Hải Phòng remains attractive destination for foreign investors

Friday, Nov 24, 2023 06:33

A foreign-invested plant on producing electronics components in Hải Phòng City. — VNA/VNS Photo

The northern port city of Hải Phòng has continued to be an attractive destination for foreign investors as it lured nearly US$3.1 billion in foreign investment over the past 10 months of this year, up 68 per cent year-on-year.

The city's 10-month foreign investment attraction was also 53 per cent higher than its yearly target, said Chief of the Office of the municipal People’s Committee Nguyễn Ngọc Tú.

In September alone, the Hải Phòng Economic Zone Authority (HEZA) granted licences to some foreign-invested projects with a combined investment capital of nearly $1.4 billion.

Among these projects included a $500 million hi-tech biodegradable material factory project being developed by Ecovane Co, a subsidiary of the South Korean SK Group in DEEP C Hải Phòng I Industrial Zone; a BW ready-built factory worth $60 million; a $40-million auto parts manufacturing plant by China’s CCTY Bearing Co and $30 million plant producing valve and plumbing accessories.

Besides newly-invested projects, HEZA also allowed Japan's Kyocera Document Solutions Inc to pour an additional $237.5 million into its machine and equipment manufacturing plant project, raising the project’s total investment to $425 million.

To attract new investors, Hải Phòng has pooled all possible resources to establish South Hải Phòng Economic Zone and embarked on building new industrial zones as planned, the HEZA director Lê Trung Kiên said.

At the same time, it has also pumped investment into transportation infrastructure, and seaports, along with a system of standard and modern warehouses ready to meet the needs of investors, Kiên said.

The city has been also upgrading the power grids to stably supply electricity for industrial parks and investors, expediting the completion of social housing infrastructure to ensure stable accommodations for workers, and accelerating digital transformation in service of the public and businesses.

"With concerted solutions and a commitment to create the best conditions for investors and businesses, Hả Phòng pledges to become an ideal destination for them with all possible support for their most efficient operations," Kiên said.

In the first half of this year, HEZA has contacted and worked with nearly 500 investors and businesses to provide information on the environment and preferential investment policies, regularly and actively supported enterprises in the process of deploying projects, production, and business activities, contributing to creating safe, friendly and attractive investment environment for investors.

To date, Hải Phòng has lured over 1,000 foreign-invested projects valued at nearly $28 billion, including 708 projects, worth $38.1 billion, in industrial and economic zones. — VNS

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