A free trade zone is planned for Tien Lang district in the northern port city of Hai Phong to attract investment, particularly in high-tech and advanced industries, and generate jobs.

The LQ Joton Group and the CT Strategies Company from the US signed a contract on a feasibility study for the project on July 8.

The zone will focus on manufacturing high-tech equipment for healthcare, construction, new materials, semiconductors, renewable energy, and international express air freight services.

It is expected to attract investors from ASEAN, Europe, the US, Japan, and South Korea as well as connect the city’s economy with global supply chains.

The project is expected to be submitted to the government for approval by the end of this year.