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Construction begins on Viet Nam's largest non-tariff zone

VGP – Construction of Viet Nam's largest non-tariff logistics and industrial zone in the northern port city of Hai Phong on Saturday.

May 14, 2023 8:12 AM GMT+7
Construction begins on Viet Nam's largest non-tariff zone - Ảnh 1.

Prime Minister Pham Minh Chinh (4th from left) at the groundbreaking ceremoy of Viet Nam's biggest non-tariff logistics and industrial zone in the northern port city of Hai Phong, May 13, 2023. Photo: VGP.

The VND11.1 trillion (US$473.15 million) project covers an area of 752 hectares in Dinh Vu-Cat Hai economic zone.

The first phase is expected to complete by 2025 and the next two phases are set to become operational by 2030 and 2033.

Approved by the Prime Minister in April 2021, the project is expected to help perfect the structure and value chain of the Lach Huyen international seaport and pave the way for further marine economic breakthroughs achieved by the city.

It will also significantly contribute to Hai Phong's goal of developing Dinh Vu-Cat Hai Economic Zone into an integrated economic zone serving the socio-economic growth of the city and the country's northern coastal region.

Once completed, it will be the largest non-tariff seaport hub in the country, with 40,000-50,000 workers.

Zero tariffs will be applied on exports from the hub to other countries, and no VAT and special consumption tax will be applied on goods traded with other countries or other non-tariff zones.

Businesses located in the zone, around 25 km from Cat Bi International Airport, will also benefit from simplified administrative procedures.

Hai Phong hopes the new hub will help attract leading global businesses in the maritime transport-logistics sector and transform Hai Phong into a foreign investment magnet.

Currently, Viet Nam has 21 non-tariff zones in 18 provinces and cities./.