A corner of Nam Hải Đình Vũ Port. Hải Phòng will develop a second economic zone with the aim of becoming a modern international logistics hub. — VNA/VNS Photo An Đăng

The project to develop a 20,000-ha-coastal-economic zone in southern Hải Phòng City is seeking approval from the central level, Lê Trung Kiên, Head of the Hải Phòng Economic Zones Management Board said on Tuesday.

The project has already got a nod from the municipal Party Committee.

The economic zone, to be the second of Hải Phòng after Đình Vũ – Cát Hải Economic Zone, will cover four districts including Đồ Sơn, Kiến Thuỵ, Tiên Lãng and Vĩnh Bảo.

The economic zone will prioritise investments in high-tech fields and modern logistics and aims to become a modern international logistical hub, to enable the northern port city to participate in regional and global value chains.

In addition, breakthrough policies and incentives will be raised to develop free trade zones within the economic zone following successful models in the world.

By 2030, the economic zone wants to have a capacity equivalent to 80 per cent of the Đình Vũ – Cát Hải Economic Zone in 2023.

This is a bold project to help Hải Phòng become a modern, smart and sustainable industrial city of the Southeast Asian stature.

Hải Phòng attracted a total of US$26.4 billion in foreign direct investment in 2009-23 period. In the first four months of this year, the city attracted FDI of $285.74 million. — VNS