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Hai Phong lures $1 billion in FDI
The northern port city of Hai Phong has attracted more than US$1.05 billion in foreign direct investment so far this year, nearly one third of which has gone to industrial parks, according to the city’s Department of Planning and Investment.
The total investment capital for the 25 new projects was over $440 million and the rest went to the 15 already operating projects.
Hai Phong Province planned to expedite land clearance this year to improve the investment climate, said Dan Duc Hiep, director of the city’s Department of Planning and Investment.
Hiep stressed that the foreign-invested sector would play a significant role in industrialising and modernising the city between now and 2010.
City authorities have taken steps to attract more FDI by smoothing administrative procedures and improving the human resource sector.
As the process of investment licensing had already been streamlined, this year they would target making registration easier, he said.
The most encouraging areas for foreign direct investment in Hai Phong were processing firms, industrial parks, marine industries and the service industry, especially entertainment projects, he said.
Hai Phong is one of the north’s key economic regions and has the second largest port system nationwide.
Hai Phong has attracted some high-finance investment projects like those funded by Amco-Mibaek Vina at over $555 million, Synztec at $18.3 million and Tohoku Pioneer at $16 million.
The city’s gross domestic product (GDP) reached more than VND9.1 trillion ($556 million) during the first six months of this year, up 12.2 per cent year-on-year despite the economic downturn.
Head of Hai Phong’s industrial and processing zones Pham Thuyen confirmed the zones would strive to pull in $1 billion.
Hai Phong city has already secured 283 valid foreign-invested projects worth $3.7 billion. The FDI disbursement rate in the city stood at about 60 per cent.
Last year, the foreign-invested sector accounted for more than 60 per cent of the city’stotal export revenue of more than $1.2 billion.
VNS
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