The northern port city of Hai Phong hopes to attract US$1.2 billion in foreign direct investment (FDI) in 2014, according to the municipal Economic Zone Management Board.— File Photo

HAI PHONG (Biz Hub)— The northern port city of Hai Phong hopes to attract US$1.2 billion in foreign direct investment (FDI) in 2014, according to the municipal Economic Zone Management Board.

To reach the goal, Hai Phong will continue to streamline administrative procedures, perfect the infrastructure of its economic and industrial zones, renovate investment promotion activities and improve the quality of personnel resources, the board said.

The city will also improve public administration services and care for the need of businesses operating in industrial parks, thus advertising the province's investment environment, it said.

Leading drawcard

In recent years, Hai Phong has become one of the country's leading drawcards for foreign-invested projects. In the past 11 months, it has attracted more than $2.47 billion in FDI, bringing the total pumped into the locality to $8.27 billion.

The scale of foreign-invested projects has improved significantly in past years, head of the management board Pham Thuyen said.

He added that it has attracted large-scale projects from international giants in the United States, South Korea and Japan.

Among them, most significant was a $1.5 billion manufacturing facility financed by the South Korean LG Electronics Group in Trang Due Industrial Zone, he said. —VNS