Creating motive force for investment, development

Thanks to rapidly growing local budget collection, each year on average, Haiphong can spend tens of billion vnds for investment development. However, this capital only accounted for 10% of the city’s total development investment capital. Of the figure, the investment from private sector is making up the key role.

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In the recent 5 years, the city has attracted many big projects of private investors to the city’s key fields, particularly urban development, tourism and services. Of which, Sungroup invested usd 3 billion in Cat Ba island leisure resort complex. In the first phase, the project is valued vnd 2,200 billion, finished in May 2020 and the 3 kilometer-long cable network of Cat Hai – Phu Long and special services have been completed. In Cat Ba, Flamingo has invested over vnd 4,000 billion in the flamingo Cat Ba luxurious hotel complex with over 1,000 5 star standard rooms and is capable of receiving 500,000 guests per year. It also integrates high-end entertainment and recreational services.

The private capital is invested in the city’s real estate market such as urban areas built by Vingroup. As estimation, private economic groups are contributing hundreds of thousands of billion vnds in investment projects in the city, creating the city’s competitiveness advantages. This is a favorable conditions for Haiphong to draw investments and successfully implement resolution No.45 of the politburo on building and developing Haiphong to 2030, vision to 2045.