Vietnam Hai Phong City and Zhejiang Shangyu District Sign Cooperation Pact

The Economic Zone Management Committee of Hai Phong City in Vietnam and representatives from Shaoxing District, Shangyu, Zhejiang Province, held a working meeting on May 13th and signed a memorandum of cooperation aimed at establishing close ties and promoting trade and cultural cooperation between the two regions.

Mr. Le Chung Kien, Director of the Economic Zone Management Committee of Hai Phong City, and Mr. Jin Jinfu, District Chief of Shangyu, introduced the situation of their respective regions at the meeting. In the spirit of strengthening relations, representatives from both sides jointly signed the memorandum of cooperation.

The signing of the memorandum aims to enhance coordination between the two regions in investment promotion and attracting investment. Both sides pledged to encourage and support enterprises in seeking investment and business cooperation opportunities, create a favorable business environment, protect the interests of enterprises, and express the hope for regular exchange of management experience and investment policies to support the investment and production activities of enterprises.

Mr. Le Chung Kien expressed the hope that Hai Phong City could establish friendly relations with Shangyu District to further strengthen unity. Mr. Jin Jinfu, District Chief of Shangyu, pointed out that high-tech manufacturing is an advantageous area for enterprises in the district, and he hoped to have the opportunity to connect and promote investment between the two sides.

According to the Economic Zone Management Committee of Hai Phong City, as of now, Chinese investors have invested in 210 projects in Hai Phong City, with a total investment of $5.6 billion, mainly in the fields of electricity, electronics, textiles, footwear, plastics, providing employment opportunities for more than 58,000 workers. Industrial zones such as Tushan and Anyang in Hai Phong City have also attracted investment from China.

Establishing cooperation with Hai Phong City in Vietnam may provide a better business environment and support policies for enterprises in Shangyu District, reducing the risks and costs of overseas investment. At the same time, enterprises in Shangyu District are expected to gain more management experience and guidance on investment policies, further enhancing their competitiveness and influence in overseas markets.