Hai Phong, an investment magnet

14:48 | 29/11/2015 Investment

(VEN) - With nearly 500 foreign direct investment (FDI) projects ongoing in the city, Hai Phong has proved to be an attractive destination for investors.

Hai Phong, an investment magnet

Favorable location, adequate infrastructure

Addressing a recent workshop in Hanoi, Hai Phong City Planning and Investment Department Deputy Director Tran Viet Tuan said Hai Phong had a favorable location, 102km from Hanoi, on two economic corridors: Kunming-Yunnan (China)-Lao Cai-Hanoi-Hai Phong-Quang Ninh, and Nanning (China)-Lang Son-Hanoi-Hai Phong-Quang Ninh. Hai Phong is a first-grade city and a trade, industry, service center of the northern coastal region. This favorable location has brought Hai Phong great opportunities to attract investment.

Hai Phong has developed an adequate transport system consisting of roads, rail routes, shipping lines, air routes, and inland waterways. A number of large projects are underway, including the Hai Phong International Gateway Port, the Cat Bi International Airport, the Tan Vu-Lach Huyen Bridge, and the Hanoi-Hai Phong Highway with total investment of over US$4.1 billion. The Hai Phong International Gateway Port will be the largest port in northern Vietnam and capable to serve the transportation of 30 million tonnes of cargo each year. The Cat Bi International Airport project is expected to be completed in the third quarter of 2016, allowing passengers to take direct flights from Hai Phong to Singapore, Thailand, Japan, and the Republic of Korea (RoK). The Hanoi-Hai Phong Highway is designed to consist of six lanes meeting international standards.

Hai Phong People’s Committee Vice Chairman Le Thanh Son said the availability of deepwater seaports, highways, airports, and industrial zones will create a new face for the city in the future.

Qualified human resources, strong commitments

Hai Phong has a population of nearly two million, with working-age people accounting for 73 percent. Trained workers account for 73 percent of the city’s workforce. Hai Phong has four universities and a number of vocational schools, producing about 4,500 graduates annually. Last year the city’s gross domestic product (GDP) grew 8.53 percent compared with 2013. This year, its GDP growth is expected to exceed seven percent, higher than the 6.5 percent growth predicted for the GDP of the whole country. With these advantages, Hai Phong has attracted great attention of foreign investors, especially investors from the RoK and Japan.

Hai Phong has cooperated with VinGroup to build a high quality human resources training center. The city also cooperates with Japanese and Korean businesses to provide students with practical training. It has sent excellent students to attend overseas training courses to improve their knowledge.

Le Thanh Son affirmed, “To create the best conditions for investors, Hai Phong is concentrating on simplifying administrative procedures and accelerating major infrastructure projects. The city is committed to accompanying investors throughout their projects.

 

According to the Foreign Investment Agency, Hai Phong attracted nearly US$1 billion of foreign investment through 39 new projects and increases in the capital of 37 ongoing projects in the first 10 months of this year.

 

Nguyen Hoa & Phuong Lan

 

Theo ven.vn