning and urban management, science and technology management, income policies for civil servants, and the establishment of a Free Trade Area in Hai Phong.
A key proposal is the establishment of a Free Trade Area (FTA) in Hai Phong, which will serve as a geographically defined area to pilot breakthrough mechanisms and policies. The FTA will consist of functional zones for production, port and logistics, trade and services, and other functions as stipulated by law.
To boost investment and business activities in the FTA, the resolution proposes simplified administrative procedures related to investment, business, import-export, entry and temporary residence, and labor permits. It also suggests optimizing land and water rent incentives, tax breaks, and allowing overseas bank branches to open transaction offices within the FTA.
The Economic and Financial Committee of the National Assembly has expressed support for the pilot establishment of the FTA, recognizing its potential economic impact. However, they have also emphasized the need to carefully consider its broader implications on national defense, security, and social order.
Minh Chien – Van Duan
– 10:12 05/13/2025
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