The Shen Yue Company from China’s Shenzhen city will build a US$200 million industrial park in northern port Haiphong city under a memorandum of understanding on the bilateral cooperation between the two cities.
The Chinese investors will build the park on an 800-hectare site in An Duong district and has also committed to draw 150-200 foreign businesses to the park when it becomes operational.
The industrial park which prioritizes investors in the making and assembly of electronics and electric equipment, and apparel products is expected to start operation this year.
Under the memorandum of understanding, Shenzhen and Haiphong authorities agreed to organize their annual meeting annually to exchange information in the areas of trade, investment, tourism and services activities for possible cooperation programs.
They also consented to launch a Shenzhen-Haiphong air route to serve investment and trade activities of the two-side businesspeople.
Since early this year, Haiphong has pulled in US$1.2 billion in foreign investment, which tripled the amount it drew in 2007.
The city has valid foreign-invested projects totaling US$3.8 billion with main investors coming from Taiwan, South Korea, France, Singapore, Hong Kong, the Netherlands and Thailand.
The city, adjacent to Hanoi and Quang Ninh, occupies a strategic location in the country’s northern economic triangle. In addition, it is situated at a convenient position for transportation to domestic provinces and international networks via road, rail, sea, inland waterway, and air, making it an ideal destination for both local and foreign investors. (VNA)
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