(VOVWORLD) - Hai Phong stands out as an attractive destination for foreign direct investment (FDI). New FDI projects since early this year reflect the city's principle "the growth of businesses is also the growth of the city."
 Hai Phong upgrades infrastructure to attracts foreign investment. (Photo: vneconomy) |
One of the most notable newly operational FDI projects is China’s 65-million-USD Pourin Special Welding Factory that spans 150,000 square meters in Nam Dinh Vu Industrial Park. Lee Haisheng, Chairman of the Company, said the factory is planned to generate 120 million USD in revenue, and employ about 800 workers.
“During the project's implementation, we received tremendous support from the Hai Phong authorities and relevant agencies in timely licensing, land clearance, and completion of investment procedures. Thanks to their support, we were able to inaugurate the factory on schedule.”
The Pourin Vietnam Special Welding Factory is just one of many recent FDI projects in Hai Phong. Last year, the city attracted 4.7 billion USD in FDI, up more than 200% from the previous year, to rank among the top localities nationwide. Hai Phong has nearly 1,000 FDI projects, with a total investment from 42 countries and territories exceeding 32 billion USD. These projects are concentrated in the manufacturing and processing industries.
Do Manh Hien, Deputy Secretary of Hai Phong’s Party Committee, said FDI projects are shifting towards large-scale projects using advanced, eco-friendly technologies. Their products enter the global supply chains of major corporations like LG, Bridgestone, and Pegatron.
Mr. Hien said: "We are firmly committed to not sacrificing the environment for economic growth. Hai Phong aims for economic development that protects the environment and balances economic and social benefits. The city will soon issue a resolution on green transformation to provide a foundation for coordinated and effective implementation across all levels and sectors."
Its recent success in attracting foreign investment demonstrates Hai Phong's effective use of its geographical advantages, transportation connectivity, and wise investment policies.