(ĐTCK) At the Vietnam Logistics Forum 2024, with the theme “Free Trade Zone, Breakthrough Solution to Promote Logistics Growth” held on December 2, experts and leading business leaders presented their views on promoting investment attraction in Ba Ria – Vung Tau province.
Sharing at the Forum, Mr. Nguyen Thanh Binh, General Director of Gemadept Corporation (Stock code: GMD – HOSE exchange), raised the issue that there are over 5,000 Free Trade Zones (FTZs) in operation in more than 150 countries worldwide, and Asia alone accounts for nearly half of these FTZs.
“‘In reality, FTZs are not a matter of survival for an economy. Whether or not there are FTZs, the economy continues to function. Vietnam, despite not having an FTZ, is still one of the 30 largest economies in the world, ranking 23rd globally in export turnover.
However, to achieve breakthrough development, usher the country into a new era of development, and enhance competitiveness and adapt to the rapid and strong changes in the global context, FTZs are a necessary and appropriate choice. Especially, the important infrastructure link, Vietnam’s seaport system, has been systematically planned and invested in,” said Mr. Binh, and gave a specific assessment of Ba Ria – Vung Tau province.
According to Mr. Binh, Ba Ria – Vung Tau province has many outstanding competitive advantages to develop the commercial zone when the natural conditions are extremely favorable, forming the Cai Mep gateway port cluster which is planned and developed in a modern, synchronous manner, capable of receiving the world’s largest vessels.
In addition, the multimodal inter-regional connection infrastructure with the road, waterway and seaport traffic systems is being invested heavily, facilitating the flow of import and export goods. Long Thanh International Airport is expected to be operational by the end of 2026 and the railway system is also preparing to be deployed.
“The combination of a gateway seaport and an international airport is an excellent opportunity for the locality to become an important economic center in the region. To seize this opportunity and fully realize its potential, Ba Ria – Vung Tau needs a genuine FTZ,” Mr. Binh emphasized.
Drawing on the practical experience of the success of the FTZ model worldwide, and the competitive advantages of Ba Ria – Vung Tau province, Mr. Binh proposed: “We need to choose a suitable model based on reference and learning from standard models in the region and around the world. Ba Ria – Vung Tau should be strong and persistent with a high determination in proposing to the central government to allow the implementation of timely and synchronized policies.”
In particular, Ba Ria – Vung Tau should promote regional linkages and strengthen international cooperation as a prerequisite for connecting the FTZ and the Ba Ria – Vung Tau port cluster to major global economic corridors. For example, the Indo-Pacific Economic Corridor (IPEC).
Additionally, if the FTZ model is successfully developed, Ba Ria – Vung Tau will have additional economic growth impetus, including attracting cargo to the ports in the area, contributing to diversifying logistics service activities; enhancing international transshipment and logistics capacity, accelerating the development of the Cai Mep – Thi Vai port cluster into a transshipment hub, competing with major ports in the region; synergizing and connecting with Long Thanh Airport, creating opportunities to form a Sea-Air Hub.
Thereby, the province will attract foreign direct investment (FDI) into supporting industries, processing, manufacturing, and logistics; promote the import and export of goods, increasing value in the supply chain; and promote sustainable development, attract green investment, contributing to Vietnam’s overall strategy on emission reduction commitments and sustainable development.
