14.01.2022, 10:54

How Vietnamese port city of HaiPhong took the lead in attracting foreign investment

The northern city of Haiphong last year attracted over US$5.1 billion in foreign direct investment (FDI), the highest among localities across Vietnam, and up nearly 3.4 times year-on-year, according to a report of the Ministry of Planning and Investment.

According to a report by the Saigon Times, to maintain its leading position in FDI attraction, the Haiphong Economic Zone Management Board was asked to continue to improve the city’s business environment, as well as to apply advanced technology.

Related: How to set-up an import – export company in Vietnam as a foreigner

Commenting on the business environment of Haiphong, Wu Yu Gan, vice general director of Vietnam Flat Company, said many business partners of the company are investing in Vietnam. Therefore, the company decided to invest here to better serve its customers.

Before entering the Vietnamese market, the company surveyed and found out that Haiphong is an attractive and promising investment destination. Since its presence in Vietnam to date, the company has received effective and practical support from the local authorities, he added.

Le Trung Kien, head of the Haiphong Economic Zone Management Board told reporter that, the most positive thing about the city’s FDI attraction is attracting major investors that deploy advanced technologies.

As of December 31 last year, industrial parks in Haiphong had attracted 40 FDI projects with total investment reaching nearly US$19.1 billion. This year, the northern port city is expected to achieve US$2.5-3 billion in FDI attraction. This will be an important source to serve the city’s development, contributing to GDP growth, budget revenue, and technology transfer.

Related: Market entry strategy for Vietnam 

At a recent meeting on the implementation of the city’s Resolution on socioeconomic, defense, and national security tasks in 2022, Tran Luu Quang, Secretary of the municipal Party Committee, said the city could face challenges in FDI attraction in the upcoming period.

Accordingly, to maintain good FDI results, the municipal Party chief suggested the city continue to implement various measures to attract human resources to develop industrial parks. Between 2021 and 2026, Haiphong will need around 190,000-200,000 employees from other localities.

Relevant units should quickly roll out plans to develop social housing projects, healthcare systems and schools to meet the demands of laborers. They also need to make administrative reforms to gain a more competitive edge and focus on human resources training, Quang said.

By The Saigon Times

Share this:

  • Facebook
  • LinkedIn
  • Reddit
  • Twitter
  • Email

Related