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Khanh Hoa Pushes for FTZ to Boost Economy, Danang's FTZ Paves Way

Khanh Hoa's integrated FTZ plan could be a game-changer. With Danang's success, the race for FTZ development heats up in Vietnam.

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1 min read
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Khanh Hoa Pushes for FTZ to Boost Economy, Danang's FTZ Paves Way

Khanh Hoa, a province in Vietnam, is pushing for the establishment of a Free Trade Zone (FTZ) to boost its economy. The province has submitted a feasibility plan to the Prime Minister and is considering multiple locations for the FTZ. Meanwhile, other localities in Vietnam, such as Hai Phong, Dong Nai, and Ho Chi Minh City, are also expressing interest in developing their own FTZs.

Khanh Hoa has proposed establishing the FTZ in three areas: Van Phong, Ca Na, and Cam Ranh. The province is considering integrating the FTZ with various sectors, including logistics, supporting industries, clean energy, maritime services, and financial services, along with tourism. Associate Professor Dr. Bui Quang Binh supports this integrated approach.

Dr. Ha Huy Ngoc, director of the Center for Policy, Strategy, and Local and Territorial Economics Research, suggests linking the FTZ to the Van Phong Economic Zone to create a 'breakthrough growth engine' for Khanh Hoa. The province is currently reviewing its master planning and studying suitable sites for FTZ implementation.

Danang's FTZ, the first to be officially approved, is serving as a model for other provinces. Sun Group has begun infrastructure development for Zone 5 in Danang, which is expected to bring significant economic benefits to the region.

Khanh Hoa's FTZ, once approved, is expected to drive economic growth and attract investment. The province is committed to refining its planning, developing infrastructure, and creating a business-friendly environment. With Danang's FTZ paving the way, Khanh Hoa and other localities in Vietnam are poised to reap the benefits of FTZ development.

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