Hai Phong is leveraging its solid foundation to attract foreign direct investment (FDI) projects, with a goal for the FDI sector to contribute 35% to the city’s GRDP in 2025.
Breakthroughs in Investment Attraction
In 2024, Hai Phong marked a significant milestone by becoming a leading city in FDI attraction, securing numerous environmentally friendly green FDI projects. The city is increasingly appealing to international investors, not only because of its advantageous location as the largest seaport city in northern Vietnam and its modern infrastructure, but also because of its ongoing efforts to improve the investment environment and enhance service quality.
Mr. Tran Huy Kien, Chief of Staff of the Hai Phong People’s Committee, shared that in 2024, Hai Phong attracted USD 4.9 billion in foreign investment, up over 34% compared to the previous year and 145% of the annual target. Major projects include an expansion by LG Group with an additional USD 1 billion, a project by Heesung with an additional USD 125 million, and infrastructure investment by DEEP C Industrial Zone Complex with an additional USD 169 million.
According to the Hai Phong Economic Zone Authority (HEZA), Hai Phong currently ranks among the top localities in Vietnam in FDI attraction, with 1,000 FDI projects from 40 countries and territories, and a cumulative FDI capital of USD 33.8 billion. The occupancy rate of industrial zones (IZs) and economic zones (EZs) in the city exceeds 70%. From January 2021 to the present, Hai Phong has attracted nearly USD 16 billion in FDI, surpassing the 2021-2025 investment target of USD 12.5-15 billion, accounting for 81% of the total FDI from 1993-2020, and averaging nearly USD 4 billion per year. Hai Phong has emerged as a stronghold for many major investors, deeply involved in global value chains.
According to Mr. Pham Hong Diep, Chairman of the Board of Directors of Shinec JSC, the investor of Nam Cau Kien Industrial Zone, foreign investors operating in Nam Cau Kien as well as other IZs and EZs in Hai Phong share a common view: Hai Phong boasts well-developed transportation, seaport, and industrial zone infrastructure. Moreover, the city government consistently facilitates favorable conditions for foreign investors, making it easier for them to execute business projects.
Similarly, Mr. Yang Ho Jin, Chairman and General Director of Ecovance Vietnam Co., Ltd., shared that during the implementation of their project in Hai Phong, they consistently received substantial support from the city’s departments and agencies, from licensing to resolving difficulties during execution. “At every step, there has been thorough guidance from the HEZA and relevant departments of Hai Phong,” he emphasized.
Laying the Foundation for High-Quality FDI Inflows
The arrival of numerous FDI enterprises to explore and decide to invest in Hai Phong demonstrates the city’s increasing attractiveness. In 2025, Hai Phong targets the FDI sector to contribute 35% to the city’s GRDP.
Therefore, besides proactive and innovative investment promotion, Hai Phong is focused on preparing the necessary conditions for businesses to immediately invest and implement projects. Key efforts include expediting the construction of modern infrastructure in IZs and EZs.
According to Mr. Le Tien Chau, Secretary of the Hai Phong Party Committee, foreign investment capital is a crucial part of the city’s total social investment capital. FDI enterprises are regarded as an essential driver of Hai Phong’s socio-economic development. The city’s leadership views foreign investors as both partners and honorary citizens of Hai Phong.
Mr. Le Trung Kien, Head of the Hai Phong Economic Zone Authority, added: “The year 2025 is significant, marking the conclusion of the 2021–2025 socio-economic development plan and preparing for the next phase. To achieve this goal, HEZA will continue to promote solidarity, creativity, and determination, implementing key tasks decisively. In particular, we aim to surpass the FDI attraction target of USD 3–3.5 billion, develop the southern coastal economic zone, and complete the master plan for the southern coastal EZ. At the same time, we will launch new IZs and eco-industrial zones, accelerate digital transformation, streamline the organizational structure, improve management quality, and advance administrative reforms. This will ensure that Hai Phong remains a trusted destination for domestic and foreign investors, driving strong and sustainable development for the city in the future.”