Vietnam's industrial parks, economic zones draw over $100 bn in 30 yrs

10 Aug '22

1 min read

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Industrial parks (IPs) and economic zones (EZs) in Vietnam have attracted investment worth over $100 billion over the past 30 years and created jobs for more than 4 million labourers, according to the ministry of planning and investment (MPI), which is drafting a government resolution on measures to increase the efficiency of IPs and EZs.

Though IPs and EZs account for half of the country’s total export value, the ministry said these face several problems, including unsustainable development in different aspects. Living conditions of local communities where the zones are located have not witnessed remarkable improvement as well.

The ministry suggested formulation of a law on IPs and EZs this year in the draft resolution and a decree from the prime minister on the coordination mechanism among ministries, sectors and localities in managing these parks and zones, according to Vietnamese media reports.

The draft also suggests stipulating the maximum acreage of an IP and an EZ; defining orientations in investment attraction to match the advantages of each region and locality; and creation of a cooperation mechanism between the government and the private sector in developing sector-specific IPs and EZs.

Fibre2Fashion News Desk (DS)

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