Upon completion, the area's economic growth is expected to grow 1.4 to 1.5 times more than Vietnam's GDP growth by 2020 and account for an estimated 6.5 to 7 percent of the country's GDP.
The plan will transform the northern coastal region into an economic area for economic, scientific and technological cooperation with China and other members of the Association of Southeast Asian Nations (ASEAN).
The first phase of the plan will run from 2009 to 2010 at a cost of US$5 to US$7 billion and will lay the ground for basic infrastructure. The second phase will span from 2011 to 2020 at an estimated cost of more than US$40 billion. This phase will build the key projects, including one economic zone on the Vietnam-China border, three ports, one airport, tourist sites and entertainment centers.