During its 44th session on April 17, the National Assembly Standing Committee reviewed the draft Resolution intended to replace Resolution No. 35/2021/QH15 dated November 13, 2021, concerning the piloting of specific mechanisms and policies for Hai Phong City's development.

The draft Resolution outlines the piloting of measures across key areas such as investment management; financial and state budget management; planning, urban affairs, resources, and environmental management; science, technology, and innovation management; and the establishment and operation of a New Generation Free Trade Zone in Hai Phong City.

The proposed New Generation Free Trade Zone aims to introduce exceptional and breakthrough mechanisms and policies to attract investment, finance, trade, and services, while promoting exports, industrial growth, research and development (R&D), and high-quality human resource development.

The zone will be divided into functional zones, including a production zone, a port and port logistics zone, a commercial-service zone, and other designated functional areas, as prescribed by law.

To foster investment and promote production and business activities within the zone, the draft Resolution provides for several preferential policies, such as simplified administrative procedures for investment, business activities, import-export, immigration, temporary residence, work permits, land, and construction investment. It also proposes optimized incentives relating to land rent, water surface rent, and taxes.

Under the draft, except for investment projects covered by Article 30 of the 2020 Law on Investment, investors in the zone may follow special investment procedures as prescribed by investment laws for specific sectors.

These include establishing innovation centers and R&D centers, investing in semiconductor integrated circuits, design and manufacturing technology for components, integrated circuits (ICs), flexible electronics (PE), chips, and semiconductor materials, as well as projects in the field of information technology.