Thai Binh Economic Zone Ready to Catch New Investment Flow

2:31:15 PM | 19/6/2020

Thai Binh was approved by the Prime Minister to establish an economic zone and the province is finalizing the master plan for it. This is a great opportunity for the 31,000-ha economic zone with a 54-km coast to roll out the red carpet to welcome investors and businesses.

Thai Binh Economic Zone was approved for establishment according to the Prime Minister’s Decision 36/2017/QD-TTg dated July 29, 2017. Compared to its peers, it has certain advantages as follows:

Thai Binh Economic Zone covers 30,583 ha stretching over 30 communes and one town in the districts of Thai Thuy and Tien Hai. This general multi-sector economic zone consists of Thai Binh Power Center (Thai Binh Thermal Power Center and wind farms), industrial - urban - service zones, industrial zones, seaport, residential areas, tourist and service areas, and agricultural areas. In particular, the area planned for industrial parks is 8,020 ha, which is very convenient for industrial development.

Lying at the heart of the central coastal region of the Red River Delta, the economic zone is surrounded by Hai Phong City in the north across the Hoa River, Nam Dinh province in the south and in the southwest across the Red River, the East Sea in the east with a more than 50-km coastline, and remaining communes of Thai Thuy and Tien Hai districts in the west. Thai Binh Economic Zone has a very convenient position as it connected to many important passing traffic routes, such as National Highway 39, National Highway 37, Ninh Binh - Hai Phong - Quang Ninh Highway, Thai Binh - Ha Nam Road and the coastal traffic route that is being built to interlink six provinces and cities (Quang Ninh, Hai Phong, Thai Binh, Nam Dinh, Ninh Binh and Thanh Hoa) and reduce the travel time and distance from Thai Binh Economic Zone to important traffic hubs (the distance from the economic zone to Cat Bi International Airport and Lach Huyen Port is 30-40 km). Sea and river traffic routes are also very convenient.

Thai Binh Economic Zone is entitled to special investment incentives while local labor resources are abundant and natural resources are diverse. Its natural resources are found both on the ground and under the ground, for example fuel gas, coastal sand and mangrove ecosystem

To unlock its advantages, the Thai Binh Economic and Industrial Zones Authority is actively advising the Provincial People’s Committee to carry out the Prime Minister’s Decision 36/2017/QD-TTg dated July 29, 2017 on the establishment of Thai Binh Economic Zone and Decision 1486/QD-TTg dated October 28, 2019 on the master plan on construction of Thai Binh Economic Zone to 2040, with a vision to 2050.

Notably, Thai Binh province is home to Thaco - Thai Binh Industrial Park designed for agricultural development. The infrastructure construction and operation project for the park was ratified under the Prime Minister’s Decision 924/QD-TTg dated July 24, 2019. The project will importantly help modernize and industrialize agricultural development of the country in general and the northern region in particular. Currently, Thai Binh is actively clearing ground to hand over land to the project investor.

At the founding anniversary of the Thai Binh Economic and Industrial Zones Authority and the establishment anniversary of Thai Binh Economic Zone last year, Chairman of Thai Binh Provincial People’s Committee Dang Trong Thang requested all relevant agencies, localities and the Authority further accelerate administrative reform, facilitate and support businesses and investors, and host regular contacts, meetings and dialogues with enterprises to learn their problems and introduce solutions. The authority was asked to coordinate with relevant agencies to advise the Provincial People's Committee to issue appropriate regulations, provide favorable conditions for tenants in the economic zone. It was told to change the mindset and consult the Provincial Party Committee and the Provincial People's Committee on policies to unlock potential strengths and advantages and construct and develop Thai Binh Economic Zone to catch up with development megatrends and become a growth engine of the province’s socioeconomic development.

Source: Vietnam Business Forum