Hai Duong requires $24 billion investment

Discussing how planning plays a significant role in the development of the country and its localities, Minister Dung said, "Hai Duong has achieved many positive results in its development as it is located in an economic development corridor. However, it is still underdeveloped due to low per-capita income, an economic growth rate placing it 8th out of the 11 provinces in the region, an unsustainable budget, and an inability to entice adequate investment to the province."

Minister Dung requested a clear indication of where the bottleneck is and what the greatest obstacles are to shift the necessary resources to speed up a development breakthrough.

The minister agreed with the development of an economic zone in Hai Duong, as recommended in the draft provincial master plan, due to the province being landlocked with no port or even an airport.

"Foreign investors in the semiconductor sector are actively looking for investment opportunities in Vietnam's economic zones. This is a precious opportunity for the province to rearrange development spaces based on attractive policies for investors in this field," said Dung.

According to Chairman of Hai Duong People's Committee Trieu The Hung, the province is aiming to become a modern, civilised, industrialised province through sustainable development and with a rich cultural identity. "Average regional GDP growth for each person will be higher than that of the whole country by 2030 and will be the dynamic industrial centre of the Red River Delta region," Hung said.

The draft provincial master plan sets the regional GDP growth in the period 2021 - 2030 at 9.5 per cent per year. The current GDP per person in Hai Duong province will hit about VND100 million ($4,250) by 2025 and VND180 million ($7,650) by 2030.

To realise these goals, the total capital needed is estimated at VND582 trillion ($24.7 billion), according to the draft of the master plan.

The development of Hai Duong will be based around the North-South development axis, that connects the two major cities of the province, Hai Duong and Chi Linh with easy connections to Hanoi, and the East-West development axis of the provincial centre, based on Hanoi to Haiphong Expressway.

The East-West axis passes through the northern region of the province through Chi Linh city, connecting to Noi Bai International Airport. A new motorway between Noi Bai and Halong will be complete by 2030, further strengthening the regional economy.

The economic development along the river routes will be focused on the Thai Binh River and will promote water transport and develop local agricultural and tourism activities.

New ventures underpinning Hai Duong’s prosperity Foreign capital in the northern province of Hai Duong is increasingly prosperous, thanks to its attractive potential and incentives, as well as environmental reforms which enhance high competitiveness.

PM Pham Minh Chinh pays working visit to Hai Duong province Prime Minister Pham Minh Chinh paid a working visit to northern Hai Duong province on March 15, during which he toured of economic and social facilities, such as Ford Vietnam Co.Ltd and local social protection centre, and attended a ceremony to recognise the province’s fulfillment of the new rural development task.

Hai Duong to assist foreign-invested enterprises Hai Duong People’s Committee has committed to removing the barriers for foreign-invested enterprises to create a more open and favourable investment environment that will entice investors to expand their operations.