The rapid development of China's Hainan Free Trade Port (FTP) has established the tropical island as a crucial hub for China-ASEAN economic and trade cooperation.
In recent years, Hainan has deepened its ties with ASEAN member states, highlighted by the Vietnamese jet fuel carrier Great Lady, which docked at Yangpu Port for the 21st time on July 18 to load over 6,000 tonnes of jet fuel bound for Vietnam.
In the first half of the year alone, jet fuel exports from Yangpu Port to Vietnam surpassed 200,000 tonnes, marking an impressive 81 percent year-on-year growth.
"Vessels like the Great Lady operating on dedicated energy routes are growing in number and frequency," said Jiang Jie, staff member of the Hainan Fanyu Shipping Agency Co.
"For ships with high credit ratings, we offer a green channel. Vessels can complete crew entry and exit declarations and pre-arrival inspections online before docking," said Huang Guanyu, officer at the Yangpu Border Inspection Station.
In the first half of the year, Hainan issued 1,421 China-ASEAN Free Trade Area certificates of origin, with a total trade value of 1.2 billion yuan (about 167.25 million U.S. dollars), a 29.6 percent increase year on year.
"Hainan's independent customs operations are proceeding in the context of China's high-level opening-up. Hainan needs to seize this unique opportunity to become a strategic hub for China-ASEAN cooperation," said Chi Fulin, president of the China Institute for Reform and Development.
The zero-tariff policy has also given a significant boost to the aircraft maintenance sector on the island. In the first half of this year, the one-stop aircraft maintenance base in Haikou handled incoming aircraft maintenance projects from multiple ASEAN countries including Thailand, the Philippines, and Vietnam.
"Hainan free trade has significant policy incentives, simplified the custom clearance process, fast supply of zero tariffs, spare parts and internationally leading maintenance qualifications and efficiency, making it our preferred choice and for long term cooperation," said Jester Durano Mendoza, representative of VietJet Air.
According to Haikou Customs, ASEAN has been Hainan's top trading partner for six consecutive years. In 2024, Hainan's trade with ASEAN reached 57.9 billion yuan (about 8.06 billion U.S. dollars), a 62.3 percent increase year on year.
Hainan is China's first province to transform an entire island, spanning 34,000 square kilometers, into a free trade port that serves as a testbed for the unrestricted flow of goods, services, capital and data.
By the end of 2024, Hainan was home to 9,979 foreign-invested enterprises, 77.3 percent of which were established after June 2020 when China released its master plan for the Hainan FTP. The number of countries and regions investing in the province has grown from 43 in 2018 to 174 today.
Hainan FTP enhances China-ASEAN economic cooperation
