In 2021, Hai Phong took the lead in attracting foreign investment

Despite the difficulties caused by the epidemic across the country and Hai Phong in particular, in 2021, Hai Phong city emerged as a bright spot in attracting direct investment capital (FDI), with many large projects licensed and put into operation, the flow of FDI into Hai Phong was not interrupted...

In 2021, Hai Phong city attracted USD 5.26 billion, accounting for 16.9% of the total registered FDI capital into Vietnam, reaching 3.5 times higher than in 2021. Ranked 2nd in FDI attraction in the whole country is Long An province with USD 3.84 billion and followed by Ho Chi Minh City with USD 3.74 billion.

As of December 31, 2021, the city has attracted 792 FDI projects with a total valid FDI capital of USD 24.5 billion. In which, Korea leads in both investment capital and number of investment projects, of which LG Display Vietnam Hai Phong Co., Ltd continuously adjusted to increase investment capital with total capital reached USD 4.65 billion.

Factory of LGD in Trang Due industrial zone

The above-mentioned outstanding FDI attraction results were achieved thanks to the close direction of the City Party Committee, the City People's Committee, and the close coordination of departments, branches and localities. Faced with difficulties caused by the Covid-19 epidemic, instead of sending delegations abroad to promote the investment environment and look for potential investors, the city has implemented investment promotion on-the-pot, effectively support investors and businesses during project implementation, put into operation and expand production and business, thus creating confidence in a safe, friendly and attractive investment environment.

In addition, the reform of administrative procedures, improvement of the business investment environment, investment focus on new and important transport and port infrastructure projects are also attractive points for foreign investors.

Tan Vu – Lach Huyen Bridge connects Lach Huyen International Port with industrial parks

The People's Committee of Hai Phong City also periodically organized business dialogue conferences to promptly resolve recommendations and proposals of enterprises in order to create a healthy, fair, and actively support business investment environment.

In order to continue to be a potential destination for foreign investors and to achieve the goal of attracting USD 12.5-15 billion in 5 years 2021-2025, the following solutions are determined by the whole political system to implement in the coming time: (1) Accelerate the site clearance, build industrial parks, focus on Trang Due industrial parks phase 3; VSIP industrial park; Hai Phong international gateway port industrial park... to be ready to have clean land with modern and synchronous infrastructure; (2) Focusing on "on-the-spot" investment promotion, promoting large corporations and investors, expanding investment promotion in online form; building an image, propagating, promoting, and introducing the city's investment environment through diplomatic channels, through forums, Vietnam's overseas representative agencies and investment promotion organizations of the city; (3) Promulgating a set of criteria for selecting infrastructure investors and investment projects to actively select quality investors and projects. Promulgate a mechanism to support investors in implementing housing construction projects for workers in industrial parks and economic zones. Focus on developing key industries such as: machine manufacturing, electronics, automation, high-tech industry, logistics...; (4) Continuing to reform administrative procedures in the direction of simplification, shortening implementation time, creating maximum convenience for businesses and investors. Strong application of information technology, towards basically online settlement of procedures; (5) Expand and improve the quality of the network of vocational education institutions according to international criteria. Focus on training the professions linked between training institutions and enterprises, conduct training according to the requirements of enterprises; (6) Promulgating specific mechanisms and policies to attract, employ and reward managers and experts in science and technology./.

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