The People's Committee of the southern coastal province of Ba Ria-Vung Tau held a signing ceremony of the memorandum of understanding on cooperation in building the "Study of a Free Trade Zone Linked to the Seaport in the Cai Mep Ha Area” project with DP World on the evening of February 18.
The project is developed in accordance with Resolution 24-NQ/TW of the Politburo on socio-economic development and defense-security ensuring in the Southeast region to 2030 with a vision to 2045.
Speaking at the ceremony, Chairman of the Ba Ria - Vung Tau Provincial People's Committee, Nguyen Van Tho, said that the signing of the memorandum of understanding not only marked the beginning of a cooperative relationship between Ba Ria – Vung Tau Province and DP World but also deepened the strong cooperation between Vietnam and the United Arab Emirates (UAE).
The seaport-linked FTZ in the Cai Mep Ha area is expected to speed up the maritime economy to leverage its strategic location to develop the logistics industry, seaport, and international trade. Additionally, it aims to attract foreign investment and develop into an attractive destination for international businesses, creating a driving force for local and regional economic growth.
The project will also create jobs, improve living standards and income for locals, and develop Ba Ria-Vung Tau into an economic and maritime service hub of Vietnam and Southeast Asia.
