Quang Yen Coastal Economic Zone – new push for northern development

Quang Yen Coastal Economic Zone – new push for northern development

Deputy Prime Minister Trinh Dinh Dung has approved the establishment of Quang Yen Coastal Economic Zone in the northeastern province of Quang Ninh after Quang Yen made it to the national plan on coastal economic zone development in May.

Quang Yen Coastal Economic Zone is scheduled to be developed from now to 2035

Located southwest of Quang Ninh and on the border to Haiphong, Quang Yen Coastal Economic Zone will cover a total area of 13,303 hectares, with two functional subzones: the nearly 6,900ha Dam Nha Mac seaport services and industrial zone, and a more than 6,400ha urban area and high-tech sub-zone.

The economic zone is scheduled to be developed from now to 2035.

Quang Yen Coastal EZ was established with three development goals. The first is to enhance economic, trade, and services connections with other coastal economic zones (CEZs) such as Van Don, Dinh Vu-Cat Hai (Haiphong), and Thai Binh as well as develop socioeconomic links between EZs and neighbourhood areas. Investment attraction to Quang Yen must be in harmony with national defence and security, the preservation and promotion of marine ecosystems and historical and cultural relics in the zone.

Secondly, it aims to develop Quang Yen into a major centre of industry, services, logistics, and a modern urban area of Quang Ninh and the Hong River Delta through the synchronisation of technical and social infrastructure, high-tech development, environment-friendly industries, and research and development (R&D) centres.

These two goals must be achieved together by improving the quality of the workforce and increasing incomes and employment opportunities (the third goal).

The decision on establishing Quang Yen CEZ will enter into force from November 15, at which time the EZ Tax Package shall be automatically activated for every new project in Quang Yen, regardless of investment size or the number of employees. This is a game-changer in enhancing the investment climate of Quang Yen CEZ and Quang Ninh province.

Before the establishment of Quang Yen CEZ, investors already saw the province's huge potential and compiled long-term business plans, including DEEP C Industrial Zones, an IZ developer backed by Belgian group Rent-A-Port.

“Connectivity and tax incentives are crucial criteria that investors take into consideration when choosing an investment destination. Quang Yen CEZ, 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 IZs in Quang Yen CEZ, namely Bac Tien Phong and Tien Phong, generally known as DEEP C Quang Ninh. Of the nearly 6,900ha area of Dam Nha Mac subzone, DEEP C Quang Ninh occupies 1,680ha.

“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. “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.”

With the new change, Quang Yen CEZ now has on offer all the factors that are of prime concern in investment decisions: tax incentives, accessibility, and governmental support.

To elevate the local investment climate and build up ready-to-serve infrastructure for businesses in a fast manner, Quang Ninh province is calling for more experienced developers like DEEP C to raise the bar for industrial infrastructure development.

These players will play a crucial role in growing Quang Yen toward its outlined path: a high-tech and eco-friendly EZ that contributes to the development of the Hanoi-Haiphong-Quang Ninh economic triangle.

VIR