'Manufacturer paradise' Vietnam should intensify eco-industrial park development: Deep C

Vietnam, already a paradise for manufacturers, should further embrace sustainable development by encouraging eco-industrial parks, said Bruno Jaspert, general director of the Deep C Industrial Zones.

Jaspert made the statement at a Monday meeting between Prime Minister Pham Minh Chinh and reps of FDI enterprises. He said Vietnam was “a heaven” for investors in manufacturing facilities, given the country’s geographical advantages, preferential investment policies and political stability.

In tapping such advantages, Deep C has become a pioneer in welcoming new FDI waves, hosting delegations from the Ivory Coast, Indonesia and Australia in the last three months to learn about the company’s eco-industrial park model.

Many Deep C partners have expressed their willingness to make long-term investments in Vietnam, he said, reiterating that Vietnam should further facilitate eco-industrial parks.

Jaspert recommended that the country allow longer terms for leasing industrial park land and impose higher taxes on industrial parks incapable of or unwilling to transform into eco-industrial ones.

Deep C was capable of wastewater treatment but unable to sell such product because of the outdated legal framework, he said, calling on the government to update it. Another bottleneck was the legal framework not facilitating construction of sewage systems in industrial parks, he added.

Jaspert also proposed that the Prime Minister and the Ministry of Planning and Investment encourage sustainable businesses by adapting to non-financial reporting regulations.

Deep C Industrial Zones has three industrial zones (IZs) in the northern city of Hai Phong that host 94 FDI projects with a total investment capital of nearly $5 billion. The projects are mainly in the fields of logistics, electronics, and manufacturing of automobiles-motorcycles and spare parts. The complex has also attracted 51 domestic investment projects worth VND16.3 trillion ($687 million).

In 2022, enterprises located in the Deep C IZs recorded revenues of $5.9 billion and export turnover of $2.32 billion. They paid more than VND1.04 trillion ($44.4 million) to the state budget and created jobs for nearly 13,500 workers.

Deep C Industrial Zones is an IZ and seaport system developed and operated by Belgian investor Rent-A-Port in Hai Phong and Quang Ninh province, two growth engines in northern Vietnam. The complex is connected to the Lach Huyen deep-water port, Cat Bi international airport, and an expressway system that forms the northern region's infrastructure backbone.