Illustrative image (Source: VNA)

Hai Phong (VNA) –
The northern port city of Hai Phong still holds its position among the country’s top performers in foreign direct investment (FDI) attraction with 31 newly-registered and capital adjusted projects valued at more than 1.74 billion USD in the first five months of the year.

Large economic groups from Japan, the Republic of Korea (RoK) and Belgium chose Hai Phong to land their investments thanks to the city’s favourable geographical location and potentials. The city is housing more than 450 valid FDI projects with a total registered capital of over 12 billion USD.

The RoK LG Display Co.Ltd’s OLED display project at Trang Due Industrial Park is among the largest foreign-invested projects. Kicked off in May, covering 40.2 hectares, the 1.5 billion USD factory will come on stream next year and is expected to provide jobs for some 6,000 local people.

The robust results in FDI attraction represents the municipal authority’s concerted efforts to improve administrative procedures and the business investment climate, as well as further investment promotion activities, said Secretary of the municipal Party Committee Le Van Thanh.

He highlighted that prompt land clearance and policies to attract a high-quality workforce are also significant contributors to the city’s FDI attraction.

Such projects as Cat Bi International Airport and Hai Phong International Container Terminal (Component B) together with a comprehensive and modern transport infrastructure will give huge advantages to the city to lure more FDI capital and tap its position in the northern coastal region to the fullest extent, in the coming years, he noted.-VNA