Vietnam to Formalize Hai Phong Free Trade Zone in 2023
Vietnamese official Le Tien Chau has revealed plans to formalize the Hai Phong Free Trade Zone (FTZ) in 2023. The FTZ, aiming to significantly boost the region's economic growth, will solidify Hai Phong's status as a leading manufacturing and logistics hub. Spanning approximately 6,292 hectares across three sites, the FTZ will serve as a comprehensive hub for manufacturing, port logistics, commerce, and services. The first site, covering 2,923 hectares, will be located in the Southern Coastal Economic Zone. The second, 1,077 hectares, will be in the Nam Dinh Vu Industrial Zone, while the third, 2,292 hectares, will be on Cat Hai island. The FTZ is expected to contribute to a 13-14% increase in gross regional domestic product (GRDP) from 2025 to 2030. Initial investments will focus on developing port and logistics facilities and key transport links. The project will be implemented in phases between 2025 and 2030, starting with legal framework completion and infrastructure development in the Dinh Vu-Cat Hai area. With the formalization of the FTZ, Hai Phong, which handled 190 million tons of goods in 2024, expects to reach 212 million tons by year-end. The FTZ is set to further enhance Hai Phong's economic growth and attract more investments, making it a key player in Vietnam's economic landscape.
