Hai Phong attracts 1.3 billion USD in FDI in nine months

Hai Phong port city in the first nine months of this year attracted more than 1.3 billion USD of foreign direct investment, five times over last year and a record figure for the period in the locality so far.

Of the 52 foreign investment projects licensed to start or add capital in the period, there are several major ones such as the golf course – resort complex in by the Amo-Mibaek Vina Ltd. Co. with additional 555 million USD; the 147 million USD investment into the 2 nd phase of the Dinh Vu industrial zone; and a 61 million USD project to produce and assemble equipment for power plants by the GE Viet Nam Ltd. Co.

Hai Phong city currently houses 284 valid FDI projects with a total investment of 3.8 billion USD.

In addition to industry, foreign investors have begun to channel capital to real estate to meet the increasing demand of residential areas and offices for lease. The city’s real estate sector has absorbed 228 million USD of FDI, representing more than 17.5% of the total FDI flow.

Largest foreign investors in Hai Phong include the US, Japan, Singapore and Hong Kong.

According to the city’s Planning and Investment Department, two projects on industrial zone and urban area construction and services, are scheduled to receive licenses this year, including a 100 million USD project of Singapore ’s Sembcorp Group.

The department attributed the sharp increase of FDI attraction to the city’s improved investment environment and support services.

While offering preferential policy on foreign investment, Hai Phong still adopts a strict attitude towards ineffective projects that affect the investment environment.

Over the past nine months, the city has revoked licenses of 13 investment projects for their delay in implementation and inadequate financial capacity.

The city in the remaining months of this year will focus its efforts on completing infrastructure facilities and services in Dinh Vu, Trang Due and Do Son IZs and resolving newly arising problems to create favourable conditions for investors.