Business community contributes to Hai Phong’s development hinh anh 1Automaker Vinfast is among the largest tax payers in Hai Phong city. (Photo:

Hai Phong (VNA) – The business community in Hai Phong has made great contributions to the northern port city’s development, said Chairman of the municipal People’s Committee Nguyen Van Tung.

At a meeting with businesses and foreign guests ahead of the Lunar New Year (Tet) on January 23, Tung said corporate tax collection stood at 11.4 trillion VND (492.56 million USD), or 46 percent of the city’s total earnings.

Specifically, state-owned firms contributed 3.2 trillion VND (138.27 million USD) to the state budget, while nearly 4 trillion VND (172.8 million USD) and nearly 4.2 trillion VND (181.48 million USD) came from foreign direct investment businesses and non-state enterprises, respectively.

Large tax payers in the city include automaker Vinfast (51.85 million USD), gasoline region 3 company (over 21.6 million USD) and Hai Linh oil and gas company (more than 21.6 million USD), among others.

Besides, the business community has engaged in social welfare activities like building houses for the needy and supporting families who had served the nation.

Tung said the development still fell short of the city’s expectation, as Hai Phong only contributed 3.24 percent to the country’s GDP compared to 13.1 percent by Hanoi. In addition, the expansion of Cat Bi International Airport and the opening of flights to Japan, China and the Republic Korea were still slow.

Currently, the city is home to some 31,500 businesses, but only two thirds of them fulfill their tax payment responsibilities, he added.

To handle the issues, the city plans to create favourable conditions for both domestic and foreign investors to expand business in the city. Strict punishments and fines will be meted out to any organisation or individual that stands in the way of investors’ business development.

Further, attention will be paid to constructing transport infrastructure, urban infrastructure as well as power and water facilities, he said.

Hai Phong is envisioned to contribute 6.38 percent to the country’s GDP by 2025 and the figure is raised to 8.2 percent by 2030.
Meanwhile, the city’s earnings are expected to reach 35 trillion VND (1.51 billion USD) by 2020, 55-60 trillion VND (2.38-2.59 billion USD) by 2025, and 90-95 trillion VND (3.89-4.1 billion USD) by 2030.-VNA