HAI PHONG DEPARTMENT OF PLANNING AND INVESTMENT
HAI PHONG DEPARTMENT OF PLANNING AND INVESTMENT
Being one of the localities that are always proactive in attracting resources from FDI in 2023 with many outstanding efforts, Hai Phong City exceeded its investment attraction target nearly four months ahead of schedule, continuing to affirm its notion of an ideal destination for investors.
In June 2023, Hai Phong City awarded the Investment Registration Certificate to adjust the capital increase for LG Innotek’s project to manufacture camera module products (period 2023 – 2025) with an amount of 1 billion US dollars, bringing the total investment capital of the project to more than 2 billion USD. LG Innotek is expected to focus on building the V3 factory and create 2,600 additional jobs. The decision to increase the capital was given only six days after the meeting between the City’s Investment Promotion Delegation and LG Innotek in Korea, which is a testament to efforts to improve the investment and business environment of Hai Phong City.
2023 continues to be a year of outstanding success and breakthrough in investment attraction for Hai Phong when the total investment capital attraction in industrial parks and economic zones reached 4.5 billion USD, of which FDI attraction reached 3.5 billion USD, an increase of 140% over the same period in 2022. Attracting domestic investment capital (DDI) reached over 1 billion USD (nearly 24 trillion VND), an increase of 192% over the same period in 2022. To date, there are 520 FDI projects in the industrial park and economic zone with a total capital of over 26.5 billion USD and 217 DI projects with a total capital of over 328 trillion VND (equivalent to 14.2 billion USD). Hai Phong City has become a production base for many of the world’s top 500 corporations.
The system of eight ports at the Lach Huyen gateway port area is gradually forming and operating, and the Xuan Cau Industrial Park & National Park project is expected to come into operation in 2024. As the new economic zone in the south of Hai Phong City is being established actively, the determination to improve the investment and business environment are premises to help Hai Phong continue to attract investors in 2024 and the following years, actively contributing to the city’s socio-economic development./.
