Construction of a VND11.1 trillion ($473.15 million) non-tariff logistics and industrial zone in the northern city of Hai Phong began Saturday.

The project covers 752 hectares in Dinh Vu – Cat Hai economic zone. About 370 hectares of the area is earmarked for manufacturing and the rest for warehouses and logistics facilities.

The first phase will be completed in 2025.

The next two phases are set to become operational by 2030 and 2033.

Invested by Xuan Cau – Lach Huyen Investment JSC, the government approved the project in April 2021.

On completion, it will be the largest non-tariff seaport hub in the country, with 40,000-50,000 workers.

Zero tariffs will be applied on exports from the hub to other countries, and no VAT and special consumption tax will be applied on goods traded with other countries or other non-tariff zones.

Businesses located in the zone, around 25 km from Cat Bi International Airport, will also benefit from simplified administrative procedures.

City authorities hope the new hub will help attract leading global businesses in the maritime transport-logistics sector and transform Hai Phong into a foreign investment magnet.

Currently, the country has 21 non-tariff zones in 18 provinces and cities.

Source: vnexpress.net