Hai Phong attracts over US$870 million of FDI in nine months

The northern port city of Hai Phong attracted more than US$870 million of foreign direct investment (FDI) during the January-September period, fulfilling just nearly 30% of its target set for 2017.

The Hai Phong Economic Zone Management Board said industrial parks which are located outside economic zones are facing difficulties in investment attraction as they have received lower incentives.

The board also pointed out limited capacity and experience of a number of investors, along with obstacles in land clearance and compensation, leading to the unexpected number. 

Given this, Chairman of the municipal People’s Committee Nguyen Van Tung has asked agencies and localities to continue the administrative reform towards openness and transparency, build the e-authority and further improve the investment climate. 

He also underlined the need to raise the provincial competitiveness index (PCI) during 2017-2018 and absolutely tackle recommendations of enterprises at monthly business dialogues. 

Le Trung Kien, Director of the municipal Department of Planning and Investment, said the city will focus its budget on key projects and continue to complete local socio-economic infrastructure, especially transport infrastructure. 

Apart from partnering with ministries and agencies to speed up the implementation of major projects, the city will also complete infrastructure in industrial parks and clusters, particularly the Dinh Vu-Cat Hai economic zone, and connect these industrial parks and clusters together. 

With these efforts, Hai Phong is expected to lure about US$1.1 billion of FDI in 2017.

Source VNA