Hai Phong to create optimal conditions for US investors

Hai Phong will create optimal conditions for US investors to explore its investment environment and seek partnership with local firms, pledged Standing Vice Chairman of northern port city's People’s Committee Le Anh Quan.

Hai Phong pledges optimal conditions for US investors

The US delegation visits some companies in Hai Phong (Photo: VNA)

On March 1, receiving a delegation from the US Embassy in Vietnam led by Ambassador Marc E. Knapper, Vice Chairman Quan said he hopes the US Ambassador will help bring more US investors and businesses to the city.

For his part, Ambassador Knapper said that his delegation's visit aims to gain a deeper insight of the city's situation and seek cooperation opportunities.

The delegation also hopes to explore Hai Phong's methods to clinch second position among Vietnamese localities in provincial competitiveness index, thus making more US firms aware of the advantages of the city, the diplomat said.

This year, the US and Vietnam are celebrating the 10th anniversary of their comprehensive partnership, which is a chance for the two sides to elevate ties to a strategic partnership and strengthen cooperation, especially in education and people-to-people exchange, he said.

The same day, the US delegation had a working session with the Management Board of Hai Phong Economic Zone.

Ambassador Knapper showed his interest in the outstanding advantages of Hai Phong as well as its potential energy and human resources development.

Director of the Management Board of Hai Phong Economic Zone Le Trung Kien said that Hai Phong is among leading localities in foreign direct investment attraction, and a favourite investment destination of businesses from many countries such as the US, Japan, the Republic of Korea, and China.

Kien said he hopes the US Ambassador will help increase investment promotion activities in Hai Phong to give more chances for businesses of both sides to foster their connections, while supporting Vietnamese firms to export more to the US and increase US investment in Hai Phong's industrial parks.

According to the Board, as of March 1, Hai Phong is home to 16 US firms with total capital of 258.24 million USD.

US businesses are mostly operating in the fields of power generation and mechanical engineering. US-funded projects are employing 1,344 local labourers.

Last year, US firms enjoyed a total revenue of 283 million USD, paying 25.4 billion USD (over 1 million USD) to the State budget.

In 2022, Hai Phong's trade with the US market accounted for 2.5% of the city's total foreign trade, according to the Board.