The Liên Chiểu Port under construction. The port will be linked with the Free Trade Zone under the scheme proposed by Ministry of Planning and Investment. — VNA/VNS Photo Bùi Doãn Tấn

The Ministry of Planning and Investment is trying to push through a scheme to establish an international financial hub in Đà Nẵng City.

The programme, which is part of the ministry's efforts to revise Resolution No.119/2020/QH14 on Piloting the Urban Government Model and Certain Development Policies in Đà Nẵng City, aims to leverage Việt Nam's advantages, especially those in Đà Nẵng, to attract the capital flows from other traditional financial markets.

The hub will serve as a separate offshore financial centre with a highly competitive system of tax and oversight and will be linked with domestic financial markets that are on track for capital account liberalisation.

The scheme also proposes a Free Trade Zone in the city, which will be designated for manufacturing, logistics, and trade activities.

It will be linked with Liên Chiểu Port and granted investment incentives and some other special policies that will give Đà Nẵng a significant boost in development.

The People's Committee of Đà Nẵng City will be the body in charge of modifying and approving the Master Plan for the Free Trade Zone to ensure it goes in line with the Grand Master Plan of the city.

It will also be tasked with preparatory work, including land clearance and resident resettlement, to ensure everything will be ready for construction.

Investors qualified to build facilities in the Free Trade Zone will be able to lease and re-lease land as they did in other economic and industrial zones.

Meanwhile, the authority to formulate rules and regulations for the Free Trade Zone will fall to the Government.

The Free Trade Zone is expected to bring big opportunities for socio-economic growth in the Central Region, including Đà Nẵng, and facilitate foreign direct investment in the city. — VNS