Hai Phong creates breakthroughs in FDI attraction

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 US$3.35 billion 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 US$1.8 billion. 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 US$1 billion to US$5.65 billion. This facility, producing 14 million high-tech OLED displays monthly, has generated over 22,000 jobs and annual exports averaging US$5.8 billion since its inception in 2016.

Others include Heesung's US$154 million expansion, bringing its total capital to US$279 million, and Smart Logistics Service's US$20 million logistics hub at Hai Phong International Gateway Port, projected to generate US$100 million in annual revenue.

Hai Phong now ranks among Vietnam's top six localities in FDI attraction, with 1,000 projects from 40 countries totaling US$32.2 billion. Its industrial parks, notably the Dinh Vu-Cat Hai Economic Zone, have attracted US$26.2 billion, accounting for over 80% of the city’s total FDI. The average investment density in Hai Phong reaches US$13 million 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.