Quang Yen Economic Zone located in the northern province of Quang Ninh has been approved to be added to Vietnam’s coastal economic zones development planning to 2020.
Quang Yen Economic Zone (EZ) will be implemented according to regulations, ensuring that it will not impact the environment, national safety and defense, as well as the forest and the lives of local people.
According to the plan, Quang Yen EZ will cover an area of 13,000 hectares with the industrial zone having two functional areas, one for urban residences and high-tech area and one for the sea port, related services, and Dam Nha Mac area.
This economic zone is expected to become a trade hub, a cradle for startups thanks to a constellation of advantageous factors, including its geographical location, infrastructure, and skilled human resources, among others.
It will seize the opportunities arising in trade and investment, connecting Haiphong and Quang Ninh with partners in Northeast Asia once the transport infrastructure is completed.
Quang Ninh People’s Committee is in charge of developing synchronous infrastructure both inside and outside of Quang Yen EZ to create linkages and create motivation for the growth of Quang Ninh province and the key economic zone in the north.
Thanks to the Halong-Haiphong Expressway and Bach Dang Bridge, Quang Yen is now an attractive destination for large-scale real estate projects.
For example, Vingroup plans to develop the VND 165 trillion ($7.17 billion) Halong Green project. Covering on an area of nearly 3,200 hectares, it would consist of 55,300 properties for both residential and commercial purposes, as well as schools and parks. The construction was expected to be implemented in 10 years from 2019 until 2029.
In addition, Amata Group from Thailand is investing $155 million in Song Khoai Industrial Park (IP) in the province. Covering an area of 714ha in Quang Yen commune, the project implementation will be divided in five phases with the duration of 50 years. Work on the first phrase of the IP began in late 2018 and is set to finish this year. The investor has implemented the land clearance for the second and five phases.
Regarding the planning to develop Vietnam’s coastal economic zones, after Decision No.1353/QD-TTg on the planning of Vietnam’s coastal economic zones up to 2020 was approved, the country established 18 coastal economic zones and initially achieved significant results, making contributions to its economic development.