HÀ NỘI — The northern port city of Hải Phòng is finalising procedures to establish a next-generation free trade area this year as the core of its freshly-approved southern coastal economic zone.

With its establishment given the green light in early 2025, the economic zone is 20,000ha large. It is expected to reserve 3,000ha for a sea port, 4,000ha for industrial operations, and 1,800ha for urban facilities.

A free trade area covering more than 1,000ha will also be established within the zone, which aims to attract investment from multinational conglomerates.

The construction of the economic zone will cost some US$8 billion by 2030, and the zone itself is set to attract $40 billion worth of investments, post over $70 billion in import-export value, generate 400,000 jobs, and provide accommodations for 500,000 people by 2040.

As the northern gateway to the sea, Hải Phòng is located in the region’s key growth hub of Hà Nội–Hải Phòng–Quảng Ninh and the Kunming (China)–Lào Cai–Hà Nội–Hải Phòng–Quảng Ninh economic corridor. Therefore, the development of the coastal economic zone will help facilitate regional connectivity and enhance national competitiveness, while leveraging the local strategic location and transport infrastructure.

In a related move, the city is accelerating the formation of its Xuân Cầu industrial and non-tariff zone, which has been built in the Lạch Huyện international sea port area since May 2023. With a total investment of VNĐ11.1 trillion ($434 million), the 752-ha zone serves industrial production and logistics-warehouse operations. — VNS