Vietnam’s industrial zones and economic zones attract over $100 billion in investment

International Business News  –  Vietnamese media reported on August 10 that the Ministry of Planning and Investment is currently working on a draft government resolution on measures to improve the development effectiveness of industrial zones and economic zones.

The ministry announced that over the past 30 years, Vietnam’s industrial zones and economic zones have brought in more than 100 billion USD in investment and created jobs for more than 4 million workers. The export value of each industrial zone and economic zone accounts for 50% of total exports.

However, the development of industrial and economic zones has revealed some shortcomings, such as not ensuring sustainability in three aspects – economic, cultural and environmental – and no significant improvement in workers’ lives.

In the new draft resolution, the Ministry of Planning and Investment of Vietnam proposes to formulate a law on industrial zones and economic zones within 2022; promulgate the decision of the Prime Minister of the Government on the mechanism of cooperation between various sectors and localities in the management of industrial zones and economic zones.

In the future, Vietnam will specify the maximum area of industrial zones and economic zones; investment attraction efforts in line with the advantages of each region and locality; and form a mechanism of state and private cooperation in the development of new industrial zones and economic zones in combination with each priority production sector and industry.