HCMC – The northern province of Hung Yen has proposed developing a free economic zone (FEZ) on over 60,000 hectares at an estimated cost of US$18 billion.
According to the proposal to be submmited to the central Government, the Hung Yen FEZ will be developed as a strategic hub for high-tech manufacturing, new energy, and advanced logistics based on the operational 30,583-hectare Thai Binh economic zone.
The ambitious scheme, set to be implemented in three phases from 2025 to 2050, envisions a massive expansion including 13,000 hectares of the zone’s western region and 17,000 hectares of sea reclamation in the zone’s eastern region to accommodate a deep-sea port, an airport and modern urban resorts.
To attract foreign capital, the province has proposed 31 specialized mechanisms, featuring 13 breakthrough policies aligned with international standards. Unlike traditional models, the Hung Yen FEZ aims to shift focus from tax incentives toward creating a superior business environment with streamlined regulations and global competitiveness.
