Hanoi plans to create a free trade zone

Jun 27, 2023 / 09:26 PM

Hanoi is well suited for establishing a new and innovative free trade model due to its strategic location, especially the Noi Bai airport.

Hanoi has plans for the creation of a free trade zone (FTZ), which will facilitate trade and economic growth.

Vice Chairman of the Hanoi People's Committee Nguyen Manh Quyen and CEO of CTS Strategies Andrew Farrelly. Photo: Tu Anh/The Hanoi Times

During the meeting, Farrelly said that CTS, a Washington DC-based customs and trade consulting firm, specializes in providing technical assistance and capacity-building services to modernize customs operations, improve trade facilitation, optimize logistics solutions, effectively manage ports, and develop non-tariff zones.

He suggested that Hanoi has a significant strategic position, particularly with Noi Bai Airport, making it highly suitable for the establishment of a new and innovative free trade model.

Based on CTS's findings, Farrelly recommended that the city develop a specific plan for the FTZ and transform existing high-tech zones into high-tech FTZs.

He noted that CTS is developing a legal framework for the sector and strongly believes that the FTZ can offer more streamlined and simplified operational mechanisms and customs procedures compared to high-tech export processing zones.

Farrelly has identified Hanoi as an ideal location for establishing an FTZ, recognizing its potential to support the local supply chain and attract foreign investment.

Based on its expertise, he noted that CTS is ready to help the city develop this model and work with relevant departments to promote and attract investors to the area.

Nguyen Manh Quyen, Vice Chairman of the City People's Committee, expressed his appreciation for the proposals made by CTS and said that the local government would seriously consider them.

Quyen said the city would work alongside departments and agencies to thoroughly evaluate and assess the available options while also studying the planning aspects of a free trade zone.

He expressed hope that CTS would continue cooperating with the Ministry of Planning and Investment to research policies suitable for a free trade model that fits the specific characteristics of each locality.

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