Quang Yen coastal economic zone – new push on northern development

09:00 | 05/10/2020 Economy

Deputy Prime Minister Trinh Dinh Dung has signed a Decision on establishment of Quang Yen Coastal Economic Zone in the Northeastern province of Quang Ninh. Earlier this May, Quang Yen was added to the national plan on coastal economic zones.

Located in the Southwest of Quang Ninh and on the border to Hai Phong, the economic zone covers a total area of 13,303 hectares built on two functional sub-zones: a nearly 6,900-hectare subzone for seaport services and industrial zone named Dam Nha Mac, and over 6,400 hectares for urban area, high-tech sub-zone.

Quang Yen was established with three development goals, the first of which is to enhance the economic, trade and services connection with other coastal economic zones such as Van Don, Dinh Vu – Cat Hai (in Haiphong), Thai Binh and develop socio-economic links between economic zones and neighborhood areas. Investment attraction to Quang Yen must be in harmony with national defense and security, preservation and promotion of marine ecosystems, historical and cultural relics in the zone.

Secondly, the ambition is to develop Quang Yen into a center of industry, services, logistics, and modern urban area of Quang Ninh and Hong river delta through synchronization of technical and social infrastructure, development of hi-tech, environment friendly industries and R& D centers.

The two above goals must be achieved together with an improvement in workforce quality, increased income and employment opportunities.

The decision will enter into force from November 15, 2020, from which the Economic Zone Tax Package is automatically activated for every new project in Quang Yen regardless of investment size and number of employees. This is a game-changer in enhancing investment climate of Quang Yen economic zone and Quang Ninh province as it could act as a push factor to lure more capital flow from overseas and domestic investors to the zone.

Before the establishment of Quang Yen economic zone, many investors already saw its huge potentials and elaborated a long-term business plan to reap the benefits, including DEEP C Industrial Zones, an industrial zone developer backed by Belgian group Rent-A-Port.

“Connectivity, tax incentives are crucial criteria that investors take into consideration in their search for an investment destination. Quang Yen Economic Zone, with improved regional and global linkages through a series of mega projects and preferential tax incentives soon to be applied, satisfies both requirements.” Said Bruno Jaspaert, General Director of DEEP C Industrial Zones.

DEEP C invested in two industrial zones in Quang Yen economic zone namely Bac Tien Phong and Tien Phong industrial zones, generally known as DEEP C Quang Ninh. Of nearly 6,900-hectares area of Dam Nha Mac subzone, DEEP C Quang Ninh occupies 1,680 hectares.

“Quang Yen is well-positioned for us to go beyond the industrial zone concept and build a seamless industrial zone ecosystem connected to seaports.” Jaspaert revealed future investment plan of DEEP C in sync with development goal of Dam Nha Mac sub-zone as an industrial zone, seaports and associated services complex.

“Besides, 150,000-square-metre ready-built factory space in DEEP C Quang Ninh is scheduled to be built and put into operation next year.” He added.

With the new change, Quang Yen economic zone now has on offer all the factors that are of prime concern in investment decisions: tax incentives, accessibility, governmental support. To further enhance the investment climate and prepare ready infrastructures for businesses to manufacture in a fast manner, Quang Ninh province is calling for more experienced developers like DEEP C to raise the standard of industrial infrastructures. These players will play an important role in growing Quang Yen toward its outlined path: a high-tech and eco-friendly economic zone that contributes to the regional development of Hanoi – Hai Phong – Quang Ninh economic triangle.