The Long Duc Industrial Zone in Tra Vinh Province. — Photo longduc-ip.com

The southern province of Tra Vinh will develop a new industrial cluster spanning more than 32ha in Long Duc District, according to the provincial People’s Committee.

According to the committee, it needs VND369 billion (US$16 million) to develop the cluster's infrastructure and facilities. Of the total, VND165 billion will come from the province's budget while the remainder will be raised from investors.

The Sa Binh industrial cluster will be the first one in Tra Vinh for supporting industries such as mechanical manufacturing, automotive and motorbike repair, garment and textiles, the committee said.

The province is now home to three industrial zones (IZs) – 100-ha Long Duc IZ, 120-ha Cau Quan IZ and 200-ha Co Chien. It plans to develop 13 additional IZs in the future.

In a move to attract more investment to its IZs, the province will cut 30 per cent from the land rental fee each year for small- and medium-sized businesses over the next five years. — VNS