HCMC – Haiphong, Quang Ninh, Hai Duong and Hung Yen have clinched a deal to build an eastern economic corridor to boost regional connectivity, optimize the strengths of the four and foster economic growth.
The corridor covers the Hanoi-Haiphong, Haiphong-Halong, Halong-Van Don and Van Don-Mong Cai expressways, the local media reported.
The signing ceremony was part of a forum on the Eastern Highway Economic Corridor jointly organized by the Vietnam Chamber of Commerce and Industry (VCCI) and the four localities on July 28.
The initiative for the corridor is aimed at forming a regional economic connectivity model, creating a new development space, making the most of the four localities’ advantages and developing a healthy business climate.
The cooperation is expected to solidify the enterprise community and stimulate the economic growth of the northern region.
The connectivity will create a huge economic corridor with its area three times bigger than that of Hanoi and five times and eight times larger than that of HCMC and Danang City, respectively, according to VCCI.
In addition, the four localities’ advantages over traffic infrastructure, which comprises the Mong Cai border gate, an international seaport system and a network of airports, Noi Bai, Cat Bi and Van Don, will leverage their cooperation.
Quang Ninh Province has its strengths in tourism, services and commerce-production chains, while Haiphong City has potential for seaport and logistics services. Hai Duong has the advantages of human resources and developed mechanical and manufacturing industries, whereas Hung Yen has potential for hi-tech agriculture and rapid urbanization.
The four localities will also set up a regional connectivity council and assign VCCI to operate it.
VCCI Chairman Pham Tan Cong said that once in place, the economic corridor would promote economic growth in the northern region, attract cash flows and support enterprises.