Northern Vietnam economic hubs attract Belgian investors

Quang Ninh province and Hai Phong city, two major economic hubs in northern Vietnam, are becoming attractive destinations for international investors, especially from Belgium.

With their strategic location, abundant resources, and continuously improving investment environment, these two localities are not only luring investment in industrial zones but also becoming centers for infrastructure, services, and industrial development.

In recent years, Quang Ninh and Hai Phong have been known as leading localities in terms of development pace, offering an increasingly attractive business environment with modern administrative systems and serving as key destinations for international investors.

Quang Ninh is now home to projects from over 20 countries and territories, including investors from Belgium who are implementing infrastructure investments in the Bac Tien Phong and Nam Tien Phong industrial zones.

In September 2023, Minister-President of Flanders (Belgium) Jan Jambon, along with representatives of over 30 businesses, visited Vietnam to explore investment opportunities in the country, especially Quang Ninh. During a meeting with provincial leaders, representatives of businesses and investors from Flanders introduced their key business areas and expressed their desire to expand their investments in the province.

Jan Jambon expressed his admiration for Quang Ninh's development, noting that the province is a key economic hub in northern Vietnam. He also highlighted that Flanders is an economic powerhouse in Belgium, contributing 70% of the national budget.

Both localities share similarities such as being economic drivers of their respective countries, possessing seaports, and developing tourism and industry, he said, suggesting Flanders and Quang Ninh enhance inter-regional cooperation, regularly organize delegation exchanges and trade promotion events, and implement investment projects.

Hai Phong city currently hosts eight FDI projects from Belgian investors with a total registered investment of $556 million. These projects focus primarily on infrastructure development in industrial zones, maritime services, power generation, and hotel business.

Notably, the DEEP C Industrial Zones, a system of industrial zones and seaports developed and operated by Belgian investors, started with the development of the DEEP C Hai Phong I Industrial Zone (formerly known as the Dinh Vu IZ) in 1997.

This was the first and largest collaboration project between Belgian investor Rent-A-Port and the Hai Phong People's Committee.

The DEEP C complex has significantly contributed to improving IZ infrastructure and attracting investment to the city. It has so far attracted 152 tenants in industries and logistics services, with total registered investment of approximately $5.5 billion.

After 24 years, the DEEP C system now comprises three IZs in Hai Phong and two in Quang Ninh, forming an industrial zone complex covering over 3,400 hectares in northern Vietnam’s infrastructure and production hub.

Additionally, Camco Technologies NV of Belgium signed an MoU with Hai Phong Hateco International Container Terminal (HHIT) to implement an automated optical character recognition (OCR) gate system and an exclusive STS crane OCR system at HHIT.

Through this collaboration, HHIT aims to connect Hai Phong Port, the largest seaport in northern Vietnam, with markets in Europe and America.

As many as 34 CEOs of top corporations from Belgium and the EU are accompanying Belgian King Philippe and Queen Mathilde during their ongoing five-day state visit to Vietnam. The accompanying businesses mainly operate in sectors such as logistics, seaports, energy transition, climate change response, healthcare, and food.

“This demonstrates Belgium's desire to strengthen existing cooperation foundations with Vietnam, while also exploring new collaboration opportunities in potential areas where Belgium has strengths and Vietnam has needs,” Deputy Minister of Foreign Affairs Le Thi Thu Hang told local media while being at Hanoi's Noi Bai International Airport to welcome the Belgian King and Queen on Monday.