Hainan Free Trade Port contributes to promoting cooperation between China with Vietnam and ASEAN

Press conference on October 15.

This is the statement of Mr. Du Tuong, Deputy Director of the Department of Commerce of Hainan Province, China, at a press conference held on October 15 in Haikou City regarding the high-quality development, construction, and official operation preparation of the Hainan Free Trade Port, China.

Mr. Du Tuong stated that Hainan Province is currently taking advantage of the free trade port policies and its unique geographical position to build: “Two Bases” (a headquarters base for Chinese enterprises entering the international market and a headquarters base for foreign enterprises entering the Chinese market); “Two Networks” (an international air and sea transport network and an international economic and trade cooperation network); and “Two Centers” (an international logistics hub for the new western land-sea corridor and an aviation gateway hub facing the Pacific and Indian Oceans), thereby strengthening its role as the southern gateway for the Belt and Road Initiative.

Mr. Du Tuong, Deputy Director of the Department of Commerce of Hainan Province, China, speaking at the press conference.

According to the Hainan Department of Commerce, bilateral trade between Hainan and ASEAN increased from 23.66 billion yuan in 2020 to 57.91 billion yuan in 2024, with both sides enhancing cooperation in agriculture, investment, maritime transport, tourism, and other fields.

Vietnam is one of Hainan Province’s largest economic and trade partners. In 2024, the trade volume of goods between Hainan (China) and Vietnam reached 10.43 billion yuan, up 26.8% compared to the same period last year. In the first nine months of this year, the trade volume between Hainan and Vietnam already surpassed the total trade value of 2021. The two sides exchange goods in various sectors, including petroleum, equipment, chemicals, wood, and coconuts.

Mr. Du Tuong added that both sides are currently accelerating the establishment of mechanisms to promote economic and trade cooperation, aiming to set up a Vietnam Trade Promotion Office in Haikou City, the capital of Hainan Province, in the near future. This office will support and facilitate the economic and trade cooperation activities of enterprises from both sides.

According to information from the press conference, starting from December 18, the Hainan Free Trade Port will be officially operational in the form of a “special customs supervision and management zone,” establishing an institutional and policy system characterized by “zero tariffs and low tax rates”; as well as “liberalization and facilitation of cross-border trade, investment, and capital flow, as well as exchanges of people and goods, and the secure and orderly flow of data.”