Long Jiang Industrial Park in Tien Giang province, Vietnam [Photo/zjol.com.cn]

China's first wholly owned industrial park in Vietnam, the Long Jiang Industrial Park (LJIP), was invested in by two businessmen from Wenzhou, Zhejiang province, in 2007. It has turned into a hallmark of Zhejiang's "going global" strategy over the past 12 years.

In the 6-square-kilometer zone, there are currently 43 companies, among which three are from Wenzhou, a city known as the country's cradle for private entrepreneurship.

Official statistics from the customs office in Vietnam show that the export value in LJIP reached $350 million in 2018, the highest among Wenzhou-invested overseas industrial zones.

In recent years, economic development in the Southeast Asian country has sped up. In the first quarter of 2019, the import and export value in Vietnam surpassed $100 billion.

An increasing number of Chinese companies and entrepreneurs are turning their eyes to Vietnam due to its preferential policies, the strong support provided by local governments, a low-cost labor force and the rising real estate market.

According to official documents, enterprises stationed in LJIP are able to enjoy preferential tax treatment for 15 years and the import taxes on raw materials and fixed equipment are exempted for export processing companies for the first five years.

Wenzhou Peidi Pet Products Co Ltd, a listed company based in Pingyang, a county-level city in Wenzhou, set up a factory in the industrial park in 2016 to expand its production capability.

"We benefit from the preferential policies, as well as the large pool of labor," said Tang Zhaobo, secretary to the company's chairman, adding that LJIP gives them a feeling of intimacy as it was invested in by Wenzhou entrepreneurs.

An official from Wenzhou's commerce department explained that the city has founded five overseas industrial zones in countries and regions involved in the Belt and Road Initiative in recent years, creating overseas homes for 238 Chinese companies, including 24 from Wenzhou, by the end of 2018.

As early as 2010, the city set up a steering group to coordinate the work of overseas industrial parks. The development of these zones is included in the city government's work report every year.

"The commerce department provides considerate guidance and services in terms of planning, construction and investment work," said Jin Dong, the person in charge of LJIP.