The Tien Phong industrial cluster has a total area of 18 hectares, with the first phase of 7.6 hectares having been completed with an occupancy rate of 100%.
The majority of businesses in the cluster are bedding companies. The growing demand for production space of the locals had raised the necessity to expand the Tien Phong industrial cluster further.
On March 24, 2022, the Hanoi People's Committee issued decision No.998 to hand over nearly 58,000 square meters for Hoang Tin Investment Development of Infrastructure and City Company to construct the cluster.
At the groundbreaking ceremony, Chairman of Thuong Tin District People’s Committee Kieu Xuan Huy said a total of 11 industrial clusters of over 195 hectares are operational in the locality.
“The district expects to have 26 industrial clusters of 754 hectares by 2030,” he added, noting new industrial clusters would create thousands of jobs and raise living standards for the people.
Vice-Chairman of the Hanoi People’s Committee Nguyen Manh Quyen said the construction of two new industrial clusters is necessary to address the high demand for production spaces in localities while solving issues of environmental pollution.
“This would lay the foundation for sustainable development of craft villages and local businesses,” Quyen added.
Quyen called for local authorities to further create favorable conditions for contractors to speed up the production process, especially in simplifying administrative procedures.
“The soon completion of two industrial parks would further help attract investment capital into the localities,” he concluded.n
In the 2021-2025 period, Hanoi plans to allocate 1,200 hectares for the construction of five new industrial parks.
As of present, the city is home to 10 operational industrial parks covering a total area of 1,347 hectares, in which the occupancy rate of nine industrial parks has reached nearly 100%.
These industrial parks in Hanoi attracted over 700 projects as of December 2021, including 303 from foreign investors with registered capital of US$6.1 billion; 399 domestic projects of VND18 trillion ($792 million), averaging $18 million per FDI project and $2.3 million a domestic one.
Industrial parks in Hanoi employ nearly 165,000 workers, including 1,100 foreign nationals. It is estimated that one hectare of land in Hanoi would attract $5.5 million in investment capital and provide jobs for 160 workers.