On the morning of June 27, the Resolution on piloting a number of specific mechanisms and policies for the development of Hai Phong City was passed by the National Assembly with 447/449 delegates voting in favor (equal to 93.51% of the total number of National Assembly delegates).
The notable point in this Resolution is that the National Assembly agreed to establish the Hai Phong Free Trade Zone with a series of special policies.
According to the Resolution of the National Assembly, a Free Trade Zone is an area with defined geographical boundaries, established to pilot outstanding, breakthrough mechanisms and policies.
These policies aim to attract investment, finance, trade, tourism , high-quality services to promote exports, industry, research and development (R&D) activities, and attract high-quality human resources.
The National Assembly's resolution clearly states that the Hai Phong Free Trade Zone will be established by the City People's Committee and its boundaries will be adjusted in conjunction with the Dinh Vu - Cat Hai Economic Zone and the Southern Hai Phong Coastal Economic Zone.
Hai Phong Free Trade Zone will enjoy a series of preferential policies on administrative procedures, land and water surface rents and tax incentives...
Specifically, enterprises investing in new investment projects and expansion in priority areas (R&D, semiconductors, high technology...) in the Hai Phong Free Trade Zone will be subject to a 10% tax rate for 30 years, tax exemption for 4 years and a 50% reduction in taxes payable for the next 9 years.
Income from non-priority projects in the Hai Phong Free Trade Zone is subject to a 10% tax rate for 15 years, a four-year tax exemption, and a 50% reduction in tax payable for the next nine years, according to a resolution of the National Assembly.
Experts, scientists, people with special talents, managers, and highly qualified workers with income from salaries and wages arising from performing work in the Hai Phong Free Trade Zone will also receive a 50% reduction in personal income tax for 10 years.
In addition, investment projects in the Free Trade Zone are exempted from all land and water surface rents for the entire lease term, except for projects building commercial housing and commercial service land.
Regarding administrative procedures, foreign investors establishing economic organizations in Hai Phong Free Trade Zone do not have to carry out procedures for granting investment registration certificates before establishing economic organizations.
The National Assembly also agreed to exempt visas and grant 10-year temporary residence cards to foreigners who are experts, scientists, people with special talents and family members (wife, husband, children under 18 years old) working at enterprises headquartered in the Hai Phong Free Trade Zone...
In addition to the specific mechanism for the Free Trade Zone, the National Assembly also resolved to pilot many other specific policies to create a breakthrough for Hai Phong City.
Accordingly, the city is allowed to borrow with a total outstanding debt not exceeding 120% of the budget revenue enjoyed according to decentralization.
Hai Phong also decided to apply fees and charges not yet included in the list of fees and charges, and adjust the collection levels of fees and charges already included in the list.
The city is reclaiming land to implement logistics center projects (scale over 50 hectares) and logistics services (scale up to 50 hectares) serving seaports and airports.
The city also reclaimed small, narrow plots of land located in residential areas to create a land fund for auction.
In addition, Hai Phong established a Venture Capital Fund from the budget to invest capital in high-tech projects, high-tech enterprises, science and technology enterprises, and innovative startups. Officials and civil servants using capital from this Fund are exempt from liability in case of damage due to objective risks, have fully implemented the procedures and regulations and are not self-interested.
This Resolution comes into force from July 1, 2025.
VN (according to Nhan Dan)Source: https://baohaiduong.vn/quoc-hoi-nhat-tri-thanh-lap-khu-thuong-mai-tu-do-hai-phong-415100.html
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