New free trade zone planned for Haiphong

On July 8, Joton Group inked a deal with the US consulting company CT-Strategies on preparation of documents for the establishment of a free trade zone in Tien Lang district of the northern port city of Haiphong.

The event marks the breakthrough and leadership of both the city and Joton Group in innovating Vietnam's economic activities by developing free trade zones in line with global economic trends.

"I would like to express my sincere gratitude to the leaders of Haiphong and all partners who have accompanied us from the research process to the signing ceremony today. The development of this zone is considered an important turning point in economic development, trade, and investment," shared Tran Thoang, senior customs and trade specialist, and director of CT-Strategies Vietnam.

According to the pre-feasibility study, the zone is not merely a venture but also a symbol of international cooperation and far-reaching vision. The project will lay the foundation for a favourable business environment, providing opportunities for domestic and foreign businesses to develop and expand business activities in the country.

Vu Duy Quyen, deputy general director of Foreign Affairs of Joton Group said, "We chose to accompany CT-Strategies to research and implement this project. With their professionalism and experience, we believe that this cooperation will bring outstanding results and sustainable development for the free trade zone."

The research and implementation of the project will bring opportunities for investors to share experiences, learn from each other, and build solid links in the fields of economy, trade, and investment.

Tien Lang district is located near the central area of Haiphong, one of the major economic centres of Vietnam. The construction of a free trade zone near this area helps Joton Group easily access the modern and synchronous infrastructure system of the northern provinces, such as deep sea ports, road, waterway, air, and railway transport networks in the pipeline.

In particular, Tien Lang Airport will be developed in the future, according to the plans approved by the Prime Minister.

Speaking at the signing ceremony, CT-Strategies CEO Andrew Ferrelly said, "Joton Group has selected CT-Strategies with extensive experience in the management and operation of free trade zones in the United States. This shows Joton Group's interest in applying international methods and experiences to the management and development of a global standard free trade zone in Vietnam."

CT-Strategies will conduct market research, analyse potentials, and propose specific strategies and plans for the zone. "Important factors such as infrastructure, planning, business model, and investment attraction measures are taken into account before making a decision," Ferrelly added.

Once put into operation, Joton's free trade zone is expected to become a vibrant commercial area as well as bring many jobs and benefits to the community. The investors are committed to promoting sustainable development and business activities, contributing to the prosperity of the region.

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Haiphong boasts distinctive advantages in attracting FDI With a cumulative total of nearly $25 billion of foreign direct investment so far, and with another $10 billion expected by 2025, Haiphong is becoming the new hub for foreign-invested enterprises in Vietnam.