Hai Phong lures US$916 million in FDI in Q1

The sum came from 15 newly-licensed projects and additional capital of 12 other existing ones. Up to 532 FDI projects worth US$15.44 billion are operating in the city.

The remarkable outcomes were attributed to the city’s efforts to streamline administrative procedures, improve the investment environment, tackle difficulties for businesses, promote trade, and reel in investment, according to Chairman of the municipal People’s Committee Nguyen Van Tung.

The city successfully organized a Japanese investment and tourism promotion talk, a meeting with 400 local and foreign businesses operating in the city early this year, and two dialogue conferences with businesses.

Up to 67.89% of businesses in the locality have undertaken online procedures for their establishment registration.  

The city has also launched a programme to “enhance the capacity of the support industry” with the support of senior volunteers from the Japan International Cooperation Agency (JICA).

Tung said the city will continue instructing units and localities to screen projects calling for investment while regularly providing accurate and full information about land lease and workshop rent at industrial clusters. It will issue a legal support plan for businesses in 2018.

The city will focus on speeding up key projects, like the Hai Phong international port in Lach Huyen, whose first two wharves expected to be inaugurated in mid-2018 and a coastal road linking Quang Ninh with Hai Phong, Thai Binh, Nam Dinh, Ninh Binh and Thanh Hoa.

Hai Phong is working closely with neighbouring Quang Ninh province in the construction of the Bach Dang Bridge which connects the two localities when it is completed in the second quarter of this year.

It plans to continue deploying the construction of terminal 2 in Cat Bi international airport, Tan Vu-Lach Huyen bridge No 2, and other wharves of Hai Phong international port.