Phong economic zone welcomes first two projects
HAI PHONG — Investment
licences were granted early this week to the first two projects slated for Hai
Phong’s Dinh Vu–Cat Hai Economic Zone.
The combined capital for
the projects is approximately VND5.3 trillion (US$299.4 million).
The two projects include
the development of a $163 million non-tariff zone financed by Nam Dinh Vu
Investment Co, and the $139 million development of Nam Dinh Vu Industrial Zone
invested by the Hai Phong Industrial Zone Joint Stock Co.
Land for the 2,000ha zones
will be reclaimed from the sea. The projects are expected to be completed within
the next 6-8 years with construction of the non-tariff zone to begin in August.
Established in 2008, the
Dinh Vu–Cat Hai Economic Zone Economic Zone is a multi-sector maritime
economic zone covering sectors including maritime economy, industry, financial
and banking services, tourism and trade.
The northern port city
planned to intensify investment promotion activities in hopes of attracting $1
billion in FDI by the year-end, said the municipal Department of Planning and
While most areas are
seeking large foreign-invested projects of any sort in their industrial zones,
export-processing zones and economic zones, the city was trying to be more
selective in choosing suitable projects, said Vu Xuan Minh, head of the
department’s External Economic Relations Division.
"It’s good to
attract large projects, but we are mostly concerned with project
feasibility," Minh explained.
The city has six tasks
that it plans to implement in 2009, to try and create a more favourable business
and investment environment, with a focus on making its administrative and
investment procedures more transparent and speeding up land clearance. —vns