The northern port city of Hai Phong has become more attractive in the eyes of both domestic and foreign investors thanks to its concerted and modern development of socio-economic fields, transport and urban infrastructure, fair business and investment environment.

Lach Huyen international port in Hai Phong (Photo: VNA)

The northern port city of Hai Phong has become more attractive in the eyes of both domestic and foreign investors thanks to its concerted and modern development of socio-economic fields, transport and urban infrastructure, fair business and investment environment.

Vingroup has invested in multi-field projects in Hai Phong, including the VinFast automobile manufacturing factory at Dinh Vu Industrial Park, which officially entered the mass production phase.

Meanwhile, Sun Group has built Cat Hai – Phu Long cable car in Cat Hai island district. After this, new projects of Sun Group are hoped to help form a world-class entertainment and resort ecosystem in Cat Ba, turning the island into a leading tourist paradise in Vietnam and the world.

Flamingo Group also developed a super complex of Flamingo Cat Ba Beach Resort in Lan Ha Bay of Cat Hai island which was voted the most beautiful bay in the world.

Hai Phong’s advantages and potential, and flexible policies on investment attraction have helped the city lure more and more foreign investors, including those from the Republic of Korea (RoK) and Taiwan (China).

According to Secretary of the municipal Party Committee Tran Luu Quang, the RoK is the leading investor in both capital and number of projects. Up to 10 billion USD out of a total of 80 billion USD the RoK investing in Vietnam was poured into Hai Phong.

The city now counts 14 industrial parks (IP). As scheduled, the Trang Due 3 IP will be put into operation in the fourth quarter of this year. Local authorities have planned to develop 15 new IPs by 2025.

As of late last month, Hai Phong attracted 1.23 trillion VND in foreign direct investment (FDI), equivalent to 50.12% of the set plan.

Chairman of the municipal People’s Committee Nguyen Van Tung pledged to maximise its support for investors, businesses and partners to survey and deploy investment cooperation activities in the city, focusing on the processing industry, manufacturing, electric-electronic industry, logistics services, infrastructure and urban development.

Hai Phong wishes to strengthen comprehensive cooperation with partners in building smart cities, e-government, education, health care, human resources development, among others, he said.

Source: VNA

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