Recently, the Hai Phong City People's Committee held a conference to grant investment registration certificates for 12 projects in industrial zones and economic zones, with a total investment capital of 1.8 billion USD. Notably, the expansion project by LG Group (South Korea) at the Trang Duệ Industrial Park saw an additional investment of 1 billion USD, bringing the total investment to 5.65 billion USD. This event marks an important milestone for the city, having achieved its FDI target for 2024 ahead of schedule. By November 2024, Hai Phong had attracted approximately 3.5 billion USD in FDI, which is 140% of the annual target. It is expected that by the end of 2024, the city will exceed 4.5 billion USD, reaching 180% of the target for the year, surpassing the achievements of 2023.
With the support of the central government and the city's continuous efforts, Hai Phong has become a bright spot in FDI attraction across the country over the past five years of implementing the Politburo's Resolution No. 45. This has drawn increasing interest from large investors. From 2021 to the present, Hai Phong has attracted 14.5 billion USD in FDI, reaching 97% of the 2021-2025 plan, with an average annual FDI inflow of 3.6 billion USD. Currently, Hai Phong is home to over 1,000 FDI projects from 40 countries and territories, with a total investment capital exceeding 32 billion USD, accounting for 7% of the national FDI. Among these, the high-tech sector accounts for 30% of the FDI in the city.
Hai Phong has become a prominent hub for major investors, particularly "giant" corporations involved in global value chains, such as LG and SK. These FDI projects contribute over 15% of the local revenue, significantly supporting the city's development. This success further affirms that Hai Phong is an attractive destination and a successful location for investors. The city's guiding principle of "The success of enterprises is the success of the city" continues to drive its efforts to reform administrative procedures and create the most favorable business environment for enterprises.
However, in the context of deeper integration and increasing competition, the main growth drivers of the city in recent years are gradually reaching their limits. In response to this, Hai Phong is focusing its efforts on proposing to the Government the establishment of a sustainable, ecological South Hai Phong Economic Zone to promote green transformation and attract capital and technology shifts from other countries. The city is also proposing amendments to the National Assembly's Resolution No. 35, introducing outstanding and unique policies to accelerate Hai Phong's development, including piloting the establishment of a new generation free trade zone in 2025, which aims to address institutional bottlenecks.
In parallel, the city continues to prioritize investment in key infrastructure projects, particularly in transportation and seaport development, to fully leverage its existing potential and advantages. The city will focus on strengthening linkages between FDI enterprises and Vietnamese businesses to participate together in global supply chains, working towards an independent, self-reliant, and integrated economy that enhances its competitiveness in the international market.