Hai Phong outlines measures for FDI attraction
Measures to help the northern port city of Hai Phong to attract foreign direct investment (FDI) in 2018 were discussed during a recent meeting of the municipal People’s Council .
According to Secretary of the municipal Party Committee Le Van Thanh, apart from promoting administrative reform and improving Hai Phong’s investment climate, the city will also focus on upgrading and developing infrastructure facilities.
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He said priority will be given to investment promotion, high-quality human resources training, project management and supervision, towards attracting more foreign investors, especially multi-national economic groups from Japan, the Republic of Korea and Belgium.
Land clearance will be a focus for the city in 2018, especially in industrial parks (IPs), making it easier for foreign investors to run their projects in the city, he added.
The meeting heard that Hai Phong didn’t complete its goal of attracting US$2.4 billion of FDI in 2017.
The shortage of land funds, the limited scale of IPs and slow land clearance were blamed for the failure.
FDI projects in Hai Phong mostly operate in mining, footwear, textiles and the plastic industry.
Hai Phong has welcomed many industrial manufacturing projects from Japanese investors such as a tire manufacturing plant worth US$574.8 million invested by Bridgestone Corporation and a US$250-million pharmacy factory of Nipro Pharma Corporation.
It is also an attractive destination for foreign firms in logistics and real estate.
The city hopes to attract US$1.2 billion in FDI in 2018, half of 2017’s target.
