IZs in Hai Duong Province attract investors

11:30 | 24/07/2018 Investment

(VEN) - Although they are newer than those in many other provinces and cities nationwide, industrial zones (IZs) in Hai Duong Province have developed rapidly and contributed significantly to the locality’s socioeconomic development. They have attracted large-scale projects using modern technologies to create products with high added value. 

izs in hai duong province attract investors

Billions of US dollars

On May 13, 2003, the prime minister issued a decision on the establishment of the Hai Duong Industrial Zones Authority (HIZA) under the provincial people’s committee to manage local IZs at a state level. At that time, Hai Duong had only three IZs with total area of 320ha. So far, the prime minister has approved plans for 18 IZs in the province, 10 of which have been built and put into operation.

Local IZs have attracted more than 245 projects with total investment of US$4.3 billion, including 192 foreign direct investment (FDI) projects with total registered capital of nearly US$3.88 billion. More than US$2.9 billion, or 67.4 percent of total registered capital, has been disbursed.

On average, over 65 percent of the area of each IZ in the province has been filled, attracting nearly US$6.5 million per hectare. FDI in Hai Duong’s IZs comes mostly from major groups in Japan, the Republic of Korea, China and England. The FDI projects use modern and environment-friendly technologies. Their major products include electrical and electronic products, electrical cables for automobiles and motorcycles, textiles, garments, plastics and packaging.

The construction and development of IZs has had a positive impact on Hai Duong’s economy and generated jobs for more than 80,000 workers, mostly local workers. Last year, companies based in IZs created total revenues of nearly VND73 trillion, export value of more than VND70 trillion, and paid taxes totaling about VND1.58 trillion.

Focusing on project quality

These figures reflect investor trust in the stability and safety of the business and investment environment of Hai Duong Province, in general, and local IZs, in particular. Adequate infrastructure, simple administrative procedures and the local government’s investor support policies have attracted domestic and foreign investors to local IZs.

Hai Duong is striving to become an industrial hub of the northern region and the whole country. The province is promoting comprehensive development in order to become a centrally governed city in the future.

Hai Duong will further develop local IZs to make them more attractive to domestic and foreign investors, while at the same time accelerating industrial growth and economic and labor restructuring in order to promote socioeconomic development.

To create breakthrough in IZ development, the province will concentrate on attracting large-scale projects using modern technologies, not accepting polluting, energy and labor-intensive projects.

The construction of IZ infrastructure will be accelerated along with further improving the investment environment in order to attract new investment projects. Administrative reforms will be promoted to eliminate unnecessary time consuming formalities and facilitate investment projects.

Inspections will be intensified to ensure effective implementation of investment regulations. Businesses are encouraged to use land in an economical and effective manner. Greater care will be taken of IZ workers’ material and spiritual lives, ensuring their legitimate rights and interests.

Pham Minh Phuong, Head of the Hai Duong Industrial Zones Authority: We hope Hai Duong Province’s IZs will

become the destination for major high-tech projects of world-leading groups.

Quynh Nga