Haiphong to develop 20,000-hectare economic zone

September 22, 2023 | 11:26

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Haiphong plans to establish a coastal economic zone in a bid to create a new growth engine for the northern port city.

Haiphong to develop 20,000-hectare economic zone

Covering an area of 20,000 hectares, the South Haiphong Coastal EZ will span the districts of Do Son, Kien Thuy, An Lao, Tien Lang, and Vinh Bao. It will be the second coastal EZ in the city, following Dinh Vu-Cat Hai EZ, which was founded in 2008.

Haiphong People’s Committee has assigned tasks to relevant units and expects to receive government approval for the project by 2025.

Haiphong anticipates leveraging existing assets and infrastructure, connecting with neighbouring economic zones like Thai Binh, Quang Yen, and Van Don to create a cohesive network of coastal economic zones that will drive the socioeconomic development of the entire region.

Nguyen Dinh Cung, former director of the Central Institute for Economic Management also asserted, “Developing EZs will create growth and attract new-generation investors.”

In mid-September, the city celebrated 30 years of the development of its industrial parks and economic zones.

Haiphong currently has 14 EZs on a total area of 6,100ha, which have attracted 688 ventures with the total investment capital of $36.3 billion. These include 473 foreign projects worth $22.39 billion and 216 domestic initiatives with $13.9 billion.

Dinh Vu-Cat Hai EZ alone has attracted $31 billion worth of investment with the presence of large foreign corporations such as LG, Pegatron, Regina Miracle, Fujifilm, and Koycera, as well as major domestic companies like VinFast, Geleximco, and Xuan Cau.

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By Oanh Nguyen

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