Work Begins on Shenzhen-Financed Trade Zone in Haiphong

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Dec. 29 – Construction on a Shenzhen-invested economic trade zone in Haiphong City started yesterday.

The US$200 million zone, which will cater to businesses from the Southern Chinese city, is located in Yen Hung district, Quang Ninh Province, 125 kilometers from Hanoi. It will include 2.2 million square meters of factory space, 400,000 square meters of warehousing and 100,000 square meters of office buildings for management, research and public services.

The first phase of the park is expected to be completed in 2015. It will offer 30,000 to 50,000 jobs to local residents.

According to the Shenzhen Daily, it will be the first of its kind to be established by Guangdong in a member country of the Association of Southeast Asian Nations.

The park will house 170 enterprises, mostly from Shenzhen and other cities in Guangdong Province. It is expected to generate US$3.6 billion of output value annually when completed.

The park will serve as a base for Shenzhen enterprises, particularly in the clothing and electronics industries, to expand in the global market using cheaper labor, preferential policies and incentives offered by Vietnam.