Hai Phong Unveils Plans for Second Economic Zone
Hai Phong, the northern port city of Vietnam, is in the process of developing a 20,000-hectare economic zone in the southern region, spanning across five districts. This new economic zone will be the second of its kind in Hai Phong, following the establishment of Dinh Vu – Cat Hai in 2008. Le Trung Kien, the head of the Hai Phong Economic Zones, shared this information during a forum on Tuesday. While he did not disclose the exact cost, he mentioned that the economic zone would draw inspiration from South Korea’s Incheon Free Economic Zone and other similar zones worldwide.
The proposed economic zone will be supported by infrastructure such as the planned Tien Lang Airport, South Do Son Port, and two logistics hubs. It will also encompass industrial parks like Tan Trao, Ngu Phuc, and Tien Lang. Currently, the plan is being formulated and will soon be submitted to the government for approval. Vietnam already has 18 coastal economic zones, and Hai Phong itself boasts 14 industrial parks covering a total area of 6,100 hectares. Additionally, there is a 22,500-hectare economic zone with a lease rate of 64%.
Over the past three decades, these industrial parks and economic zones have attracted significant investments totaling $36.32 billion. Notable companies such as LG from South Korea ($9.24 billion), VinFast ($7.6 billion), Bridgestone, a Japanese tire company ($1.2 billion), and Apple supplier Pegatron ($900 million) have contributed to this investment. These projects have generated 191,000 jobs, with workers earning an average monthly income of VND10.2 million ($422).