Illustrative image (Source: VNA)
 
Hai Phong (VNA) – Foreign direct investment attraction has been an important part of the northern port city of Hai Phong’s development strategy for years.

With convenient road, railway, waterway and aviation transportation, Hai Phong is a major economic hub of the north. To fully tap its potential, Hai Phong established an export processing zone on 150ha in 1993, now known as Do Son industrial park, and founded Nomura industrial park in 1994.

Nomura – Hai Phong industrial park (IP) is a joint-venture between Hai Phong city and Japan’s Nomura Group and was one of the first IPs established nationwide. To date, it has attracted 60 investors and generated jobs for nearly 20,000 workers.

Following the success of Nomura IP, Hai Phong has formed other economic and industrial parks such as Dinh Vu – Cat Hai IP, the urban, industrial and service zone VSIP Hai Phong and Trang Due IP.

As of July 2018, the city recorded 553 foreign-invested projects with a total registered capital of more than 15.7 billion USD, mostly in industry (76.49 percent), infrastructure and real estate (18.22 percent), trade (2.8 percent), services (2.17 percent) and other fields (0.38 percent).

Among nearly 40 countries and territories investing in the city, Japan ranks first in terms of project number and second, following the Republic of Korea, in capital with 137 projects worth 4.6 billion USD, accounting for 24.77 percent and 29.29 percent, respectively.

Foreign-invested enterprises have helped increase the city’s GRDP growth rate to 16.3 percent in the first half of this year, the country’s highest level from below 10 percent before 2010.

Deputy General Director of VSIP Hai Phong Kenny Lieu said the city has undertaken comprehensive and solid reforms, creating widespread connectivity among road, waterway and aviation transportation.

He expressed his belief that the city will attract more investors thanks to its convenient infrastructure, tax incentives for economic zones and skilled workforce.

Secretary of the municipal Party Committee Le Van Thanh said Hai Phong is among 10 localities with the most attractive business environment, thanks to its policy to step up administrative reform, improve its business climate and build a professional, open and transparent administration to support investors.

During 2016-2020, Hai Phong aims to draw 10 billion USD in foreign direct investment, raising occupancy rate in IPs to more than 60 percent and generating about 170,000 jobs by 2020.-VNA