The Vietnamese government has approved the establishment of the country's first free trade zone in the central city of Da Nang, local media VnExpress reported Monday.
Covering an area of 1,881 hectares, the zone is expected to become a major economic, logistics and technological hub in the Asia-Pacific region, the report added.
In the long term, the Da Nang free trade zone aims to serve as a key link in global and regional supply chains.
According to the report, Da Nang is currently the only Vietnamese city that simultaneously hosts a high-tech park, a deep-water port, an international airport and a growing logistics network.