The Hanoi Ancillary Industry Business Association (HANSIBA) and N&G Group on September 26 validated an agreement with the Shanghai business delegation.

The signing ceremony between HANSIBA, N&G Group, and the Shanghai business delegation. Photo: Khac Kien/The Hanoi Times

Under the agreement, the companies in Vietnam and China will proceed with all administrative procedures and bring their production lines into operation in 2024, thus benefiting both sides.

The three parties will work towards developing a Vietnam-China technology complex and begin with the setup of a Hanoi-Shanghai facility in the second zone of the Hanoi Southern Supporting Industrial Park (HANSSIP).

The complex, called Techno Park, will be of international standards. It is designed to accomplish the 17 sustainable development goals eyed by the United Nations.

The complex will draw Chinese and international companies into high technology development and semiconductor production, thus facilitating Vietnam to increase its influence on the global supply chain.

According to HANSIBA President Nguyen Hoang, Chinese and Shanghai companies are highly capable and experienced in producing high-tech components, semiconductors, and chips that serve the production of tech products.

According to the Shanghai business delegation, authorities and companies from Vietnam and China will discuss solutions to realize the agreement.

They expect to attract more Chinese enterprises to Vietnam and hope the inked agreement will kick start long-term partnerships between Hanoi and Shanghai business communities.

In addition, Shanghai investors will continue to study and build other Vietnam-China high-tech complexes in all three regions across the country.

N&G Group is known as the developer of HANSSIP, which covers a total area of 581 hectares. The project's first phase has been filled with many high-profile electronic manufacturers and producers from all over the world.