Hai Phong port city’s southern coastal economic zone to be set up

Under Prime Ministerial Decision No.1511/QD-TTg, signed by Deputy Prime Minister Tran Hong Ha on December 4, a Southern Coastal Economic Zone in the northern port city of Hai Phong will be established.

The Government News quoted the decision as reporting that covering a total area of 20,000 hectares, the economic zone will maximize its strategic advantages as an international gateway, and leverage its foundation in industrial development and port services to enhance economic, trade, and service connectivity with neighboring regions and international markets.

It aims to integrate investment attraction and economic development with national defense, security, conservation and promotion of marine ecosystems, historical and cultural heritage, and assurance of social welfare.

It is envisioned as a comprehensive, multi-sector, and multifunctional coastal economic zone, to be developed towards green growth, circular economy, and sustainable development, with a focus on high-tech industries, modern port services, and advanced logistics.

The economic zone will feature synchronized infrastructure and a transparent, open, and favorable business and investment environment.

It will include a free trade zone with specific mechanisms and policies as well as create jobs, provide training, enhance the quality of the workforce, and increase incomes for local residents.

The economic zone will become a leading maritime economic center with complementary and interconnected functions, linking with other coastal economic zones in the north of Vietnam to create a driving force for the Red River Delta region.

Hai Phong, one of Vietnam’s 5 centrally-run cities, holds a strategically important economic position and serves as the economic engine of the northern region of Vietnam.

It boasts the largest seaport system in North Vietnam, capable of accommodating ships with a capacity of over 145,000 tons and directly connecting to major ports in Europe and America.

For the past nine years, Hai Phong has reported double-digit growth rate, about 1.5 to 2 times higher than the national average.

The city has also recorded impressive results in attracting foreign direct investment (FDI), totaling about $3.6 billion per year, making it among the top FDI recipients in the country.