"Vietnam will develop the areas which cover the Quang Ninh province and Haiphong city into an economic hub by 2020," the government said on its Web site.

The government didn’t say how much money it would invest, but the state-run Lao Dong newspaper said total costs are forecast at $50 billion.

In the Quang Ninh province, which is the country’s key coal mining area, Vietnam will build coal-fired power plants and shipbuilding yards, the government said. The other industries to be developed include tourism, fishing and ship-repair.