Hanoi plans to allocate 1,200 hectares for the construction of five new industrial parks, which are scheduled to complete in the 2021-2025 period.

Hanoi plans to set up 5 new industrial parks in the 2021-2025 period. Photo: The Hanoi Times.

The move was revealed in the Decision No.65/QD-UBND of the municipal People’s Committee on the development of new industrial infrastructure in the city during the next five years.

These include the 302.8-hectare Soc Son Industrial Park of, located in Minh Tri and Tan Dan communes; Dong Anh Industrial Park (300 hectares) in communes of Nguyen Khe, Xuan Non, Thuy Lam, Lien Ha, and Dong Anh village; Bac Thuong Tin Industrial Park (112 hectares) in Van Binh, Ninh So, Lien Phuong communes of Thuong Tin District; Phu Nghia expansion Industrial Park (389 hectares) in Chuong My District; and Phung Hiep Industrial Park (175 hectares) in Thuong Tin District.

According to the decision, new industrial parks would help the city attract more investment capital for industrial production development and speed up the process of industrialization and modernization.

Hanoi’s authorities noted that the construction of industrial parks in the city would stay in line with the ongoing socio-economic planning, in which their locations should be favorable for multimodal transportation (road and waterway), and serve as the focal point to promote industrial development in each locality.

In addition, Hanoi would speed up the construction of ongoing industrial park projects, including the Quang Minh 1 (Me Linh District); Habiotech Industrial Zone (Bac Tu Liem District), and the Hanoi Southern Supporting Industrial Park (HANSSIP) Phase 2.

As of present, the city is home to 10 operational industrial parks covering a total area of 1,347 hectares, in which the occupancy rate of nine industrial parks has reached nearly 100%.

These industrial parks in Hanoi attracted over 700 projects as of December 2021, including 303 from foreign investors with registered capital of US$6.1 billion; 399 domestic projects of VND18 trillion ($792 million), averaging $18 million per FDI project and $2.3 million a domestic one.

Industrial parks in Hanoi employ nearly 165,000 workers, including 1,100 foreign nationals. It is estimated that one hectare of land in Hanoi would attract $5.5 million in investment capital and provide jobs for 160 workers.