Hanoi Supporting Industries Business Association Boosts Ties with Shanghai, China

Enterprises from Hanoi and Shanghai will be able to put their investment and production plans into motion as early as 2024, allowing them to benefit from the recently agreed upon agreement and reap the rewards of increased efficiency.

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The Hanoi Supporting Industries Business Association (HANSIBA) and N&G Group have signed a cooperation agreement with a business delegation from Shanghai, China in Hanoi, according to Vietnam News Agency (VNA).

The agreement outlines plans for investment and production procedures to be implemented in 2024 for the benefit of all parties involved.

Hanoi Supporting Industries Business Association Enhances Cooperation with China’s Shanghai
At the signing ceremony. Photo: BNEWS/VNA

During the event, both parties discussed cooperation orientations in development, investment, and capital arrangement for N&G Group industrial parks.

The agreement aims to establish the Techno Park production complex in Hanoi’s South Supporting Industrial Park (HANSSIP) through collaboration between Hanoi and Shanghai.

The Techno Park production complex in Hanoi will be built to international standards to attract high-tech projects from China and foreign countries, particularly in the semiconductor industry.

A representative from the Chinese side stated that specific measures will be discussed after the signing in order to realize the cooperation. They also mentioned the expectation of increased investment from Chinese enterprises in Vietnam in the future.

The Chinese delegation expressed their intent to explore investment opportunities in all three regions of Vietnam to establish more high-tech industrial complexes.

Hanoi Supporting Industries Business Association Enhances Cooperation with China’s Shanghai
The business delegation from Shanghai (China) visited Hanoi South Supporting Industrial Park (HANSSIP). Photo: BNEWS/VNA

N&G Group, with the goal of attracting production projects in the supporting industry, is developing the HANSSIP over an area of 581 hectares. Phase 1 of the project, covering about 100 hectares, has already attracted investment projects from large electronic product manufacturing corporations worldwide.

In addition, this month, the Ho Chi Minh City Department of Foreign Affairs and the Foreign Affairs Office of the Shanghai Municipal People’s Government signed a memorandum of understanding (MoU) on cooperation for the period of 2024-2026.

The Shanghai delegation visited Ho Chi Minh City for the HCM City Economic Forum, held from September 13-17.

Under the MoU, the two agencies will enhance delegation exchanges and collaborate to accelerate the implementation of joint projects between departments and agencies of HCM City and Shanghai.

Since its establishment in 1994, the partnership between Shanghai and HCM City has achieved significant development in multiple areas.

Hannah Nguyen