A production line at the Bridgestone Factory in Hai Phong (Source: VNA)

Hanoi (VNA) – The northern port city of Hai Phong absorbed 1.8 billion USD in foreign direct investment (FDI) in the first half this year, 3.5 times higher than the same period last year, the Dau Tu (Investment) newspaper reported, citing statistics of the municipal Department of Planning and Investment.

The figure represents 93 percent of the city’s yearly target.

With 23 new projects and 17 expanded ones licenced in the period, Hai Phong was among the top localities in terms of FDI attraction.

Most noteworthy among the newly-licensed projects was the 1.5 billion USD factory in Trang Due Industrial Park invested by LG Displays Co. Ltd from the Republic of Korea (RoK).

Together, the new FDI projects created jobs for nearly 27,000 labourers, Director of the Department Duong Ngoc Tuan said.

According to the director, Hai Phong is now home to 470 operational projects, with a combined registered capital of nearly 12.68 trillion USD.

Among FDI enterprises allowed to raise capital, Regina Miracle International Ltd from Hong Kong, China in VSIP Hai Phong IZ, producing women's underwear and sportswear adjusted its capital from 150 million USD to 235 million USD.

Meanwhile, Chilisin Holding Limited, another Hong Kong-funded project in the IZ almost doubled its registered capital, from 22.6 million USD to 46 million USD.

According to Mai Xuan Hoa, Vice Head of Hai Phong Economic Zone management board, Hai Phong has become the choice of numerous big economic groups from Japan, the RoK and Belgium.

He underlined the city’s favourable investment climate and developed infrastructure facilities as advantages to help Hai Phong attract more FDI.-VNA