Hai Phong plans 2nd economic zone

It will the second of its kind after Dinh Vu – Cat Hai built in 2008, Le Trung Kien, head of the Hai Phong Economic Zones, said at a forum Tuesday.

"The economic zone will have many similarities to South Korea’s Incheon Free Economic Zone" and others around the world, he revealed without mentioning its cost.

It will be served by the proposed Tien Lang Airport, South Do Son Port and two logistics hubs and comprise industrial parks like Tan Trao, Ngu Phuc and Tien Lang.

The plan is being drafted for submission to the government.

Vietnam already has 18 coastal economic zones.

Hai Phong has 14 industrial parks with a total area of 6,100 hectares and a 22,500-ha economic zone with a lease rate of 64%.

Built in the last 30 years they have attracted investments of US$36.32 billion including from companies like South Korea’s LG ($9.24 billion), VinFast ($7.6 billion), Japanese tire company Bridgestone ($1.2 billion), and Apple supplier Pegatron ($900 million).

They have created 191,000 jobs with workers earning an average income of VND10.2 million ($422) a month.