The Ministry of Planning and Investment has submitted to the Prime Minister a report assessing the establishment of Ninh Co Economic Zone in Nam Dinh province, reported the Vietnam News Agency.

The move opens up potential for sustainable, multi-sectoral and comprehensive maritime economic development in the southern region of the province.

The establishment of Ninh Co Economic Zone aims to maximize the advantages of human resources and geographic location of the northern province, connect its economy with neighboring areas, and narrow the development gap with the Red River Delta and other regions.

The economic zone aims to become a multi-sectoral and multi-functional maritime economic center, linked to the development of key industries such as machinery, manufacturing, seaports and port logistics services. Trade, services, and eco-tourism will also be heavily invested in and developed to balance economic growth with ecological preservation.

According to the report, Ninh Co Economic Zone will be developed according to a comprehensive, multi-sectoral economic zone model, including separate functional areas such as: industrial zones, urban areas, mangrove forests combined with eco-tourism, seaports and logistics services.

The zone has been included in the list of key maritime economic zones nationwide, planned with an area of 13,950 ha, including the southern areas of Nghia Hung and Hai Hau districts.

Ninh Co Economic Zone is projected to contribute approximately VND3 trillion (nearly $119 million) to the budget revenue by 2030, contributing significantly to the state budget.