HCMC – Danang City has broken ground on an investment project to develop and operate infrastructure at Functional Zone No. 5 within its free trade zone, marking the first step in turning the area into a hub for trade and investment.
The groundbreaking ceremony, jointly organized on August 27 by Danang City and Sun Group, according to the Vietnam News Agency.
The event was part of a series of activities celebrating the 80th National Day and the 23rd Congress of the Danang City Party Committee.
Established under Decision No. 1142/QD-TTg dated June 13 by the prime minister, this is Vietnam’s first free trade zone, covering about 1,881 hectares and divided into seven areas in Lien Chieu Ward and Hoa Vang Commune.
It is designed to serve multiple functions, including manufacturing, logistics, trade and services, digital technology, information technology, and innovation.
This milestone is seen as a key step toward realizing Danang’s aspiration to expand new development space.
Notably, with the free trade zone and the international financial center master plans, the city is set to evolve into a modern, smart, and highly competitive economic ecosystem.
At the same time, Danang is expected to become a major economic hub of both Vietnam and the region, with average per capita income projected to reach around US$8,500 by 2050.
