Hai Phong remains biggest magnet for FDI inflows

Illustrative image (Photo: VNA)

The northern port city of Hai Phong remained the biggest magnet for foreign direct investment (FDI) inflows in the first 10 months of this year, attracting nearly 3.1 billion USD, up 68% year on year, or equivalent to over 153% of the yearly target, said Chief of the Office of the municipal People’s Committee Nguyen Ngoc Tu.

In late September, the Hai Phong Economic Zone Authority (HEZA) granted licences to projects, with a total capital of nearly 1.4 billion USD.

According to HEZA Director Le Trung Kien, Hai Phong is highly expected to develop into a modern, smart, and sustainable industrial city in Southeast Asia.

To draw new investors, the city has pooled all possible resources to establish South Hai Phong Economic Zone and embarked on building new industrial zones as planned.

At the same time, it has further invested in transportation infrastructure, seaports, along with a system of standard and modern warehouses ready to meet the needs of investors.

The city is upgrading the power grids to stably supply electricity for industrial parks and investors, expediting the completion of social housing infrastructure to ensure stable accommodations for workers, and accelerating digital transformation in service of the public and businesses.

Towards the target of net zero greenhouse gas emissions by 2050, Hai Phong city has also rolled out various mechanisms and policies to encourage businesses to switch to the use of new and renewable energy, biodegradable materials, circular economy practices, and establish Deep C ecological industrial zones.

With concerted solutions and a commitment to create the best conditions for investors and businesses, Hai Phong always opens its door to welcome them and pledges to become an ideal destination with all possible support for their most efficient operations, Kien said.

To date, Hai Phong has attracted over 1,000 FDI projects valued at nearly 28 billion USD, including 708 projects in industrial and economic zones./.