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Vietnam in a rush to open new industrial zones
Due to its successful containment of Covid-19, Vietnam is having a great opportunity to attract foreign investment, with many localities across Vietnam building new industrial zones.
The prime minister has approved a plan to build the Gia Binh II Industrial Zone covering 250 hectares in Bac Ninh Province. The project requires an investment of nearly VND4 trillion, including VND1.2 trillion from the Hanaka Group Joint Stock Company.
In Hung Yen Province, the Hoa Phat Hung Yen Industrial Zone Infrastructure Development Company Limited has received an approval to build the expanded Pho Noi A Industrial Zone. The company will invest over VND1 trillion to develop an expanded area of 92.5 hectares in the industrial zone.
With this project, the Pho Noi A Industrial Zone will be expanded to 686 hectares. The industrial zone has attracted 208 projects worth some US$2 billion.
The prime minister has also approved the Green i-Park Joint Stock Company’s plan to develop the Lien Ha Thai (Green iP-1) Industrial Zone in Thai Binh Province. The project covers 589 hectares and requires an investment of nearly VND3.9 trillion. Once the project is complete, Thai Binh Province will have eight industrial zones.
Bac Giang Province has planned to develop three new industrial zones comprising Yen Lu covering 377 hectares, Yen Son-Bac Lung covering 300 hectares and Tan Hung with 105.3 hectares. The prime minister has also approved the province’s plan to expand the Quang Chau, Hoa Phu and Viet Han industrial zones.
In the south, Binh Phuoc Province has sent a proposal to the prime minister to expand the Minh Hung – Sikico, Bac Dong Phu and Nam Dong Phu industrial zones.
Long An Province has plans to build three new industrial zones consisting of Saigon – Mekong covering 200 hectares, Tan Lap covering 654 hectares and Loc Giang with 466 hectares. The province also seeks to expand the Long Hau and Xuyen A industrial zones.
The prime minister has approved Dong Nai Province’s plan to develop 6,500 hectares of industrial land. The province is operating 32 industrial zones and building the Long Thanh Hi-tech Industrial Zone covering 410 hectares.
Industrial zones are mainly developed in cities and provinces that attract a huge amount of foreign investment. For example, Bac Ninh Province is one of the top destinations for foreign investors. The province is operating 10 industrial zones, attracting some 1,600 projects worth nearly US$20 billion from 37 countries and territories.
Cities and provinces are advised to attract investment in sectors that are their strengths, follow the Government’s orientations and ensure safe and quality capital.
Moreover, experts suggested the Vietnamese Government improve the business environment, offer more incentives and support for investors and accelerate projects of special importance.
SGT
Source: https://vietnamnet.vn/en/business/vietnam-in-a-rush-to-open-new-industrial-zones-720048.html