The People's Committee of Ha Tinh province in Central Vietnam has tasked its Department of Finance with spearheading the development of a proposal to establish a Free Trade Zone (FTZ) in Vung Ang.

Unlike traditional industrial or economic zones, the Vung Ang FTZ is envisioned as a "special institutional space" offering a range of exceptional incentives related to tariffs, customs, investment, finance, labor, and land.

It will pilot a "government-led service, business-driven" model, aimed at creating a transparent, efficient, flexible, and globally integrated investment environment.

The Vung Ang Free Trade Zone will focus on attracting businesses in key sectors, including: export-oriented manufacturing, cross-border logistics, international e-commerce corporations, bonded warehousing centers, supporting industries, and high-tech enterprises.

These sectors require an open regulatory environment, low costs, streamlined administrative procedures, and seamless infrastructure connectivity. Accordingly, Ha Tinh is considering implementing several new policies within the FTZ, including: exemption from import and export duties for goods circulating within the FTZ; facilitating the recruitment and employment of foreign labor; allowing 100% foreign ownership for investors; implementing investment, construction, and customs procedures through an integrated "digital single-window" system.