Hai Phong city tries to keep top position in FDI attraction

Statistics released by Hai Phong’s Department of Planning and Investment show that so far this year Hai Phong has attracted more than US$1 billion from 47 newly registered and 35 revised projects.  

Last year, Hai Phong ranked second nationwide in luring FDI, which reached nearly US$3 billion. Major investment projects include the US$1.5 billion project by LG Display and US$550 million project of LG Innotek. Investors say they selected Hai Phong for its potential.

Tran Thuy Trang, Deputy General Director of Jasan Company Vietnam in the Vietnam-Singapore Industrial Park in Hai Phong, said the company has 2 sock factories in Vietnam.       

Trang said “Since the company was established, we have received support from the local administration. Currently we have 1,500 workers and plan to double the number by the end of next year.

Jasan Company 1 began operations in 2015; Jasan 2 began operations this year; and Jasan 3 will start next year. In the next 3 years, we will continue to increase investment in Hai Phong to US$50 million. Jasan group wants to raise its investment in Vietnam to US$120 million in the near future. I believe Hai Phong is our true investment direction.”

The Republic of Korean investors are leading investors from 36 countries and territories in Hai Phong with registered capital of more than US$5.3 billion in 100 projects. They are followed by Japan with nearly US$3.8 billion in 132 projects.

Hai Phong is implementing comprehensive measures to attract investment. They will implement a national strategy on green growth until 2020, focus their budget on key projects, especially in transportation infrastructure, and complete the infrastructure of industrial parks and industrial clusters, particularly the Dinh Vu - Cat Hai Economic Zone.

Hai Phong has defined strategic, potential partners from Japan, the Republic of Korea, and the US, and aims to attract investment in high-tech production, source production, and high-added-value products and solutions.

Le Trung Kien, Director of the municipal Department of Planning and Investment, said “Improving the local business and investment environment has been chosen as this year’s theme. 

We will continue to step up reforming administrative procedures and procedures related to the investment environment, land clearance, land access, and maximizing support for businesses. 

Hai Phong has promulgated a series of policies to meet investors’ demands for an improved business and investment environment and personnel quality, quicker completion of administrative procedures, and fewer unnecessary regulations hindering investors.”