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Hai Phong targets $300m in foreign investment
The northern port city of Hai Phong has set a target to attract US$300 million in foreign investment this year, said Vu Xuan Minh, Head of the Investment Promotion Division of the municipal Department of Planning and Investment.
"The goal is within our reach as two important infrastructure projects, the Ha Noi – Hai Phong Highway, which is already under construction, and the Hai Phong International Seaport, will be under construction this year and will help attract the atttention of more foreign investors to the city," Minh said.
Recognising the significant role of foreign investment in the city's process of industrialisation and modernisation, the municipal authorities have taken steps to facilitate foreign investment by streamlining administrative procedures and improving the quality of human resources.
"Hai Phong plans to cut 30 percent of its administrative procedures and speed up land clearance this year in order to improve the investment climate," Minh said, outlining clean industries, hi-tech, export processing, services and training as the city's most encouraging areas.
In addition to perfecting infrastructure in the city's existing industrial zones and complexes, the city would invest in an industrial complex with complete infrastructure this year, covering a total area of 200ha, Minh said.
"Overseas investment promotion will also be enhanced, with a focus on Japan, Taiwan, South Korea and North America," he noted.
Hai Phong lured only $126 million in FDI in 2009, or just 10 percent of the previous year's figure, due to the influence of the global economic crisis. Of the total, $46 million was in 18 new projects while the remainder was adding capital in 13 projects already underway. The industrial sector attracted the lion's share of investment, at 54.3 percent, followed by real estate and infrastructure construction for industrial zones.
vietnamnews
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