A US$300 million project, consisting of a seaport and industrial park at the Dam Nha Mac area in Quang Yen town in the northern province of Quang Ninh, was granted an operating licence on Friday.
Investors of the project are the CDC Corporation, headquartered in the Cayman Islands, the Middle Utilities Company Pte Ltd of Singapore, and Infra Asia Investment Limited of Hong Kong.
With a total investment of VND6.94 trillion (US$315.47 million), the 50-year project spans nearly 1,193 hectare of land and water surface across Tien Phong, Lien Hoa, Lien Vi, and Phong Coc communes.
Land clearance and construction will take place on 318.8 hectares of land in the first phase of the project between 2017 and 2021, extending to another 874.1 hectares in the second phase between 2022 and 2031.
The infrastructure of the industrial park will be completed during the final phase, scheduled for 2032-2036.
Once operational, the project is expected to create 110,000 jobs.