Hanoi industrial zones earn 1.9 bln usd in h1

Enterprises operating within the capital’s industrial zones (IZs) managed a turnover of 1.9 billion USD between January and the middle of July, according to the Hanoi Industrial and Export Processing Zone Authority (HIZA).

Turnover represented a 17.6% increase compared to the same period last year.

As part of the total figure, more than 1 billion USD came from exports, having increased by 13.1% over last year. Export turnover accounted for nearly 40% of the city’s total export earnings.

HIZA expected that its firms will earn a turnover of 2.2 billion USD this year, 1.3 billion USD of which will come from exports.

In order to meet such a target, HIZA said, while it will assist firms in dealing with accessing bank loans and land lease extensions, some were currently struggling due to high inflation and interest rates as well as a shortage in labour, especially with regard to skilled workers.

A representative from Hong Kong’s Chee Wah Toy Company, operating from the Phu Nghia Industrial Zone, situated in Hanoi ‘s Chuong My district, said that while his company needs to employ roughly 300 additional workers in order to ensure on time deliveries, finding suitable staff proves difficult.

HIZA Director Nguyen Xuan Chinh said that the capital currently has 18 IZs covering an area of roughly 7,000ha, including eight zones having completed their construction and a total number of 520 projects with combined capital of more than 4 billion USD.

During the first half of this year alone, HIZA attracted more than 55 million USD to the city’s IZs through licensing 15 new projects and allowing 11 current ones to raise their registered capital, Chinh said.

HIZA expects to lure roughly 115-135 million USD worth of projects to the city’s IZs this year while increasing the number of IZs to 20 by 2015 with the aim of creating jobs for roughly 500,000 locals.

Tags: Hanoi industrial zones