HAI PHONG TARGETS US$2.5-3 BILLION OF FDI IN 2021

The northern port city of Hai Phong has set a target of attracting US$2.5-3 billion in foreign direct investment (FDI) in 2021, with priority given to industrial and service projects using modern and highly efficient technologies.

To achieve this goal, the Hai Phong Economic Zone Authority will propose the Standing Board of the municipal Party Committee for the issuance of a resolution on tasks and solutions to promote the management and development of industrial parks (IPs) and clusters until 2025, with a vision to 2030.
Adjustments will be made to the master plan for the construction of the Dinh Vu-Cat Hai Economic Zone, while more IPs will be established in accordance with the city’s action plan on the implementation of the Politburo’s Resolution No. 45-NQ/TW on Hai Phong construction and development until 2030, with a vision to 2045.

Hai Phong aims towards attracting investment in the three economic pillars of hi-tech industry, seaport-logistics, and tourism-trade, and prioritizes quality projects in accordance with the city’s economic structure directions, as well as luring potential investors using advanced and environmentally friendly technologies.

Along with that, Hai Phong will proactively grasp the situation and promptly remove difficulties in the process of project implementation, contributing to creating a favorable and attractive business climate.

Last year, industrial and economic zones in Hai Phong attracted nearly US$1.53 billion of FDI, including more than US$1.1 billion from 39 new projects and over US$428 million added by 25 existing ones, up 21% year-on-year and equivalent to 102% of the plan.

As of December 31, 2020, these zones lured 400 FDI projects totaling nearly US$16.25 billion.

Source: VGP