The city has to date granted licences to 27 projects run by overseas Vietnamese with a combined capital of over US$100 million, most of them on real estate, manufacturing, garments, services and transport.

Many overseas Vietnamese said abundant, skilled labour force, lower living cost and convenient transport system, including airport and seaport are the city’s advantages.

Two overseas Vietnamese-invested real estate projects have been launched recently in Hai Phong, namely the international overseas Vietnamese village (US$21 million) by the Viet Anh Construction Investment and Development Co. Ltd, and the VND450 billion-250-bed international hospital by the Hoang Vu Co. Ltd.

The Hoang Vu Co. Ltd plans to invest VND1 trillion in building first international university in Hai Phong on an area of 50 hectares which will be capable of accommodating 600-700 students.

The Chairman of the Viet Anh Construction Investment and Development Co. Ltd’s, Nguyen Tai Phuong, an overseas Vietnamese in the US, said the international overseas Vietnamese village project is expected to call on Vietnamese expatriates to return home and participate in local economic development.

Many OV businesspeople said apart from investment promotion programmes abroad, Hai Phong needs to set up an overseas investment promotion centre managed by the municipal People’s Committee in order to provide more assistance for investors.