The northern port city of Hai Phong plans to establish a coastal economic zone in a bid to create a foundation for sustainable development in the northern key economic zone.

Deputy Secretary of the Hai Phong City Party Committee Do Manh Hien said the establishment of the South Hai Phong Coastal Economic Zone is a strategic project for the city.

It will cover some 20,000 ha.

The Committee has assigned tasks to relevant units and expects to receive government approval for the project by 2025, Mr. Hien told a conference on September 12 marking 30 years of developing Hai Phong’s industrial parks and economic zones and orientations for establishing the coastal economic zone.

Hai Phong currently has 14 industrial parks on a total area of 6,100 ha.

After 30 years of operations, the city’s industrial parks and economic zones have attracted 688 investment projects with total capital of some $36.32 billion, including 473 foreign projects with capital of $22.39 billion and 216 domestic projects with capital of $13.93 billion.