Hanoi (VNA) – The northern port city of Hai Phong is finalising procedures to establish a next-generation free trade area this year as the core of its freshly-approved southern coastal economic zone.
Set to cover more than 1,000 ha of about 20,000 ha earmarked for the southern coastal economic zone, the area is designed to follow successful models worldwide, aiming to create a favourable investment climate for multinational conglomerates.
With its establishment given the green light in early 2025, the zone is also expected to reserve 3,000 ha for a sea port, 4,000 ha for industrial operations, and 1,800 ha for urban facilities.
The construction of the zone will cost some 8 billion USD by 2030, and the zone itself is set to attract 40 billion USD worth of investments, post over 70 billion USD in import-export value, generate 400,000 jobs, and provide accommodations for 500,000 people by 2040.
As the northern gateway to the sea, Hai Phong is located in the region’s key growth hub of Hanoi – Hai Phong – Quang Ninh and the Kunming (China) – Lao Cai – Hanoi – Hai Phong – Quang Ninh economic corridor. Therefore, the development of the coastal economic zone will help facilitate regional connectivity and enhance national competitiveness, while leveraging the local strategic location and transport infrastructure.
In a related move, the city is accelerating the formation of its Xuan Cau industrial and non-tariff zone, which has been built in the Lach Huyen international sea port area since May 2023. With a total investment of 11.1 trillion VND (434 million USD), the 752-ha zone serves industrial production and logistics-warehouse operations./.
VNA
