UAE’s DP World plans free trade zone in Ba Ria-Vung Tau

UAE’s DP World plans free trade zone in Ba Ria-Vung Tau

Ba Ria-Vung Tau's People’s Committee signed an MoU with the UAE’s DP World to research of a free trade zone (FTZ) at Cai Mep Ha Seaport on February 18.

Under the MoU, the two sides will share expertise on the design, operation, and development of a seaport-linked FTZ. The two sides will also discuss plans for a new port and a new industrial, commercial, and service area inside the zone.

Cai Mep Ha FTZ is expected to enhance Vietnam’s maritime economy by leveraging the strategic location of Ba Ria-Vung Tau, contributing to attracting foreign investment, and driving growth in the logistics, seaport, and international trade sectors.

Additionally, the FTZ will contribute to transform Ba Ria-Vung Tau into a national marine economic hub and a leading maritime service centre for Vietnam and Southeast Asia.

Nguyen Van Tho, Chairman of Ba Ria-Vung Tau People’s Committee, said, “DP World is an ideal partner for the locality. This event not only marks the beginning of a promising collaboration between the province and DP World, but also deepens the cooperative relationship between Vietnam and Dubai.”

Glen Hilton, Asia-Pacific CEO and managing director of DP World, highly appreciated the potential of Ba Ria-Vung Tau and hoped to share the group’s extensive experience to build and unlock the potential of the first FTZ in the region.

“I believe that the contribution and capability of DP World will help build a thriving economic centre, elevating local economic growth to a higher level,” Hilton noted.

DP World is one of the world’s largest smart logistics service providers, running around 20 seaport-linked FTZs. DP World is running the Jebel Ali Free Zone at the world-renowned Jebel Ali Port in Dubai, one of the most successful and efficient FTZs globally.

VIR