The Hai Phong City People's Committee on March 23 made public a detailed plan for a US$49-million shipbuilding industrial zone in Thuy Nguyen district.

The Vinashin-Shinec shipbuilding industrial park (SIP) will be built and run by the Shinec Trading and Manufacturing Joint Stock Company under the Vietnam Shipbuilding Industry Group (Vinashin).

In the first phase of the project, 100 ha in the park will be marked off for a joint venture between the German auto group, Volkswagen, and SHINEC. The park will also include a wharf for freighters of up to 6,500 tonnes, offices, a trade centre and a high-grade housing quarter.

The SIP has so far attracted seven major projects, including a US$100 million project of the Swedish company, IKEA, two projects from Japanese and the Republic of Korea companies and a steel structure plant of Vinashin.

SIP is offering many preferential policies to investors, including low-rates for land leasing and special incentives for investors signing contracts before December 2007 as well as assistance for customers in projects and business establishment, and workforce training.