The total investment capital for the 25 new projects was over US$440 million and the rest went to the 15 projects already in operation.

Hai Phong Province plans to expedite land clearance this year to improve the investment climate, said Dan Duc Hiep, director of the city’s Department of Planning and Investment.

Hiep stressed that the foreign-invested sector will play a significant role in industrializing and modernizing the city between now and 2010.

City authorities have taken steps to attract more FDI by streamlining administrative procedures and improving the human resources sector.

The focus of foreign direct investment in Hai Phong is on processing firms, industrial parks, marine, services and entertainment projects, he said.

Hai Phong located the northern key economic region, has the second largest port system in the country.

Hai Phong has attracted some high-finance investment projects like those funded by Amco-Miback Vina at over US$555 million, Synztec at US$18.3 million and Tohoku Pioneer at US$16 million.

The city’s gross domestic product (GDP) reached more than VND9.1 trillion (US$556 million) in the first six months of this year, a year-on-year increase of 12.2 percent.

It has already secured 283 valid foreign-invested projects worth US$3.7 billion. The FDI disbursement rate in the city stood at about 60 percent.

Last year, the foreign-invested sector accounted for more than 60 percent of the city’s total export revenue of more than US$1.2 billion.