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Shenzhen to invest $200 million in Vietnam
Shenzhen, a southern China export hub neighboring Hong Kong, will invest US$200 million to set up an economic trade zone in Vietnam, the Shenzhen Daily said Thursday.
The park, 125 kilometers from the Vietnamese capital, aims to attract 170 Chinese manufacturing companies in the clothing and electronics industries to take advantage of the country’s cheap labor and the government’s preferential policies and tax incentives, the English-language newspaper said.
The zone’s investor, the Shenzhen-Vietnam Joint Investment Co., was set up by 10 Chinese companies including China National Aviation Holding Co., China Shenzhen International Cooperation Group and Shenzhen Neptunus Group, the report said.
The first phase of the park is due to be completed in 2015 and will include 2.2 million square meters of factory space, the newspaper said.
Trade between China’s Guangdong province and Vietnam rose 53 percent to $2.45 billion last year, nearly one sixth of total trade between the two countries, the Daily said, citing figures from the Guangdong Economic and Trade Cooperation Department.
Thanhnien
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