The Lien Chieu Port under construction. The port will be linked with the Free Trade Zone under the scheme proposed by Ministry of Planning and Investment. (Photo: VNA)
Da Nang (VNS/VNA) - The Ministry of Planning andInvestment is trying to push through a scheme to establish an internationalfinancial hub in the central city of Da Nang.
The programme, which is part of the ministry's efforts to reviseResolution No.119/2020/QH14 on Piloting the Urban Government Model and CertainDevelopment Policies in Da Nang city, aims to leverage Vietnam's advantages,especially those in Da Nang, to attract the capital flows from othertraditional financial markets.
The hub will serve as a separate offshore financial centre with ahighly competitive system of tax and oversight and will be linked with domesticfinancial markets that are on track for capital account liberalisation.
The scheme also proposes a Free Trade Zone in the city, which willbe designated for manufacturing, logistics, and trade activities.
It will be linked with Lien Chieu Port and granted investmentincentives and some other special policies that will give Da Nang a significantboost in development.
The People's Committee of Da Nang city will be the body in chargeof modifying and approving the Master Plan for the Free Trade Zone to ensure itgoes in line with the Grand Master Plan of the city.
It will also be tasked with preparatory work, including landclearance and resident resettlement, to ensure everything will be ready forconstruction.
Investors qualified to build facilities in the Free Trade Zonewill be able to lease and re-lease land as they did in other economic andindustrial zones.
Meanwhile, the authority to formulate rules and regulations for theFree Trade Zone will fall to the Government.
The Free Trade Zone is expected to bring big opportunities forsocio-economic growth in the central region, including Da Nang, and facilitateforeign direct investment in the city./.
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The Lien Chieu Port under construction. The port will be linked with the Free Trade Zone under the scheme proposed by Ministry of Planning and Investment. (Photo: VNA) 
