Northern Hai Phong city has decided to cut land rental fees by 30 per cent for businesses leasing land at the Dinh Vu - Cat Hai Economic Zone (EZ) in 2023, according to the Hai Phong Economic Zone Management Board.

The policy is being introduced following a Prime Ministerial Decision issued on October 3 on reducing land rental fees in 2023.

The Dinh Vu - Cat Hai EZ has a total area of 22,540 ha and includes many industrial parks (IPs), such as VSIP Hai Phong, MP Dinh Vu, Dinh Vu, Trang Due, and South Dinh Vu.

IPs and EZs in Hai Phong have attracted 511 FDI projects and 217 domestic investment projects to date, with total registered capital of $25.75 billion and VND318.3 trillion ($13.26 billion).

Most are operating in the fields of electronics manufacturing, automobile manufacturing, mechanics, the chemical industry, pharmaceuticals, garments and footwear, logistics, and infrastructure.