Hai Duong Province has secured nearly US$210 million in foreign direct investment (FDI) since early June, predominantly in new projects.

Twenty-seven new projects were licensed with a total capital of $125.5 million, registering a 4.5-fold increase in the number of projects and a six-fold surge in registered capital compared to the same period in 2022.

Last year, FDI attraction in the province mainly involved additional capital. This year, $55 million was adjusted for 16 projects, while the rest was invested in shares of domestic enterprises by foreign investors.

The processing and manufacturing industry has been the main sector attracting capital. New FDI projects primarily originate from mainland China, Hong Kong, Taiwan, South Korea and Germany.

Hai Duong aims to attract $410 million in FDI in 2023, with realised investment capital reaching $750 million or more. FDI enterprises are projected to generate revenue of approximately $7 billion, contributing over $400 million to the State budget.

As of May 18, the province had a total of 496 FDI projects with a capital of over $9.2 billion from 26 countries and territories. It ranks fourth in the Red River Delta region and 11th nationwide.

The processing and manufacturing industry accounts for the majority of investments, with 437 projects and a total capital of $8.7 billion. Investors in the area primarily come from Asian countries, comprising 90 per cent of the total, with Hong Kong (China) being the largest investor, accounting for 40 per cent of total registered capital, followed by Japan at 16.3 per cent and South Korea at 15.4 per cent.

However, there are still limitations to the province's FDI attraction. The province has a significant number of small- and medium-sized FDI projects but lacks large-scale investments. Some enterprises have reported long-term losses. There are also issues with workers' wages and social insurance debts.

To foster favourable conditions for FDI enterprises doing business in the locality, the province’s authorities organise annual meetings between provincial leaders and FDI enterprises. This enables timely measures to address challenges and support better and more efficient operations for foreign companies. — VNS