The Hung Yen Provincial Party Committee unanimously approved the project for the establishment of the Hung Yen Free Economic Zone. This project will be reported to the Government Party Committee for submission to the Politburo for consideration and decision.

According to the proposal by the Hung Yen Provincial People's Committee (PC), the Free Economic Zone currently covers approximately 30,583 hectares. Plans include expanding an additional 13,000 hectares to the west and reclaiming about 17,000 hectares of land to the east, dividing it into three functional development zones.

This area is oriented to become a center for applied research, high-tech development, new energy, and logistics services, including: seaports, airports, and resort urban areas. The project aims to attract major corporations in global supply chains, creating an economic space beyond traditional regional boundaries.

According to Le Quang Hoa, Vice Chairman of the Hung Yen Provincial PC, to attract investment, Hung Yen proposes 12 groups with 31 specific mechanisms and policies. These include 18 leading policies currently applied in Vietnam and 13 breakthrough policies aligned with international standards.

Nguyen Huu Nghia, Provincial Party Secretary, speaking at the conference on 13/3 regarding the establishment of the Hung Yen Free Economic Zone Project. Photo: Xuan Hoa.

Policy design is based on four core principles: not focusing on traditional tax and fee incentives; prioritizing solutions that create an attractive and efficient business environment; ensuring international competitiveness; and centering the design around investor needs and challenges.

The proposed total investment for the project from 2025-2050 is approximately 463,000 billion VND (equivalent to 18 billion USD). Phase one (2025-2030) will focus on completing planning, framework infrastructure, and piloting specific policies. Phase two (2030-2040) will boost strategic investment attraction and scale expansion. Phase three (2040-2050) will finalize the free economic ecosystem, preparing it for global competition.

Nguyen Huu Nghia, Provincial Party Secretary, stated that the Free Economic Zone will be the main driver for Hung Yen province's rapid, sustainable development in the coming period. It is expected to create breakthroughs in economic growth, productivity, and high-quality investment, laying the foundation for the province to become a modern industrial hub, a marine economic center, and a regional energy center.

Le Tan