Hai Phong, Shenzhen embark on cooperation

Hai Phong (VNA) - The Shen Yue company from China 's Shenzhen city will make a 200 million USD investment into building an industrial zone in An Duong district, Hai Phong city.

This is part of a memorandum of understanding outlining the bilateral
cooperation between Vietnam 's northern port city of Hai Phong and
China 's Shenzhen city.

The Shen Yue company committed to draw 150-200 foreign businesses to the
industrial zone when it officially operates.

Construction on the 800ha industrial zone, which will prioritise investors
in the making and assembly of electronics and electric equipment, and
apparel products, is expected to begin late this year.

Shenzhen and Hai Phong authorities agreed to hold their annual meeting from
now on to exchange information relating to trade, investment, tourism and
services activities for possible cooperation programmes and plans in those
fields.

They were also unanimous to open a Shenzhen-Hai Phong air route to serve
investment and trade activities of the two cities' businesspeople.

The port city of Hai Phong has so far this year lured 1.2 billion USD in
foreign investment, which tripled the amount it drew in 2007. To the figure,
572.6 million USD was contributed by 31 new projects, and the remainder was
additional capital of 16 existing projects.

To date, the city is home to 185 valid foreign-invested projects capitalised
at 3.8 billion USD, with main investors coming from Taiwan , the Republic
of Korea , France , Singapore , Hong Kong, the Netherlands and
Thailand.-Enditem