Vietnamese Prime Minister Nguyen Tan Dung has approved a plan to invest US$50 billion to develop an economic belt along the northern coast, Vietnam News Agency reported on Thursday.

The plan, which will last until 2020, aims to build the country's northern coastal region into a dynamic economic area, which serves as a driving force for economic, scientific and technological cooperation with China as well as other member countries of the Association of Southeast Asian Nations (ASEAN).

According to the plan, the first phase from 2009 to 2010 will need US$5 to 7 billion. A number of basic infrastructure projects will be constructed. The Vietnamese government will attract investors from both at home and abroad for investment.

The second phase will run from 2011 to 2020, with an estimated cost of more than US$40 billion, said the plan.

During this phase, key projects will be built, including one economic zone on the Vietnam-China border, three ports, one airport, and a number of tourist sites and entertainment centers.

According to the plan, the northern coastal region's economic growth is expected to be 1.4 to 1.5 times higher than the nation's GDP growth by 2020. It will contribute up to 6.5 to 7 percent of the country's GDP.

(Xinhua News Agency March 5, 2009)