HAI PHONG TARGETS TO ATTRACT US$1.5 BLN IN FDI IN Q2

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

Head of the Management Board of Hai Phong Economic Zone Pham Van Moi said that to achieve the set target of US$1.5 billion in the second quarter, Hai Phong has focused on promoting land clearance, building plans for human resources training and establishing more industrial zones.
Hai Phong will draw selective investments, with a primary focus on projects using advanced and environmentally friendly technologies, he said.

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

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.

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 Viet Nam 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.

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

In the second quarter of this year, the northern port city of Hai Phong will hold more dialogues with businesses to iron out snags and increase investment promotion efficiency, aiming to attract US$1.5 billion in FDI, according to a municipal official.

Source: VGP