Vietnam’s President Nguyen Tan Dung approved a plan today which will allocate US$50 billion over the next 11 years to develop an economic belt along the country’s northern coast.
The goal of the project is to establish a vibrant economic area which will propel the country’s economic, technology, and scientific sectors forward through cooperation with China to the north as well as other ASEAN members.
The investment plan is split up into two phases – the first from 2009-2010 and the second from 2011-2020.
Phase one will require an initial investment of between $5 and $7 billion and will lay the foundation for the economic zone through the construction of basic infrastructure needed for the area.
Phase two will require more than $40 billion as integral projects are developed, including three seaports, one airport, and several tourist and entertainment attractions.
By 2020, the area is expected to contribute 6.5 to 7 percent of the country’s GDP.