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Hai Phong getting picky over investment projects
The northern port city of Hai Phong will no longer accept investments for projects with capital of less than US$1 million, or with technologies manufactured before 2000, according to a newly-issued decision by the Hai Phong People's Committee.
Under Decision 221/QD-UBND, selected industrial projects will also be required to have an annual industrial production value of at least VND45 billion ($2.4 million) and the ability to contribute at least VND2 billion ($105,300) per year to the city's budget.
Projects that will be selected to invest into the city during the 2010-15 period will also have to meet the city's approved industrial development strategies, and use modern and environmentaly friendly technologies and equipment.
Aside from the industries and projects that have been prohibited, which are all regulated by the Government, the committee has also decided not to license production projects for cement, pig-iron, steel, fertiliser, scented candles or auto manufacturing.
The city also outlined clean industries, hi-tech sectors, export processing and services as the most encouraging investment areas.
With the city's advantageous geographical location and a synchronised transport system, thanks to the development of the city's roads, rails, rivers, skies and sea ways, the northern port city was expected to attract $300 million in foreign investments this year, said Vu Xuan Minh, Head of the City's Department of Planning and Investment's investment promotion division.
"This goal is totally 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 attention of more foreign investors," Minh said.
In addition to perfecting infrastructure in the city's existing industrial zones and complexes, the city will also invest in an industrial complex with complete infrastructure this year, covering a total area of 200ha, Minh said.
Hai Phong currently has five industrial production zones in operation and two others for which land is being cleared.
According to the city's Department of Industry and Trade, the city in the first two months of the year churned out an industrial production value of VND6.4 trillion ($336.8 million), which was an increase of 14.8 per cent over the same period last year.
Twenty-one industries saw growth in industrial value, including metal production at 34.8 percent, chemical products at 46.2 percent, rubber and plastic products at 30 per cent and motor and auto products at 25.7 percent.
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