Deputy Prime Minister Nguyen Hoa Binh (second from right) presents the Prime Minister's decision to establish the Da Nang Free Trade Zone on June 22. (Photo: VNA)

In a significant milestone for regional development, Deputy Prime Minister Nguyen Hoa Binh on June 22 officially announced the Prime Minister's decision to establish the Da Nang Free Trade Zone (FTZ), the first of its kind in Vietnam.

This strategic initiative marks a turning point for the central city of Da Nang and the nation as a whole, setting the stage for enhanced economic integration, innovation, and investment.

Spanning approximately 1,881 hectares, the FTZ comprises non-contiguous areas with specialised functional zones including production, logistics, trade and services, digital technology, information technology and innovation hubs.

Developed with state-of-the-art infrastructure, it is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.

The long-term vision for the zone includes transforming it into a vital node within the global supply chain, particularly within the Asia-Pacific region. It aims to serve as a hub for international freight transit, with connections to Lien Chieu Port, Da Nang International Airport, and the East-West Economic Corridor.

The FTZ is a key component in the country’s broader economic restructuring strategy, especially as Da Nang prepares for greater integration following its planned merger with Quang Nam province.

It is also closely linked to the development of the Da Nang international financial centre, intended to foster a smart, modern, and competitive economic ecosystem that strengthens Vietnam’s position on the global stage.

Deputy Prime Minister Nguyen Hoa Binh emphasised the FTZ’s symbolic importance as the first of its kind in Vietnam, highlighting its role as an important step in realising the Government's long-term vision for Da Nang.

During the ceremony, several memoranda of understanding (MoUs) were signed between Da Nang city authorities and major domestic and international investors. These include Terne Holdings Group, One Destination, BRG Group, Imex Pan Pacific, Newtechco Group, and Saigon Da Nang Investment JSC – demonstrating widespread confidence in the FTZ's potential.

These MoUs are seen as first concrete steps toward realising the zone’s promise. They will contribute directly to turning strategic policy frameworks into practical and growth-driving initiatives.

Speaking at the ceremony, Chairman of the Da Nang People’s Committee Le Trung Chinh described the FTZ as a “breakthrough institutional model” aimed at fostering green growth, innovation, strategic investment attraction.

He emphasised the city’s commitment to putting the FTZ into operation swiftly and efficiently, through clear planning, administrative reform, and policy innovation.

The FTZ will work in tandem with other high-impact projects such as the development of a deep-water port, the Pearl Island area, and the International Financial Centre, according to the chairman.

Together, these initiatives are expected to make Da Nang a compelling destination for both foreign direct investment and domestic enterprise growth.

The establishment of the Da Nang FTZ is more than just a regional development initiative, it is a symbol of Vietnam’s evolving role in the global economy.

With the right infrastructure, policies, and partnerships in place, Da Nang is poised to become a central hub for innovation, logistics, and international commerce in the years to come.

Da Nang calls upon investors from around the world to explore the potential of its FTZ, to contribute to building a dynamic centre of production, service, and innovation – an essential engine of growth for the central region and for Vietnam in this new era of global integration, Chinh said.