Hai Phong attracts 4.7 billion USD in foreign investment capital in 2024
Attracting foreign investment is a bright spot in Hai Phong's economic picture in 2024 with a total registered capital of 4.7 billion USD, an increase of 235% compared to the set plan.
Hai Phong has made a strong impression by becoming a leader in attracting foreign investment, with a series of green and environmentally friendly projects. Thus, Hai Phong not only scores points thanks to its modern infrastructure and preferential policies, but also affirms its strong commitment to protecting the environment and building a sustainable future.
The strategy of selectively attracting foreign investment and proactively screening investors has brought positive results. Many leading corporations in the world such as LG, Pegatron, USI, Bridgestone, etc. have chosen Hai Phong as the destination for large projects in Dinh Vu - Cat Hai Economic Zone, leading to many satellite projects in the supply chain, forming linked chains.
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Foreign investment capital has affirmed its increasingly important role in Hai Phong's economic development, accounting for 30-50% of the total development investment capital of the whole city each year. The proportion of foreign investment capital to the total GRDP of the whole city has increased gradually each year (from 15-26%). The foreign investment sector accounts for up to 80% of the total industrial production value of the whole city; the proportion of the value of high-tech industrial products and high-tech applied products is increasing.
According to the People's Committee of Hai Phong City, by the end of 2024, the total foreign investment capital attracted in the whole city will reach 4.7 billion USD, becoming one of the leading localities in the country in attracting foreign investment capital. Up to now, in industrial parks and economic zones in the city, 814 projects have been attracted with a total investment capital of 42.6 billion USD, including 583 foreign investment projects with a total investment capital of 28.9 billion USD.
In particular, in mid-November 2024, the People's Committee of Hai Phong City granted investment registration certificates to 12 new and expanded investment projects in industrial parks in the city, with a total investment capital increase of 1.8 billion USD, with an expected labor demand in the coming years of about 17,000 people.
Notable examples include the LG Display Vietnam Expansion Investment Project in Trang Due Industrial Park, which increased its investment capital from 4.65 billion USD to 5.65 billion USD (an increase of 1 billion USD). Or the project of investor Heesung (Korea) which increased its capital from 154 million USD to 279 million USD...
The fact that many foreign investment enterprises come to learn and “pour capital” into Hai Phong shows the growing attraction of the City. However, in the context of increasingly fierce competition to attract investment and no gap between countries, regions, and areas, the way of investment promotion cannot follow the old ways. Therefore, in addition to innovation and proactive investment promotion activities, Hai Phong always prepares conditions for enterprises to be able to invest immediately.
The focus is on accelerating the construction of modern infrastructure in industrial parks and economic zones. Hai Phong will focus on investing in and expanding Dinh Vu - Cat Hai Economic Zone and building 15 new industrial parks with a total area of over 6,200 hectares. In the coming time, some more industrial parks will come into operation such as Trang Due 3 with an area of over 687 hectares, Nam Trang Cat (200.3 hectares) ...
Based on the Prime Minister's Decision on the establishment of the Southern Hai Phong Coastal Economic Zone, the City will focus on accelerating the progress of submitting and approving relevant plans and gradually deploying the construction and completion of the Economic Zone's infrastructure system to create favorable conditions for attracting investment.
To complete the goals and tasks set for 2025 and the entire 2020-2025 term, Mr. Le Trung Kien, Head of the Hai Phong Economic Zone Management Board, affirmed that the Management Board will continue to promote investment promotion activities, focusing on attracting investment in industries and fields belonging to the three identified economic pillars (seaports, logistics, high-tech industry).
These fundamental solutions are being implemented drastically so that Hai Phong can maintain its strong attraction to investors, welcome more "eagles" to set up "nests", and meet the requirements of the city's development. At the same time, we strive to exceed the assigned foreign investment attraction task for the entire 2020-2025 term, expected to reach 17 USD/12.5 billion USD as planned.
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