The Đình Vũ-Cát Hải EZ in Hải Phòng City. — Photo baohaiphong.com.vn

The South Hải Phòng Economic Zone - if established - would create a new driving force for Hải Phòng's economic development, as heard in a conference in the northern port city on Sunday.

Head of Hải Phòng Economic Zone Management Board Lê Trung Kiên said that the zone's establishment is very necessary in the process of restructuring the economy of Hải Phòng and the whole country. This is demonstrated through the formation and development of Đình Vũ-Cát Hải Economic Zone (EZ).

Established in 2008, the 22,540ha Đình Vũ-Cát Hải EZ comprises nine industrial parks. To date, it has lured many projects in the fields of high technology, processing and manufacturing of leading domestic and world corporations with a total investment capital of US$32 billion.

Kiên said the EZ has contributed to Hải Phòng's industrial restructuring, promoting its industrialisation and modernisation, bringing the city deeper participation in the global value chain.

However, the zone now reports an occupancy rate of 80 per cent while clearance in the remaining areas faced many difficulties due to crowded population and inadequate resettlement land funds.

Kiên said he believed that the establishment of Hải Phòng Southern EZ is the basis to catch the wave of investment capital, welcoming investors in the fields of high technology, semiconductors and green and circular industrial parks while helping take full advantage of the city's strengths and potentials.

During the event, Ko Tae Yeon, Chairman of KOCHAM Hải Phòng said the EZ is expected to be an attractive destination for South Korean investors.

South Korean investors have pumped over $10 billion into 106 projects in Hải Phòng thanks to the country's stable political environment, the State and the city's incentives for foreign enterprises, its favourable location and developed transportation infrastructure, the chairman said.

The South Hải Phòng EZ is expected to cover about 20,000ha in the districts of An Lão, Kiến Thụy, Tiên Lãng, and Vĩnh Bảo.

It will house important infrastructure projects including Tiên Lãng airport, Nam Đồ Sơn port, and two logistics centres in Kiến Thụy and Tiên Lãng, along with a port system along the Văn Úc river.

Kiên said his city is completing documents and procedures to submit to the Prime Minister for approval not later than the second quarter of 2024.— VNS