Deputy Prime Minister Le Minh Khai on May 23 signed off a decision approving the investment policy for the construction of the Phung Hiep industrial park in Thuong Tin District, Hanoi.

An industrial park in Hanoi. Photo: The Hanoi Times

According to the decision, the investment and development project for the Phung Hiep Industrial Park infrastructure has a total investment of VND2.93 trillion (US$118 million) and covers an area of 174.88 hectares.

The project will be located in the communes of To Hieu, Nghiem Xuyen, Thang Loi, and Dung Tien in Thuong Tin District, Hanoi.

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

Deputy Prime Minister Khai has tasked the Ministry of Planning and Investment with evaluating the investment policy and managing the industrial park according to the Investment Law and related regulations.

Notably, the Hanoi People's Committee monitors and ensures that the project aligns with the approved development plan for the Phung Hiep Industrial Park.

The remaining area designated for Phung Hiep Industrial Park, as approved by the Prime Minister, cannot be rezoned without proper authorization according to laws governing industrial park management and other relevant legal provisions.

The Government’s decision stressed that the planning and approval for the subdivision of Phung Hiep Industrial Park must comply with construction and industrial park laws and that the land area designated for the Ngoc Hoi - Phu Xuyen main road and the Phung Hiep canal within the project area must be excluded from the project's land use structure.

 Appropriate traffic solutions must be found to connect to the Ngoc Hoi - Phu Xuyen road and Provincial Road 429, ensuring no overlap with other plans and compliance with road infrastructure protection laws to maintain smooth traffic flow without congestion at connection points.

The project will prioritize attracting investment in high-tech and clean industries, in line with Hanoi's new development orientation and the development direction of the Red River Delta's industrial sectors, noted the Government’s decision.

Currently, Hanoi has nine operational industrial parks covering a total area of 1,670.6 hectares. Additionally, three industrial parks are under construction with a combined area of 663.4 hectares. These include Quang Minh II Industrial Park (160 hectares), Hanoi Biotechnology High-Tech Park (200 hectares), and Soc Son Clean Industrial Park (302.8 hectares).

To date, these industrial parks have attracted 706 active projects. Among them are 301 foreign direct investment (FDI) projects with a total registered capital of $6.4 billion, and 405 domestic projects with nearly VND19 trillion ($7.46 billion) in registered capital.