HÀ NỘI — Hưng Yên is pushing the formation of a free economic zone (FEZ) with a strategic vision to make it one of the most dynamic, open and investor-friendly economic zones in Southeast Asia.

The FEZ would be developed in the former Thái Bình Economic Zone and is expected to attract high-tech industries, digital and high-quality services to create a dynamic living ecosystem, local authorities said at a working session with Deputy Prime Minister Hồ Đức Phước on Tuesday.

Plans for development follow Prime Minister Phạm Minh Chính’s directive to unlock the potential of the Red River Delta’s coastal areas and generate new growth drivers for the region and the entire country.

Hưng Yên, which merged with Thái Bình Province earlier this year, is working with consultants and relevant agencies to finalise the proposal for the FEZ, which is expected to offer breakthrough policies on business freedom, capital flows, talent mobility and governance.

Phước said that Hưng Yên should choose a modern FEZ model with suitable mechanisms and policies for sustainable growth, stressing the northern province’s potential, including its strategic location near Hà Nội, Hải Phòng and Bắc Ninh with strong transport links, fertile land and a long history of trade and culture.

He said the province should adopt a sound master plan to maximise these advantages for rapid and sustainable growth, adding that Hưng Yên should aim for a higher growth rate than the country’s two-digit target in the next few years.

The deputy PM urged Hưng Yên authorities to focus on high-tech industry and agriculture, high-quality investment attraction and infrastructure development. Aside from seaports, a review of inland ports and logistics connectivity will be necessary to promote the flow of cargo.  

Phước also stressed the need to speed up the disbursement of public investment.

Hưng Yên registered a gross regional domestic product (GRDP) growth of 8.11 per cent in the first six months of this year, a report from the province showed.

Exports climbed 19.8 per cent to more than $7 billion between January and July, while imports grew 20.6 per cent to $5.37 billion.

In the first seven months of this year, Hưng Yên attracted around $6 billion worth of investment. There are 3,891 valid projects in the province, including more than 3,000 domestic projects with a total investment of VNĐ644.9 trillion (US$24.5 billion) and 891 foreign direct investment projects worth $16.1 billion in total.

Hưng Yên is prioritising investment in industrial production, infrastructure, high-tech agriculture, logistics, eco-urban development, healthcare and waste treatment.

Public investment disbursement reached VNĐ40.2 trillion by the end of July, or 44 per cent, with a goal of full disbursement by the year end to help achieve the growth target of 10.5 per cent in 2025. — VNS