Seeing the success of Hainan's free trade port, Vietnam is also eager to act, announcing that it will establish 6 to 8 free trade zones by 2030.

Moreover, by the end of next year, it will take the lead in establishing the first batch of free trade zones in Ho Chi Minh City, Da Nang, and Hai Phong.

The booming sound of Hainan's full island closure seems to have awakened its neighbor. This time, Vietnam is not just playing small games, but has unveiled an ambitious blueprint, planning from a pilot program in 2026 all the way to 2045.

The choice of these three initial cities, Ho Chi Minh City, Da Nang, and Hai Phong, is highly significant. They represent Vietnam's economic heart, central hub, and important northern seaport respectively. Vietnam aims to string the country's most important economic pearls into a necklace through these free trade zones.

According to the plan revealed by the Vietnamese government meeting, by 2045, these free trade zones are expected to contribute 15% to 20% of the national GDP. This is no longer a simple policy experiment, but a new engine for economic growth that concerns the nation's fortunes.

Vietnam's actions are swift. Da Nang has even taken the lead, with its specific plan for the free trade zone already taking shape, covering an area of about 2348 hectares, planned to be built in two phases. They are eager to “not miss the opportunity” because the window for global capital and industrial chains will not remain open forever.

What Vietnam wants to learn goes far beyond just “zero tariffs.” From the disclosed framework of the Ho Chi Minh City free trade zone, the policy is quite strong: tax incentives, land acquisition convenience, and allowance for foreign currency settlements, among others. Its core idea is to grant localities greater economic autonomy.

However, drawing a blueprint is easy; building high rises is difficult. Vietnamese Prime Minister Pham Minh Chinh's reminder at an internal meeting is very clear: it is essential to distinguish between free trade zones and ordinary commercial centers, and the policies must have distinct characteristics but should not overly affect the overall investment environment. This precisely points out the biggest challenge.

The biggest “roadblock” is the legal vacuum. Vietnam currently does not have a nationally applicable free trade zone law. Each pilot project requires a separate resolution from the National Assembly, and this “one issue, one discussion” approach raises doubts about efficiency and systemic coherence.

Deeper challenges lie in the “software.” Hainan's success is inseparable from the more than 40 supporting regulations that form the “four beams and eight pillars,” as well as the profound changes driven by both “policy + reform.” Whether Vietnam can complete the corresponding legal system reform and reshape the business environment remains to be seen.

Moreover, Vietnam's ambitions go beyond just free trade zones. Also being promoted is the Dong Nai Province free trade zone, with an investment amount possibly reaching $16 billion (connecting to the new international airport), and grand plans for creating a national energy center. Funds, talent, and management capabilities will face extreme stretching.

Thus, an interesting situation has emerged: in Southeast Asia, there may simultaneously exist both the “Hainan model” and the “Vietnam model.” The former is a highland of integrated, system-based openness for the entire island; the latter is a multi-point blossoming, policy-driven linkage.

For global enterprises, this is undoubtedly a good thing. On the chessboard of industrial layout in the Asia-Pacific region, they have more alternative points to land. The free trade zones in Hainan and Vietnam may form a complex competitive and cooperative relationship in the future.

Vietnam's urgency, in turn, confirms the foresight and correctness of Hainan's path. The routes opened by pioneers will always attract followers. However, for followers to surpass, they need not only courage but also a comprehensive system upgrade.

This “free trade zone competition” triggered by Hainan's closure has just sounded the starting whistle. Vietnam's participation makes the story of economic integration in the Asia-Pacific region even more exciting and allows us to see more clearly the unique value of our own model and the urgency of ongoing reforms.