15.02.2023, 03:59

Nearly $10 billion committed to Red River Delta region


The initiative will see support from development partners amounting to $2.6 billion, with another $7.1 billion from domestic and foreign investors pouring into projects in the Red River Delta region.

Minister of Planning and Investment Nguyen Chi Dung emphasised the importance of mobilising as many resources as possible for the development of the Red River Delta. "Attracting such investment is a significant milestone to realising plans that will enable the area to develop sustainably and become a growth driver of the economy in the near future," said Dung.

At the conference, held on February 12, the Ministry of Planning and Investment, along with development partners such as the Asian Development Bank, French Development Agency, Japan International Cooperation Agency, and others, signed an MoU on cooperatively providing capital.

A total of 20 projects focusing on infrastructural development have been committed that make up the $2.6 billion. In Haiphong, the scheme will see the construction of social housing with a total investment of $211.3 million from ThaiHoldings; nearly $143.5 million going into the research, development and production of new battery technologies from VinES Energy Solutions; and a container-ship project with a total investment of $60 million from Zim Hai An Joint Venture Company.

Quang Ninh province will see $164 million in capital made available by Autoliv Vietnam for the manufacture and export of automobile-safety products, along with $177.4 million from Boltun Vietnam for the production of machine parts.

The provinces of Hai Duong, Hung Yen, Vinh Phuc, Ninh Binh, and Ha Nam have also issued investment registration certificates for large-scale projects.

Thai Binh province has granted certificates for the construction of a factory to process electronic components and smart devices worth $281.3 million from Compal, one of the suppliers of Apple, and the manufacture of solar energy technologies with a total outlay of $151.7 million from ET Solar Power Hong Kong.

Additionally, local and foreign financiers have received in-principle approvals or MoUs for 30 more projects in the region, potentially topping $7.1 billion, including investment in an AEON MALL in Hoang Mai worth $263.4 million; Trang Due 3 Industrial Park will see a commitment of $434.8 million; and Goertek Vina will produce multimedia audio products to the tune of $304.3 million.