Hải Phòng's nine-month foreign investment up 140%

Monday, Oct 30, 2023 06:31

Plastic products and electronic components are manufactured by workers of Taiwan-invested Chee Yuen Vietnam Electronic Technology Co in Hải Phòng. — VNA/VNS Photo

The northern port city of Hải Phòng lured over US$3 billion worth of foreign investment in the first nine months of this year, up 140 per cent year-on-year, fulfilling 52 per cent of the yearly target.

With these results, the city has kept its top position nationwide in terms of foreign investment attraction.

In September alone, the Hải Phòng Economic Zone Authority (HEZA) granted licences to new projects valued at nearly $1.4 billion.

It also allowed the Japanese-funded Kyocera Document Solutions Inc to add $237.5 million to its machinery-equipment manufacturing project in VSIP Hải Phòng. The addition brought the project's investment capital total up to $425 million.

Lê Trung Kiên, head of HEZA, attributed the sound growth to HEZA’s proactive promotion of the local business climate in foreign countries such as the South Korea and Japan.

Last month, an investment certificate was handed over to Ecovance high-tech biodegradable material factory project in the city. The $500 million project will be developed by SK - the second largest corporation in South Korea.

Kiên said that Hải Phòng would continue to selectively attract investment, and actively cooperate with leading global conglomerates in Việt Nam's prioritised sectors and industries.

At the same time, the city would devise its own mechanisms to promote modern technology projects with commitments to technology transfer, market expansion, supply chain and human resources development, helping domestic businesses participate more deeply in the global value chain, he said.

Currently, Hải Phòng is home to more than 1,000 foreign-invested projects, valued at nearly $28 billion. South Korea ranks first among the 42 nations and territories pouring capital into the city, with 105 projects totalling $11 billion.

Secretary of the municipal Party Committee Lê Tiến Châu affirmed that Hải Phòng was committed to always accompanying and creating good conditions for investors to implement their projects.

In the future, the city would continue to improve its business and investment environment, and focus on developing infrastructure, especially regionally linked transportation infrastructure projects, and concertedly implement solutions to improve the efficiency of attracting high-quality workforce, ensuring labour resources for investors when they implement projects here, Châu said. — VNS

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