The People’s Committee of Da Nang city has submitted a plan for a duty-free zone
|The People’s Committee of Da Nang city has submitted a plan for a duty-free zone. (Photo: thuonghieucongluan)|
The central city’s planning and investment department said the zone, which was sent to the ministry of planning and investment for review, would include a trade complex, with entertainment sites, duty-free shops, a logistics hub, warehouses, healthcare services, an R&D centre, international education centre, medical school and exhibition centre.
It said the project would be completed by 2027.
The department said the free-duty zone would attract investors with land-rent exemptions for three years of construction, and another 11 years land-rent free in the operation of investment projects.
Investors would also enjoy a 10% tax rate for 15 years, a four-year tax exemption and a 50% cut in income tax for the following nine years.
Despite ranking top in the Provincial Sustainable Development Index in 2021, Da Nang is still seeking economic growth and investment in the post-COVID-19 period as the city’s key tourism industry has not yet fully recovered.
The city said the zone would be a magnet for global trade and service providers and developers.
The first downtown duty-free shop was launched at the beach-front Crowne Plaza Da Nang resort in Ngu Hanh Son district at the end of last year.
The city plans to raise more than 7.9 trillion VND (316 million USD) for public investment projects in 2023.