The Japan-Hai Phong Industrial Zone (previously called Nomura-Hai Phong) will be expanded by about 200ha to better facilitate foreign investors, especially those from Japan.

This information was delivered at a business conference that took place at the IZ in the northern coastal city of Hai Phong on Thursday.

The event gathered more than 50 Japanese enterprises operating at the zone, with participating firms voicing concerns over local issues such as traffic bottlenecks at the IP and the Hai Phong port, as well as the need for support in legal procedures and land-related issues.

In response, head of the management board of the Hai Phong Economic Zone Authority (HEZA), Le Trung Kien, offered solutions to obstacles facing the businesses. Suitable assistance will come from related agencies and sectors serving the building of a friendly and transparent business climate, he added.

Kien suggested the Japan-Hai Phong Industrial Zone Development Corporation and Japanese investors and companies at the zone maintain their role in connecting the city with Japan and promote the municipal business environment to more Japanese firms.

Japan is the second largest foreign investor in Hai Phong with 146 valid investment projects worth US$3.9 billion in total. In 2022, Japanese-funded firms saw their total revenue nearing $2.2 billion; export and import value reaching $3.08 billion and $2.3 billion, respectively. They contributed to the State budget about VND1.31 trillion ($55.26 million). They hired some 39,667 people, of whom 39,308 are Vietnamese.

Covering 153ha in An Duong District, Japan-Hai Phong IZ has a total investment capital of over $140 million.

As of February 15, Japanese investors put funds into a total of 44 projects worth $1.32 billion in the zone. Their investments came towards a wide range of sectors including high technology, machine manufacturing, precision mechanics; automotive and motorcycle components, electrical and electronic equipment components beside to marine equipment, packaging and high-grade paper products, textile and garment. — VNS