Hai Phong People’s Committee Chairman Trinh Quang Su made the pledge at an annual meeting with representatives from foreign-invested businesses on May 29 that addressed obstacles to the flow of investment into the city.

Reports delivered at the meeting show the city absorbed close to US$160 million from foreign investors in the first five months of this year, a 1.6 fold increase over the same period last year.

Of the sum, US$110 million came from 13 newly licensed projects and the rest was added to eight operational ones. Investors from Asian countries and territories were the dominant group with 87 percent of the total capital and 70 percent of the projects.

The city also signed memorandums of understanding with major groups such as GE and Magnum from the US, Semcorb of Singapore, Lion of Malaysia and Foxconn of Taiwan to carry out projects worth billions of USD in total.