Hai Phong targets US$1.5 bln FDI in Q2

The city will draw selective investments, with a primary focus on projects using advanced and environmentally friendly technologies, says Le Trung Kien, head of the municipal Economic Zone Authority.

Particularly, Kien notes the municipal Economic Zone Authority will further simplify administrative procedures to facilitate business registration, including licensing foreign contractors and labourers in civil engineering.

It will also coordinate with educational institutions to train skilled human resources, and ensure the security within the economic zones (EZs) and industrial parks (IPs) in the locality.

After 30 years of construction and development, there are 12 industrial parks operating in Hai Phong, covering a total area of nearly 5,000ha.

By the end of the first quarter of this year, local industrial parks and economic zones had attracted 406 FDI projects valued at US$17.15 billion.

Currently, these parks and zones have the average occupancy rate of over 62.5%. They are employing 154,100 workers, including 4,100 foreigners, with the average monthly wage of VND10.5 million per person.

FDI projects in IPs and EZs are of vital importance to the city's development as they help spur local economic growth, generate jobs and contribute to local coffers. Statistics show these projects account for nearly 80% of Hai Phong’s industrial production value and more than 70% of its export turnover.

In its 2021-2025 development plan, Hai Phong aims to build 15 new IPs with a total area of over 6,200ha.

The northern port city was ranked 7 out of 63 cities and provinces nationwide in the Vietnam Provincial Competitiveness Index (PCI) 2020. This is the third time the city has made it on the top ten list of localities excelling in economic performance.