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Hai Phong strives to lure foreign investment of $1.5 billion

VGP- Hai Phong City estimated that it would attract US$500 million worth of foreign direct investment (FDI) within the first six months of this year and has made efforts to attract US$1.5 billion by the end of the year.

06/12/2020 15:41

Hai Phong strives to lure foreign investment of $1.5 billion

Head of the Management Board of Hai PhongEconomicZone Pham Van Moi said that to achieve the set target, Hai Phong has focused on promoting land clearance, building plans for human resources training and establishing more industrial zones.

It has completed the necessary procedures to set up a host of new IPs, including DEEP C 4 in Kien Thuy district and Tien Thanh and Vinh Quang in Tien Lang district, while several other projects in the city have already been submitted to the Ministry of Planning and Investment and are awaiting approval from the Prime Minister.

In addition, the authorities have also proposed the construction of An Hung-Dai Ban industrial zone in An Duong District, Thuy Nguyen industrial zone in Thuy Nguyen District, and Nam Trang Cat industrial zone in Hai An District.

It has also planned to adjust the boundary of Dinh Vu-Cat Hai Economic Zone, expand the Trang Due Industrial Zone (phase 3), establish Xuan Cau Industrial and Non-tariff Zone in Cat Hai District, and set up the Cau Cuu Industry Zone in An Lao District.

The city has so far attracted 377 FDI projects with a total investment capital of over US$15 billion.

Currently, Hai Phong needs about 22,000 high-quality employees. HEZA is building a plan to work with businesses to train workers, while the city’s manual workforce meets just 60% of demand from economic zones and IPs. 

The city has prioritised attracting high-tech projects to cut its workforce and is considering launching more social housing projects to accommodate workers coming from other localities.

                                                                                                         By Hoang Ha