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Free Trade Zones (FTZ) are special areas established to promote international trade through preferential policies on taxes, tariffs, and other legal regulations. FTZs are commonly used to lower transaction costs, simplify import and export processes, and attract foreign investment.
Free Trade Zones (FTZ) offer significant advantages for businesses and the economy. These zones, established according to legal regulations and international standards, not only help reduce tax and customs costs but also optimize supply chain processes. FTZs facilitate businesses by offering tax incentives and reducing trade barriers, thus attracting investment and driving economic growth. Let’s explore the standout benefits of FTZs to better understand their crucial role in enhancing operational efficiency and competitiveness in the global market.
FTZs enable businesses to reduce or eliminate import and export duties on goods brought into these areas. This not only lowers operational costs but also enhances competitiveness in the international market.
Businesses operating within FTZs can store, process, and assemble goods without being constrained by standard customs regulations. This allows for the optimization of supply chain processes and significantly reduces handling times.
FTZs often attract both domestic and foreign investors due to tax incentives and reduced trade barriers. This increased investment creates job opportunities and contributes to local and national economic growth.
Companies within FTZs can easily adjust their production and distribution strategies to respond to global market changes. This flexibility boosts competitiveness and business efficiency.
“Free Trade Zones (FTZ) are no longer unfamiliar to many developed countries around the world. However, in Vietnam, the legal framework has yet to be fully developed to meet the needs for the growth of this model in recent years.”
To establish a Free Trade Zone (FTZ) in Vietnam, several key conditions must be met to ensure the zone operates effectively and complies with legal regulations. These conditions include adherence to government and customs regulations, selecting a geographically suitable area that meets location and infrastructure standards, preparing the necessary infrastructure and equipment for trade activities, and establishing clear operational policies and procedures.
Meeting all of these factors not only ensures efficient FTZ operations but also facilitates attracting investment and promoting economic development.
The establishment of an FTZ requires compliance with national laws and approval from customs and other relevant regulatory agencies. This includes customs management, import and export procedures, and necessary security measures.
The geographic area for an FTZ must be chosen based on standards related to location, infrastructure, and connectivity to major transportation routes. This ensures the FTZ can operate efficiently and meet commercial needs.
An FTZ must be fully equipped with infrastructure and facilities to support trade activities. This includes warehouses, logistics systems, and other utilities to ensure the efficient storage, processing, and distribution of goods.
FTZs require well-defined and transparent operational policies and procedures. This encompasses customs management, import and export processes, as well as essential security measures, ensuring smooth and secure operations.
ONEX Logistics, in partnership with its strategic partner CT Strategies, has signed a memorandum of cooperation aimed at maximizing capabilities and promoting mutual operations. We are currently advancing consulting services for FTZ projects in key locations such as Quang Nam, Quang Tri, Can Tho, Hai Phong, and Thua Thien-Hue, contributing to regional economic and trade development.
ONEX Logistics Team