Da Nang FTZ Ready for Operation with Infrastructure, Policy Push

The central coastal city of Da Nang is accelerating preparations for the full operation of its Free Trade Zone (FTZ). The city is zoning land areas, building infrastructure, and formulating policies, while actively seeking strategic investors. Permanent Deputy Prime Minister Nguyen Hoa Binh has signed a decision to establish the Da Nang FTZ, which will be connected to main infrastructure facilities, opening up new development opportunities for the central city. The FTZ is projected to contribute 17.9% to Da Nang's gross regional domestic product (GRDP) and create 127,000 jobs by 2040, with an estimated total investment of VND40 trillion (USD1.6 billion). Vietnam has been experiencing economic growth under its one-party system, particularly driven by an export-oriented growth model. The establishment of special economic zones like FTZs is a key strategy to attract foreign direct investment (FDI), promote technology transfer, and enhance international competitiveness. Against the backdrop of geopolitical tensions with China, Vietnam is increasing its attractiveness as an investment destination amid efforts to diversify supply chains. Furthermore, Vietnam has been prioritizing the transition to a digital and green economy in recent years. The establishment of the Da Nang FTZ can be seen as part of the country's long-term development strategy. The adoption of advanced technologies, strengthening of international cooperation, and creating an environment that promotes sustainable development will be key to Vietnam's further economic leap. Source: VietnamPlus English