The People’s Committee of Hanoi on June 6 granted an investment license and decision approving investment policy for infrastructure construction and operation of the Phung Hiep Industrial Park (IP) in Thuong Tin outlying district.

The project, which covers an area of 174.88 ha,  has a total investment capital of VND2.938 trillion ($115 million).

The project is valid for 50 years from the date of investment approval and investor acceptance. The project construction must be completed within 36 months from the date of land allocation or lease by the State.

Developing industrial parks and industrial clusters is a major policy of Hanoi, according to Vice Chairman of the municipal People’s Committee Nguyen Manh Quyen.