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Hai Phong lures 1 billion USD in FDI
The northern port city of Hai Phong has attracted more than 1.05 billion USD in foreign direct investment (FDI) 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 USD and the rest went to the 15 already operating projects.
Hai Phong city 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 USD, Synztec at 18.3 million USD and Tohoku Pioneer at 16 million USD.
The city’s gross domestic product (GDP) reached more than 9.1 trillion VND (556 million USD) during the first six months of this year, up 12.2 percent 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 USD.
Hai Phong city has already secured 283 valid foreign-invested projects worth 3.7 billion USD. The FDI disbursement rate in the city stood at about 60 percent.
Last year, the foreign invested sector accounted for more than 60 percent of the city’s total export revenue of more than 1.2 billion USD.
VNA
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