(VOVworld) – Hai Phong ranks first among cities and provinces in Vietnam in attracting direct foreign investment (FDI) thanks to its modern infrastructure, investment incentives, and simplified administrative procedures.

A ceremony to hand licenses to investors in Hai Phong city on September 19, 2016

Since early this year, 3 billion USD of FDI has poured into Hai Phong, 5 times higher than last year. FDI projects involve hi-tech, industry, processing, electronic devices, and mechanics. The most prominent is the 1.5 billion USD project by Korea’s LG Displays in Trang Due industrial park. Vice Chairman of Hai Phong City People’s Committee Nguyen Xuan Binh said: “Investment capital has poured into a wide range of areas. There have been large service zones of Vingroup, Him Lam, Sungroup, LG, and Japanese investors. Social welfare projects such as schools and hospitals also draw foreign investment.”

Hai Phong boasts a convenient transportation infrastructure with good roads to Hanoi and adjacent cities and Cat Bi airport. The Tan Vu-Lach Huyen road and a highway to Quang Ninh province will both be completed soon.

Hai Phong has worked to improve its business climate through administrative reforms, publicized its socio-economic development plans, and held regular dialogues with business. Mr. Binh again: “It’s an encouraging signal that Hai Phong’s investment attraction policy is on the right track. The investment environment has been changed fundamentally. We are working towards building a government that serves the people and business through administrative reforms.”

Hai Phong officials the city will not attract FDI at all costs, giving priority to projects which are high-tech, environmentally friendly, and supportive of industry.  Vice Chairman of Hai Phong City People’s Committee Nguyen Xuan Binh said: “Investment attraction should preserve the natural living environment and promote sustainable development, which will come back to serve city dwellers. Big projects are under strict scrutiny for sustainable development.”

 Hai Phong aims to be included in the Top10 of Vietnam’s Provincial Competitiveness Index 2016. A Centre for the Promotion of Investment, Trade, and Tourism will soon be put into operation, shortening by 30% the time needed for administrative procedures.