In 2024, Hai Phong continues to affirm its position as one of Vietnam’s top investment destinations, attracting nearly USD 5 billion in foreign direct investment (FDI), ranking second nationwide. This article highlights notable achievements, analyzes the key factors behind the success of Hai Phong’s investment promotion program, and identifies existing challenges along with recommendations to enhance future effectiveness.
Proactive Adaptation and Flexible Implementation
Amid global economic uncertainties caused by geopolitical tensions, the global minimum tax policy, and shifts in investment capital flows, Hai Phong has swiftly seized opportunities and developed its 2024 investment promotion program in a methodical and flexible manner. The city prioritized attracting projects in high technology, green transformation, semiconductor manufacturing, renewable energy, logistics, and supporting industries.
From the beginning of the year, the Hai Phong People’s Committee issued Decision No. 408/QD-UBND dated February 6, 2024, clearly defining the content, target partners, key geographical areas, and coordination mechanisms. As a result, investment promotion activities have been effectively deployed across three levels: city – sector – locality.
Impressive Numbers
In 2024, Hai Phong attracted a total of USD 4.909 billion in FDI, accounting for nearly 14% of the country’s total, ranking second nationwide. Notably, the majority of capital was concentrated in industrial parks and economic zones (88.75%), reaffirming Hai Phong’s position as the industrial center of northern Vietnam.
Several major corporations have continued expanding their investments in Hai Phong, such as LG Innotek, Heesung, Pegatron, and Deep C. Some large-scale projects, worth hundreds of millions of USD, focus on the production of electronic components, medical equipment, industrial infrastructure, and green logistics.
Modernizing Investment Promotion Methods
One of the most notable aspects of Hai Phong’s investment promotion efforts in 2024 is the strong application of digital technology. The city has developed an interactive digital map of industrial zones integrated with 360-degree images, and deployed multilingual AI chatbots on websites of key agencies such as the Department of Planning and Investment (haiphongdpi.gov.vn) and the Economic Zone Authority (heza.gov.vn).
Additionally, promotional materials in six languages (English, Chinese, Japanese, Korean, German, and Vietnamese) have been professionally designed and digitized for easy sharing on international platforms.
Hai Phong also organized outbound investment promotion delegations to Singapore, Japan, South Korea, China, and Europe, where city leaders directly worked with potential investors. Domestically, investor conferences, on-site promotional roundtables, and business support dialogues were held regularly to foster a transparent and investor-friendly business environment.
Enhancing International Relations and Integration
In 2024, Hai Phong organized and participated in over 150 investment promotion events both domestically and abroad, welcoming 385 international delegations, including high-ranking officials such as the President of Bulgaria, the President of Indonesia, and the Deputy Prime Minister of Laos.
The launch of a new Hai Phong – Lijiang (China) flight route not only supports tourism but also opens new channels for economic cooperation, especially given China’s significant investment presence in the city.
Hai Phong has also proactively engaged with the overseas Vietnamese community through online seminars and networking events with Hai Phong expatriates in Korea, Japan, and Germany, aiming to attract investment from overseas Vietnamese entrepreneurs and connect with international business communities.
Challenges and Recommendations
Despite its achievements, Hai Phong’s investment promotion efforts still face several challenges, including Inconsistent and fragmented investment project databases among departments; Limited human resources in investment promotion, particularly in specialized foreign language proficiency; Lack of digital system integration, which reduces the effectiveness of online tools and databases; Delays in project implementation due to procedural bottlenecks, land clearance issues, or inadequate investor capacity…
To further improve investment promotion, Hai Phong’s authorities have proposed that the central government to consider supporting through expediting the issuance of a national standard investment promotion performance evaluation framework; supporting the training and development of professional investment promotion personnel; strengthening regional coordination mechanisms, particularly with other provinces in the Northern Key Economic Region…
The 2024 investment promotion program has delivered outstanding results, helping position Hai Phong as a rising star on the international investment map. This success stems from decisive leadership, flexible strategies, and a continuous drive for innovation. However, to maintain its momentum and remain competitive with other regional industrial hubs, Hai Phong should continue improving its policies, enhancing its promotion capabilities, and leveraging global investment trends more effectively.