General Secretary of the Communist Party of Việt Nam Central Committee Tô Lâm (centre, front row) attends the ceremony on Thursday to hand over investment certificates to 12 major FDI projects in Hải Phòng. — VNA/VNS Photo Thống Nhất

The northern port city of Hải Phòng presented investment certificates to 12 major foreign direct investment (FDI) projects worth US$1.8 billion at a ceremony on Thursday.

The event was attended by General Secretary of the Communist Party of Việt Nam Central Committee Tô Lâm and representatives from ministries, sectors, local administration and businesses.

The newly licensed projects, comprising both new ventures and expansions of existing facilities in the city's economic and industrial zones, are projected to create some 17,000 jobs in the coming time.

Around $3.5 billion in FDI capital was funneled into the city in the January – November period, or 140 per cent of the annual plan.

Hải Phòng has maintained strong socio-economic growth in recent years, with an average annual gross regional domestic product (GRDP) expansion of over 11 per cent.

To date, the city has attracted 1,000 FDI projects worth $32.2 billion from 40 countries and territories and 228 domestic investment projects valued at $13.7 billion, most of which are invested in the manufacturing and processing industries.

Of the total FDI capital, $26.2 billion has been channeled to the Đình Vũ - Cát Hải Economic Zone, which has recorded a high occupancy rate of 70 per cent.

Over the recent past, major international corporations, including LG Group, SK Group, and VinFast automaker, have set up operations in Hải Phòng, further integrating the city into global value chains. — VNS