The Hai Phong Economic Zone Authority (HEZA) on December 7 granted an investment registration certificate for the Lach Huyen free trade zone, the first of its kind in the northern port city.
Focusing on logistics and high-tech industry, the zone covers 752 ha and costs over 11 trillion VND (476.7 million USD). Funded by Xuan Cau Holdings, its construction is scheduled for the beginning of 2022, with its first phase expected to be completed in 2025 and the second and third phases in 2030. Once operational, it will attract between 40,000 and 50,000 workers.
Speaking at the certificate handover ceremony, To Dung, Chairman of the Board of Directors of Xuan Cau Holdings, stressed the determination to ensure the project’s progress.
Head of HEZA Le Trung Kien said the zone, coupled with the local Tan Vu Lach Huyen deepwater port and Deep C industrial park, will form a prominent development area of the city.
The Lach Huyen project is among those helping Hai Phong realise its economic growth strategy, which relies on three pillars – port logistics, high-tech industry, and tourism-service, he added.
Kien said HEZA will work with competent agencies to quickly tackle any obstacles facing the investors.