Hai Phong creates breakthroughs in FDI attraction

The northern port city of Hai Phong has emerged as a leader in foreign direct investment (FDI) attraction, showcasing a robust portfolio of environmentally friendly projects.

Saturday, December 14, 2024 15:44

The third and fourth container terminals at the Hai Phong international gateway port in Lach Huyen are set to commence operations in the first quarter of 2025. (Photo: VNA)

Hai Phong (VNA) – The northern port city of Hai Phong has emerged as a leader in foreign direct investment (FDI) attraction, showcasing a robust portfolio of environmenta✃lly friendly projects.

This achievement underscores the city's strengths in modern infrastructure, favourable policies, and a strong commitment to sustainability and environmental protection. Despite global economic and political complexities, Hai Phong has shown remarkable resilience and adaptability, achieving significant economic milestones in 2024. According to Nguyen Van Tung, Chairman of the municipal People’s Committee, the city attracted approximately 3.35 billion USD in FDI this year, a remarkable 92.52% increase from the previous year.

Notably, the city licensed 12 key projects in November, totaling an additional 1.8 billion USD. These projects are expected to create 17,000 jobs in the coming years. Among them is LG Display Vietnam's expansion in the Trang Due Industrial Zone, which raised its investment by 1 billion USD to 5.65 billion USD. This facility, producing 14 million high-tech OLED displays monthly, has generated over 22,000 jobs and annual exports averaging 5.8 billion USD since its inception in 2016. Others include Heesung's 154 million USD expansion, bringing its total capital to 279 million USD, and Smart Logistics Service's 20 million USD logistics hub at Hai Phong International Gateway Port, projected to generate 100 million USD in annual revenue. Hai Phong now ranks among Vietnam's top six localities in FDI attraction, with 1,000 projects from 40 countries totaling 32.2 billion USD. Its industrial parks, notably the Dinh Vu-Cat Hai Economic Zone, have attracted 26.2 billion USD, accounting for over 80% of the city’s total FDI. The average investment density in Hai Phong reaches 13 million USD per hectare, triple the national average. Foreign investors, such as those in the Nam Cau Kien Eco-Industrial Park, recognise Hai Phong's advanced infrastructure and investor-friendly policies, including tax incentives and streamlined administrative processes.

Hai Phong aims to enhance its economic and urban spaces while emphasising digital transformation and green initiatives. Key projects include Lach Huyen International Gateway Port, regional highways, and Nam Do Son Port, positioning Hai Phong as a modern logistics hub and international gateway. Deputy Minister of Planning and Investment Tran Quoc Phuong highlighted Vietnam’s stable and investor-friendly environment, attracting high-tech industries such as semiconductors, EV batteries, and electronics. He reaffirmed the government’s commitment to reforming administrative procedures and maintaining consistent policies to support long-term investment.

Hai Phong's strategic location and innovative approach make it a pivotal player in Vietnam's FDI landscape, connecting global enterprises to a dynamic and sustainable market./.

VNA

#Hai Phong #FDI #LG Display Vietnam #Dinh Vu-Cat Hai Economic Zone #Lach Huyen International Gateway Port Hai Phong

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