HAIPHONG TARGETS US$4 BILLION IN FDI FOR 2024

Haiphong City aims to attract US$4 billion in foreign direct investment (FDI) in 2024, according to the city government.

The northern port city has already secured 1,000 FDI projects from 40 countries and territories, with total capital commitments of US$32.2 billion, representing 7% of Vietnam’s FDI, the committee reported.

Haiphong recently approved 12 new projects in its economic and industrial zones, valued at a combined US$1.8 billion. This brings the total FDI in these zones to US$3.5 billion as of November, surpassing the city’s annual target by 40%.

Among the notable projects is LG Display Vietnam Haiphong’s US$1 billion expansion in the Trang Due Industrial Park. The additional investment increases LG Display’s total capital to US$5.65 billion. The company, a subsidiary of South Korea’s LG Group, manufactures OLED displays and employs over 22,000 workers.

LG Group’s total investment in Haiphong has now reached US$8 billion across its three subsidiaries: LG Electronics, LG Display, and LG Innotek, collectively employing about 35,000 people.

The city credits its success in attracting FDI to consistent support for investors, including streamlined administrative procedures and stable conditions for project development.

Source: The Saigon Times