Hai Phong attractive to investors

17:08 | 15/10/2016 Economy Follow Ven.vn on

(VEN) - Hai Phong has become an ideal destination for investors. While foreign direct investment (FDI) projects worth billions of US dollars each have been kicked off in Hai Phong, many domestic businesses have chosen the city for investment.

The Ministry of Planning and Investment’s data show that since early this year, Hai Phong has attracted more than US$2 billion in FDI, taking the lead among provinces and cities nationwide.

Notably, in 2016, Hai Phong attracted the US$1.5-billion project of the LG Display Co., Ltd. from the Republic of Korea (RoK). Based in the Trang Due Industrial Zone, the project was designed to manufacture plastic OLED displays for cell phones, smart watches and tablets. This is the second big project of LG Group in Hai Phong. It is expected that two more giant projects with capital of more than US$1 billion of LG Group will appear in the Dinh Vu - Cat Hai Economic Zone.

Hai Phong attracted many other FDI projects, including the US$34-million steel structure production project of the IHI Infrastructure Asia (Japan); the US$42.25-million project manufacturing parts of washing machines, refrigerators and motorized vehicles of the SL Electronics Co., Ltd. from the RoK, and the US$200-million Flat Vietnam project of the Flat Co., Ltd. (Hong Kong, China), among others.

The Ministry of Planning and Investment’s data show that Hai Phong has so far attracted more than 540 FDI projects totaling almost US$14 billion in registered capital.

Hai Phong also attracted many domestic investment projects with total capital of trillions of dong from Vingroup, Him Lam, Xuan Truong, Bitexco and others. These projects develop tourism, services and trade, and create conditions for Hai Phong to implement economic restructuring towards increasing the contribution of services and industry to the city’s gross domestic product (GDP). In May 5/2016, the Him Lam Corporation began construction of the Hon Dau Resort at a total cost of more than VND5 trillion.

Many investors have said that with total investment capital of billions of US dollars, Hai Phong Port, Cat Bi International Airport, Tan Vu - Lach Huyen Bridge, Ha Noi - Hai Phong Highway and Dinh Vu - Cat Hai Economic Zone together create a great combination that helps bring into play the potential market and 20-million-people workforce of the northern country. In May 2016, Hai Phong inaugurated the Cat Bi International Airport expansion project and began construction of Hai Phong International Container Terminal Project. These key projects contribute to making Hai Phong attractive to investors.

Apart from consistent infrastructure, Hai Phong Department of Planning and Investment Director Le Trung Kien said that in the coming time, Hai Phong will have more solutions to remove difficulties and obstacles for investors, enabling them to invest in the city in the long term.

Hai Phong Department of Planning and Investment Director Le Trung Kien said that Hai Phong is applying many preferential policies, including enterprise and personal income tax exemptions and reductions for investors in the coastal economic zone.

Nguyen Hoa

ven.vn

See more news

Favourable mechanisms needed to fuel domestic supporting industries

09:08 | 10/03/2023 Support industries

The processing and manufacturing sector is attractive to foreign investment, but domestic supporting industries still need favourable mechanisms to develop, heard a workshop in Ho Chi Minh City on March 9.

Apple develops production facilities in Viet Nam: Bloomberg

16:46 | 06/03/2023 FDI

AirPods maker GoerTek Inc. is investing an initial US$280 million in a new Viet Nam plant, Deputy Chairman Kazuyoshi Yoshinaga said in an interview with Bloomberg.

Double rise in Viet Nam’s registered FDI in two months

06:03 | 03/03/2023 FDI

Viet Nam granted investment certificates to 261 FDI projects with the total registered capital worth over US$1.76 billion over the last two months of this year, up 42.6 percent in the number of projects and twice as high as a year ago in value.

Q1 economic growth drivers

06:00 | 28/02/2023 Economy

(VEN) - Investment, domestic consumption and foreign trade were the three drivers of Vietnam’s economic growth in February and the first quarter of 2023. The Government, ministries, sectors and localities are taking action to promote these forces.

Viet Nam vows to enhance negotiations on UK’s joining CPTPP

14:53 | 27/02/2023 Foreign trade

Viet Nam will continue its coordination with other members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to soon conclude the negotiations on the UK’s accession to the trade pact.

Vietnam’s logistics industry looks bright despite headwinds

11:28 | 24/02/2023 Economy

Vietnam’s logistics industry remains a bright spot amidst intensifying headwinds in the global market.

Turkey natural stone trade mission to Vietnam

15:55 | 21/02/2023 Economy

A B2B event to connect trade between Turkish and Vietnamese natural stone enterprises to create opportunities for Vietnamese businesses to approach international quality supplies.

Nationwide production resumes after Tet holiday

13:00 | 21/02/2023 Economy

(VEN) - The Lunar New Year has gotten off to a good start with manufacturers resuming production in the expectations of improved performance and achievements.

VN-Index to struggle at 1,060 points due to weak demand force

07:00 | 19/02/2023 Economy

The selling pressure was quite clear in the last trading session of the week as the market’s breadth inclined to the downside.

More Vietnamese farm products exported to Europe

11:30 | 15/02/2023 Economy

The central province of Quang Tri shipped its first batch of 15 tons of organic rice at a price of US$1,800 per ton to the European Union (EU) on February 13.

Latest Most Read

Viettel’s Cambodia affiliate signs strategic cooperation agreement with local group

09:02 | 30/03/2023 Vietnamese Brands

Metfone, the Cambodia-based affiliate of the military-run telecom group Viettel, and ISI Group of Cambodia signed a memorandum of understanding (MoU) on strategic cooperation in Phnom Penh on March 29.

Decree 08, a magic wand for corporate bonds?

06:00 | 30/03/2023 Finance-Banking

(VEN) - Economists believe the newly issued government decree on the private issuance of corporate bonds will have a positive impact on the corporate bond market.

Vietnam, US cultivate sci-tech, innovation cooperation

06:00 | 30/03/2023 Science - Technology

Vietnamese Deputy Minister of Science and Technology Bui The Duy held a working session in Hanoi on March 23 with a business delegation of the US-ASEAN Business Council (USABC) led by the council's President and CEO Ted Osius who were on a working visit to Vietnam from March 21-23.

Aeroderivative gas turbines increasingly popular in Asia-Pacific

16:25 | 29/03/2023 Energy

Power generation from natural gas plays an important role and provides favorable conditions for the energy transition towards a carbon-free future. GE is striving to support Asian countries in their sustainable energy transition strategies.

COP28 President-Designate to speak at Berlin Energy Transition Dialogue Conference

16:21 | 29/03/2023 Environment

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President-Designate, will visit Berlin to give a keynote speech at the Berlin Energy Transition Dialogue Conference 2023 (BETD) and meet with senior leaders and ministers from across the world. During the BETD, Dr. Al Jaber will repeat his call for governments, the private sector and civil society to work together for swift and ambitious action to reduce global emissions and progress the energy transition.

Fireworks to light up Đà Nẵng's sky as international festival returns with a bang

06:00 | 16/03/2023 Entertainment

The event’s organisers, Sun Group, said that the 2023 event would focus on post-COVID-19 tourism promotion as a benchmark for full economic growth in the central region and the country.

Uncorking bottlenecks for support industry development

06:00 | 18/03/2023 Industry

(VEN) - Vietnam is mulling legislation to boost the low localization rate of its industrial production and means to modernize its support industries and increase their participation in the local and foreign value chain.

Vietnam adopts high integration standards

06:00 | 25/03/2023 Companies

(VEN) - Given Vietnam’s increased integration into the global marketplace, domestic producers are being urged to meet standards beyond those expected of high-quality Vietnamese products.

Vietnam seeks response to corporate tax overhaul

06:00 | 20/03/2023 Finance-Banking

(VEN) - All European Union states and many other countries will introduce a global minimum tax (GMT) of 15 percent on large corporations by the start of 2024, and Vietnam is being urged to devise appropriate policies and adapt to the new taxation.

Understanding UK trade remedies

06:00 | 17/03/2023 Vietnam and other regions

(VEN) - The UK-Vietnam Free Trade Agreement (UKVFTA), which entered into force on 1 January 2021, has become a two-way highway promoting bilateral trade. However, increasing protectionism trends make it important for Vietnam and its business sector to understand UK regulations on trade remedies and dispute settlement.

Multimedia

Video Longform Infographic Photo

Oscar dream

09:05 | 28/03/2023 Video

Witness the inspiring story of Vietnamese director Hà Lệ Diệm and her documentary 'Children of the Mist’. Despite facing several challenges, Diễm shot and edited the film in just four years with a borrowed camera and minimal training. Her incredible talent has earned her multiple prizes at international film festivals, and was even short-listed for the Oscars this year.

Vietnam remains world’s second-largest coffee exporter

08:55 | 28/03/2023 Infographic

Vietnam remained the second-largest coffee exporter in the world from February 2021 to January 2022, according to the International Coffee Organisation.

Ha Long Bay, Cu Chi Tunnels among ten adventurous tourism places in Southeast Asia

07:00 | 25/03/2023 Infographic

The travel magazine The Travel has listed Ha Long Bay in the northern coastal province of Quang Ninh and Cu Chi Tunnels in Ho Chi Minh City among the ten must-visit epic and adventurous places in Southeast Asia.

Vietnam-Italy trade partnership

13:00 | 23/03/2023 Infographic

Two-way trade turnover between Vietnam and Italy has doubled since 2010. Vietnam is Italy’s largest trading partner in ASEAN, while Italy is Vietnam’s fourth largest trading partner in the EU.

exploring viet nam s fourth highest mountain peak bach moc luong tu

Exploring Việt Nam ’s fourth highest mountain peak, Bạch Mộc Lương Tử

06:00 | 29/03/2023 Tourism

The top of Bạch Mộc Lương Tử in Lào Cai Province, Việt Nam, is a popular spot for tourists to watch the sunset and take pictures of floating clouds.

Policy

E-visa stay period may be extended to 90 days

18:09 | 27/03/2023 Policy

The Ministry of Public Security has recently proposed that e-visa holders might be able to stay in Viet Nam for up to 90 days instead of the current 30 days.

New legal documents in first half of March 2023

06:00 | 23/03/2023 Policy

VEN lists the latest legal documents issued by the Vietnamese Government, ministries and state agencies.

Animal feed industry asks for import tax reduction on raw materials

09:55 | 20/03/2023 Policy

The Government has received a proposal from the Vietnam Feed Association to eliminate the import tax on soybean meal, currently set at 2%.

Over 250 petitions submitted to authorities on fragility of petroleum regulations

18:07 | 16/03/2023 Policy

The petitions concern the alteration of petroleum business restrictions in decrees No.83/2014/ND-CP and No.95/2021/NQ-CP, resulting in losses for retail establishments.

Industry & Trade

HCM City to host international paper, coatings, rubber, and plastic expos

09:29 | 29/03/2023 Industry

Four international exhibitions, Paper Vietnam, Rubber and Tyre Vietnam, Coatings Expo Vietnam, and Plastech Vietnam, will be held in HCM City from June 14 to 16.

Bac Kan produce takes off

10:00 | 26/03/2023 Industry promotion

(VEN) - Efficient trade promotion has helped agricultural and unique products of the northern province of Bac Kan reach foreign markets, including the Czech Republic and Japan, among others.

Bac Giang develops rural industrial exports

07:00 | 25/03/2023 Industry promotion

(VEN) - The northern province of Bac Giang has become an industrial development center in recent years, with industry making a growing contribution to the provincial gross regional domestic product (GRDP). However, many rural industrial establishments in Bac Giang remain small-scaled and lack investment capital, equipment, machinery and technology, limiting production capacity, product quality, competitiveness, and domestic and foreign market expansion.

Ocean dialogue dicusses offshore renewable energy potential

09:53 | 24/03/2023 Energy

Offshore renewable energy was the centre of discussion at the 10th Ocean Dialogue in the central province of Khanh Hoa on March 23.

Investment

Vietnam's retail market proves attractive for foreign investors

09:21 | 29/03/2023 FDI

Vietnam is becoming an attractive retail market for companies all over the world with many regional and global FDI investors recently announcing plans to increase capital and expand distribution networks here.

Asian investors increasingly keen on Vietnam

13:00 | 26/03/2023 FDI

(VEN) - Vietnam is considered a promising destination for investment from Asia, as evidenced by the increasing operations of multinational corporations.

India introduces pharmaceutical industry' opportunities to potential Vietnamese investors

19:54 | 23/03/2023 Vietnam and other regions

Invest India, the National Investment Promotion & Facilitation Agency, had networking hybrid meet in Ho Chi Minh City, introducing investment opportunities in Indian pharmaceutical industry to potential Vietnamese investors.

Vietnam attracts Czech investors

06:00 | 23/03/2023 FDI

(VEN) - A delegation of top Czech companies, led by Czech Minister of Industry and Trade Jozef Síkela, visited Vietnam in February to explore investment and business opportunities.

Finance-Banking

Decree 08, a magic wand for corporate bonds?

06:00 | 30/03/2023 Finance-Banking

(VEN) - Economists believe the newly issued government decree on the private issuance of corporate bonds will have a positive impact on the corporate bond market.

Foreign investors expand consumer finance business in Vietnam

09:08 | 29/03/2023 Finance-Banking

Large foreign financial groups have actively penetrated the Vietnamese consumer finance market, which has significantly helped accelerate the digitalisation of the country’s financial services.

Stock market violations to face stricter sanctions

07:10 | 26/03/2023 Stock Market

The State Securities Commission (SSC) will review the Law on Securities and related decrees to complete the legal framework, and strengthen sanctions for violations to protect the legitimate rights and interests of investors.

Vietnam to develop policies to adapt to global minimum tax

07:05 | 23/03/2023 Finance-Banking

Vietnam will adjust investment policies to adapt to the global minimum tax rate and remain an attractive destination for investment.

Environment

COP28 President-Designate to speak at Berlin Energy Transition Dialogue Conference

16:21 | 29/03/2023 Environment

Turning coffee grounds into energy

13:00 | 27/03/2023 Environment

(VEN) - Turning coffee grounds into biomass energy has helped the Nestlé Vietnam Co., Ltd save VND40-50 billion a year.

Vietnam saves 298,000 kWh during Earth Hour 2023

10:48 | 27/03/2023 Environment

With lights turned off for one hour starting 8:30 pm on March 25 in response to the 2023 Earth Hour campaign, Vietnam saved 298,000 kWh of electricity equivalent to about 555.6 million VND (23,617 USD), according to the Vietnam Electricity (EVN)’s National Load Dispatch Center.

The value of wood scraps for business

13:00 | 25/03/2023 Environment

(VEN) - Reusing scraps derived from most stages of wood exploitation and processing will increase business profits by two to three percent.

Science - Technology

Vietnam, US cultivate sci-tech, innovation cooperation

06:00 | 30/03/2023 Science - Technology

A321neo: Breakthrough technology saves fuel consumption up to 20%

15:37 | 29/03/2023 Science - Technology

A321neo: Breakthrough technology saves fuel consumption up to 20%

AI to fuel development of modern agriculture workshop

10:19 | 28/03/2023 Science - Technology

Artificial intelligence (AI) has an important role to play in the development of modern and sustainable agriculture as it will help with farm automation and optimisation, from weather forecasting, plant and livestock health monitoring to product quality improvement, heard a workshop in Hanoi on March 23.

Vietnam, Thailand beef up sci-tech, educational collaboration

06:00 | 25/03/2023 Science - Technology

Thailand will further promote sci-tech and education cooperation with Vietnam, including a plan to teach Vietnamese at some local universities, affirmed Minister of Higher Education, Science, Research and Innovation (MHESI) Anek Laothamatas in a working session with Vietnamese Ambassador Phan Chi Thanh in Bangkok on March 20.

Hai Phong attractive to investors

See also

See more news

Multimedia