The foreign direct investment (FDI) inflow to the northern port city exceeded US$916 million in Q1 of 2018, more than tripling the figure from the same period last year.

The latest additional inflow has brought the FDI registered in Hai Phong to a total of up to $15.44 billion, local authorities have said, adding that foreign-invested projects in the city mostly operate in mining, footwear, textiles and the plastic industry.

The municipal People’s Committee chairman Nguyen Van Tung attributed this positive result to the city’s ongoing efforts to foster administrative reforms, improve its investment climate, accelerate investment promotion and resolve difficulties for investors in implementing their projects here.

The city has requested the relevant departments to review lists of industrial projects calling for investment and provide investors with updated information on its industrial development strategies, land and warehouse rental fees in its industrial clusters, Tung said.

Hai Phong has also sped up the construction of key projects such as Hai Phong International Gateway Port, Bac Song Cam urban area and a coastal road connecting the city with Quang Ninh, Thai Binh, Nam Dinh, Ninh Binh and Thanh Hoa, he added.

The city hopes to attract $1.2 billion in FDI in 2018, half of 2017’s target.

Top priority will be given to investment promotion, high-quality human resources training, project management and supervision to attract more foreign investors, especially multi-national economic groups from Japan, South Korea and Belgium, said Secretary of the municipal Party Committee Le Van Thanh.

Land clearance will be a focus for the city in 2018, especially in industrial parks, making it easier for foreign investors to run their projects in the city, Thanh said at a recent meeting in the city. — VNS