Hai Phong leads economic recovery

13:00 | 27/06/2020 Society

(VEN) - The northern port city of Hai Phong continues to affirm its position in the northern key economic region and the northern coast after controlling the Covid-19 pandemic and fulfilling socioeconomic growth targets at a rate higher than the national average.

hai phong leads economic recovery

Hai Phong’s index of industrial production increased by 16.18 percent in the first four months of the year compared to a year ago. The city attracted more than US$278 million in foreign direct investment (FDI) during the reviewed period, while total volume of goods passing through its ports reached 35.22 million tonnes, an increase of 1.35 percent compared to the same period last year.

The local industrial sector’s impressive growth in the first four months of the year was attributed to the development of large projects, such as the VinFast automobile manufacturing plant, LG production facilities, the Tien Phong plastic pipe manufacturing plant, and Hai Phong Thermal Power Station.

Other economic sectors maintained growth as well. Agriculture remained a major pillar of the local economy with abundant output of food, cattle and poultry, while services continued to develop strongly. It can be said that Hai Phong’s economy remained stable and growing in the first four months of the year, providing the city with opportunities to create a breakthrough in socioeconomic development.

However, Hai Phong still faces many challenges. The Covid-19 pandemic has affected the local service sector, especially tourism, transport, hotels and restaurants. To overcome difficulties, the local government is focusing on providing support for business and sectors affected by Covid-19.

Hai Phong will focus on completing major transport projects, such as the Cat Hai-Phu Long cable car system and Nam Cau Binh intersection project in order to promote infrastructure development. The city will also accelerate administrative reforms and take advantage of opportunities to attract more investors in the fields of industry, trade and services. The city will make greater efforts to complete the goal of industrialization and modernization associated with sustainable growth and environmental protection. In particular, the city will pay special attention to the development of the digital economy.

Hai Phong was ranked in the top 10 spots of Vietnam’s 2019 provincial competitiveness index (PCI) with 68.73 points, up 4.25 points and six places compared to the previous report.

Thu Trang