US firm studies feasibility of Hai Phong free trade zone
U.S. consulting firm CT Strategies LLC has signed a contract with Vietnam’s L.Q Joton Group to carry out a feasibility study for a free trade zone in Hai Phong city.
Ho Chi Minh City-based L.Q Joton Group expects to build the free trade zone in Tien Lang district, utilizing the advantages of connecting with deep-water seaports in Hai Phong and major roads in surrounding areas.
“Regarding feasibility, we’ll analyze significant factors such as infrastructure, planning, business models and funding,” CT Strategies CEO Andrew Farrelly said at Saturday’s contract signing ceremony.
Representatives of L.Q Joton Group and CT Strategies LLC sign a feasibility study contract, July 8, 2023 in Hai Phong city, northern Vietnam. Photo courtesy of Hai Phong’s news portal.
The port city of Haiphong, northern Vietnam’s logistics hub, is cementing its position as an industrial hub.
In a massive industrialization push, the city administration approved in late June a list of 137 projects calling for foreign investment in the 2023-2025 period. They include 16 industrial parks (IPs), nine logistics centers, and 52 urban development areas.
Of the 16 IP development projects in the list, three in Tien Lang district have the largest land use area: Tien Lang 2 with 500-550 hectares; Tien Lang Airport with 450-550 hectares; and Tien Lang 1 with 407 hectares.
These are followed by three IPs in Vinh Bao district: Vinh Quang with 340-350 hectares; An Hoa with 200 hectares; and Giang Bien II with 350 hectares. Thuy Nguyen, An Duong, An Lao and Kien Thuy districts boast two IP projects each, while Cat Hai and Hai An districts have one each.
Also in late June, LG Innotek, an electronic component arm of South Korea’s giant LG, received an adjusted investment certificate to invest an additional $1 billion in Hai Phong, doubling its investment in the city to $2.05 billion. The new investment is for LG Innotek Vietnam Hai Phong Co. Ltd.
The city is also home to two other LG firms – LG Display Vietnam Hai Phong Co. Ltd. and LG Electronics Vietnam Hai Phong Co. Ltd.
Hai Phong also hosts the headquarters of electric vehicle startup VinFast, a subsidiary of Vietnam's biggest listed company Vingroup.
- Related News
- Read More
Indonesia expects to earn $70 bln from exports to China
The Indonesian government is optimistic that the export value to China would reach $70 billion in 2024.
Southeast Asia - Sat, May 4, 2024 | 8:31 am GMT+7
Digital transformation, green development focuses of Vietnam logistics: official
Vietnam's logistics businesses should focus on digital transformation and green development to improve their capacity and competitiveness, said Tran Thanh Hai, deputy director of the Import and Export Department under the Ministry of Industry and Trade.
Economy - Sat, May 4, 2024 | 8:27 am GMT+7
Advance effective date of housing, realty laws by 6 months, parliament urged
Vietnam’s Construction Ministry has proposed that the National Assembly, the country's parliament, advance the effective date of the 2023 Laws on Housing and Real Estate Business by six months to July 1 this year.
Real Estate - Fri, May 3, 2024 | 10:07 pm GMT+7
Samsung launches training program to aid Vietnam’s 50,000 semiconductor talent goal
Samsung Vietnam and the National Innovation Center (NIC) jointly launched the Samsung Innovation Campus (SIC) 2023-2024, a technological talent training program, at the NIC facility in Hanoi on Friday.
Companies - Fri, May 3, 2024 | 9:44 pm GMT+7
Vietnam currency to strengthen towards year-end: UOB
Vietnamese dong (VND), the local currency, is expected to appreciate against the greenback in H2/2024, with the U.S. Federal Reserve likely to cut interest rates twice this year.
Banking - Fri, May 3, 2024 | 7:58 pm GMT+7
Most Vietnamese tourists feel guilty about less sustainable travel choices: Booking.com
A majority of Vietnamese survey respondents (56%) feel guilty about less sustainable travel choices and almost all of them (94%) want to travel more sustainably over the next 12 months.
Travel - Fri, May 3, 2024 | 5:32 pm GMT+7
Former Bank Central Asia senior executive becomes Techcombank independent board member
Eugene Keith Galbraith, a world-class banking veteran, is expected to help Techcombank achieve its vision of becoming a leading bank in the region and the partner of choice for customers by drawing on his vast experience with Indonesia's Bank Central Asia (BCA).
Banking - Fri, May 3, 2024 | 3:51 pm GMT+7
Korea industrial giant Doosan's Vietnam unit earns $29 mln profit in 2023
Doosan Enerbility Vietnam Co., Ltd., the Vietnamese unit under South Korean industrial giant Doosan, earned a net profit of KRW39.65 billion ($29.11 million) in 2023.
Companies - Fri, May 3, 2024 | 3:19 pm GMT+7
PM requests urgent action to prevent cross-ownership, manipulation of credit institutions
Prime Minister Pham Minh Chinh has ordered the Ministry of Public Security to coordinate with the State Bank of Vietnam (SBV) to take urgent action to prevent and deal with cross-ownership and manipulation at credit institutions, ensuring system safety and financial-monetary security.
Banking - Fri, May 3, 2024 | 2:46 pm GMT+7
Samsung Electro-Mechanics to build new factory in Vietnam
Samsung Electro-Mechanics (SEM), the semiconductor and camera module arm of South Korea chaebol Samsung, is set to build a new factory in Vietnam.
Industries - Fri, May 3, 2024 | 10:19 am GMT+7
Stock market liquidity forecast to pick up at end-Q2
Real estate investment cash flow remains limited, but money flowing into stocks is likely to be positive at the end of the second quarter, said Dinh The Hien, director of the Institute of Informatics Research & Applied Economics.
Finance - Fri, May 3, 2024 | 10:14 am GMT+7
Ca Mau company director faces legal proceedings for illegal invoice trading
Police in the southernmost province of Ca Mau have launched legal proceedings against Dang Quoc Viet, who established three companies to illegally trade 350 invoices for VND130 billion ($5.12 million).
Society - Fri, May 3, 2024 | 9:00 am GMT+7
IMF makes new recommendations for Indonesia’s economy
The International Monetary Fund (IMF) has given some comments on Indonesia’s economy as the country is undergoing a government transition from President Joko Widodo to President-elect Prabowo Subianto.
Southeast Asia - Fri, May 3, 2024 | 8:40 am GMT+7
Indonesia aims at three-fold increase in EV sales this year
The Indonesian government has set a target for the sales of battery-based electric cars to reach 50,000 units in 2024.
Southeast Asia - Fri, May 3, 2024 | 8:36 am GMT+7
Thailand's economy grows 1% in first quarter
The Bank of Thailand estimates that the country grew by just 1% in the first quarter on both a quarterly and annualised basis, reported the Bangkok Post.
Southeast Asia - Fri, May 3, 2024 | 8:35 am GMT+7
Thailand aims for 5% growth in future food exports
Thailand is targeting future food export growth of 2-5% this year, driven by the global economic recovery and sustainability trends.
Southeast Asia - Fri, May 3, 2024 | 8:34 am GMT+7
