Thanh Hóa reviews proposal for developing free trade zone

Thanh Hóa reviews proposal for developing free trade zone

Thanh Hóa province has welcomed a proposal to develop a free trade zone, seeing it as a potential driver of economic growth and investment.

The provincial leadership recently held a discussion with CT Strategies LLC on spurring the development of a free trade zone in Thanh Hóa. — Photo doanhnghieptiepthi.vn

Permanent Deputy Chairman of the Thanh Hóa Province's People's Committee Nguyễn Văn Thi said that the province welcomes and fully supports the proposal to invest in a free trade zone by CT Strategies LLC. 

To ensure the project's viability, the provincial government will work with relevant departments and agencies to carefully review the implementation plans and establish a research team. This team will develop a comprehensive proposal for the free trade zone and submit it to the Thanh Hóa Province Party Standing Committee.

The provincial leadership recently held a discussion with CT Strategies LLC on spurring the development of a free trade zone in Thanh Hóa. 

The company proposed establishing the project in Hà Lĩnh Township, Hà Trung District. 

CT Strategies's representatives and experts were appreciative of Thanh Hóa's potential, noting that it possesses the most favourable conditions among the locations the company has surveyed and worked with. 

A free trade zone in Thanh Hóa is expected to attract investment, generate employment, drive economic growth, increase trade turnover, draw foreign direct investment and facilitate economic restructuring.

Highlighting Thanh Hóa’s economic potential, Thi added that the province's trade and service sectors have experienced rapid and stable growth. In 2024, 27 new investment projects were approved, with a total registered capital of VNĐ543 billion (US$21.3 million) and $181 million. Retail sales reached nearly VNĐ200 trillion.

E-commerce has also gained significant traction, with online sales accounting for an estimated VNĐ4.5 trillion in total retail and service revenues. 

Around 55 per cent of the population engaged in online shopping and 34.1 per cent of businesses used electronic contracts. Cashless transactions in e-commerce also made up 30 per cent.

Thanh Hóa’s total export value in 2024 was estimated at $6.3 billion, marking a 23.4 per cent year-on-year increase. The province currently has 304 exporting businesses operating across 68 markets. Meanwhile, total import value reached about $10 billion, up 20.3 per cent year-on-year.

Former director of the Việt Nam Institute of Economics and a member of the Government's Economic Advisory Team, Trần Đình Thiên, emphasised that free trade zones are a modern economic model and a growth engine adopted by many countries. He stressed the need for bold, reform-minded thinking to create an innovative and forward-looking free trade zone concept that aligns with global economic trends.

A representative from CT Strategies LLC said that over 150 countries currently operate over 3,500 free trade zones and associated sub-zones. These zones contribute significantly to increasing trade turnover, attracting foreign investment, restructuring economies, developing local supply chains, enhancing infrastructure and boosting GDP growth. 

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