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Learning experiences in building international free trade zones

Date 02/04/2024 - 17:12:00 | 129 views
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(MPI) - Following the official working tip to China, Minister of Planning and Investment Nguyen Chi Dung from March 31 to April 1 led a delegation to visit China’s Hainan province to study experiences in building free trade zones, which is one of the important contents of his visit.

At the meeting with China Harbour Engineering Company Ltd (China Construction Corporation). Photo: MPI

At a meeting with the China Harbour Engineering Company Ltd (China Construction Corporation), the company's leaders provided some information about the Hainan free trade port and a number of projects the company is implementing.

The two sides exchanged experiences in developing free trade port, such as tax exemption policies, tax reduction policies for personal consumption of 100,000 yuan per citizen per year in Hainan province, and preferential corporate income tax policies of about 15% (in which general rate is 25%).

Minister Nguyen Chi Dung and the ministry’s delegation visited the free trade center, the duty-free, free-trade zone in Haikou, Hainan, and worked with the Hainan Department of International Economic Development.

Minister Nguyen Chi Dung suggested both sides exchange specific experiences in building the Hainan Free Trade Port, particularly, the issuance of policies to encourage the development of free-trade zone, main goals of developing free-trade zone, and comparison of the Hainan free-trade port with other zones in China. The two sides also shared information about policies, experiences, and facing difficulties.

Leaders of the Hainan Department of International Economic Development mentioned that trade relations between Vietnam and Hainan province has been growing in recent years. Vietnam exported goods worth 495 million USD to Hainan in 2023, and imported 673 million USSD from Hainan. Vietnam’s products include wood, firewood, coconuts and cement, and Hainan exports to Vietnam a number of industrial parts and kaolin.

Minister Nguyen Chi Dung and the delegation also visited Haikou’s Jiangdong New Area. This area displays overall planning and development orientation of Jiangdong with the purpose to create new centers and special products, attract tourists and businesses to invest and set up headquarters.

At the meeting with Governor of Hainan province, China Liu Xiaoming. Photo: MPI

Minister Dung also met with Governor of Hainan province Liu Xiaoming, and heard some information about the construction and development process of the Hainan free trade port. This aim to create new free trade standards to facilitate trade and investment, the governor said.

XiaoMing expressed his hope for increased trade connections between Vietnam and Hainan province, unblocking transport routes to facilitate capital exchange, trade, and tourism, and connecting ports from Hainan to a number of cities and provinces in Vietnam such as Hai Phong, Quang Ninh, Hanoi, Da Nang, and Ho Chi Minh City. He also proposed the two sides expand investment and cooperation and increase exchange to establish industrial supply chains.

For his part, Minister Nguyen Chi Dung congratulated Hainan province on the initial achievements in the construction of free-trade port, and stated that his working trip also aims to deepen the trade and investment ties between the two countries.

Minister Dung said that Hainan province and Vietnam enjoy increasingly profound cooperation in recent years. However, there remains ample room for cooperation in many areas, and Hainan’s superior policies are opportunities for Vietnam.

The minister hoped the two sides enhance cooperation and complement each other for mutual development, mutual benefit and win-win outcomes. He also agreed on cooperation proposals between the two sides, especially in connectivity and transportation, which will open up connections in many fields such as trade, education, agriculture, healthcare, and industry.

Minister Dung asked both sides strengthen collaboration in some priority areas such as digital economy, green economy, and circular economy, enhance people-to-people exchanges, maintain the good relations between Vietnam and China, and share development experiences to jointly promote new areas that meet the needs of both countries./.

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