Hai Phong city attracts 10.7 billion USD

Hanoi (VNA) – The northern port city of Hai Phong has attracted more than 10.7 billion USD of investments from 450 projects so far, Le Thanh Son, Vice Chairman of the municipal People's Committee said.

Son told the investment seminar on "Hai Phong Mega Infrastructure Cluster – Gateway of the north of Vietnam" held in Hanoi on November 10 that the city has also always led the country's regions in term of foreign direct investment (FDI).

The event, which was co-organised by Japan External Trade Organisation (JETRO), Korean Trade Investment Promotion Agency (KOTRA), Hai Phong People's Committee and Dinh Vu Industrial Zone JSC, saw the participation of over 100 embassies, organisations, businesses and agencies.

He added that there were several big projects with high technologies from leading companies in the city such as LG Electronics Company Ltd, Bridgestone Tyre Manufacturing Vietnam Company Ltd (BTMV) and NIPRO Pharma Vietnam Company Ltd.

"The projects are suitable with the city's orientation toward development of industrialisation and modernisation," he said.

He believed that the investment wave in the city would be stronger in the near future when big transport infrastructure projects become operational at the national level.

In addition, its investment environment has strongly improved, especially administrative procedures which help businesses reduce the time for licences, customs and tax declarations.

The integrated infrastructure, especially the transport system, has been one of the biggest advantages for the city in becoming an ideal investment destination.

There are some big transport projects such as the Hanoi-Hai Phong Expressway, Tan Vu-Lach Huyen bridge, Hai Phong International Gateway Port and the Cat Bi International Airport.

With total investment of 4.1 billion USD, these big projects would bring major advantages to the city and the north of Vietnam. The combination of a deep seaport – expressway – airport – industrial cluster unlocks the market potential and skilled labour pool of 20 million people in the northern region.

With excellent connections to these key infrastructures, Hai Phong has affirmed its premium location for investment at the centre of the transportation hub. It is adjacent to the deepest port in the north of Vietnam, accessible to 100,000DWT vessels fully loaded, adjacent to the new Cat Bi International Airport with international and domestic connections, and an hour's drive by truck to Hanoi.

"Located at the centre of these key infrastructures, the DVIZ has benefitted from these advantages, becoming a prioritised destination for investors," Frank Wouters, DVIZ Company's general director said.

In fact, the DVIZ has been the only industrial cluster directly linked to the Hanoi-Hai Phong Expressway and Tan Vu-Lach Huyen road, apart from being the closest to the Hai Phong International Gateway Port. With the success of the DVIZ project, the shareholders are developing its expansion project, offering investors over 1,000ha and industrial land associated with reliable utilities, he added.

DVIZ has attracted around 3 billion USD in investments with 55 projects both inside and outside the country.-VNA