As a lead coordinator of investment promotion, Hai Phong Investment, Trade and Tourism Promotion Center has actively carried out activities to draw leading companies to invest in Hai Phong City.
In recent years, Hai Phong was among Top 10 recipients of foreign direct investment (FDI) value. Particularly, its FDI value reached US$2.9 billion in 2016, topping the country, and over US$2.6 billion in 2018. The FDI fund always reaches about 30% of the city’s total development investment fund, with the presence of many large corporations such as LG, Bridgestone, Aeon, Fuji Xerox and Kyocera. Up to now, Hai Phong City is home to 656 valid FDI projects with a total registered investment value of US$17.37 billion.
In addition to successfully drawing the FDI fund, Hai Phong City has invited most major domestic business groups to invest in the locality, such as Vingroup, Sun Group, Him Lam, Geleximco and Flamingo, with a combined investment value of over VND200 trillion (US$8.7 billion). In particular, operational projects and projects under construction account for over VND130 trillion (US$5.7 billion). After effectively carrying out production and business plans, many decided to expand their operations and invest in new projects. For example, Vingroup, which started investing in Hai Phong in 2015 with only one project - Vincom Le Thanh Tong Trade Center Complex, has been carrying out eight projects with a total investment fund of nearly VND100 trillion (US$4.4 billion). Typically, the Vinfast automobile manufacturing complex, after investment adjustments, had a total investment cost of VND70 trillion. The project has now gone into production and launched products onto the market. The group is studying to launch four more projects in the city with an estimated fund of over VND200 trillion.
In addition, Sungroup invested US$3 billion in four projects in the high-class resort complex in Cat Ba Island, Cat Hai district. Recently, Lavifood Company decided to spend VND1.8 trillion to build a fruit and vegetable processing factory.
Focus on new promotion methods
Setting up a city-level investment promotion agency has facilitated investors to study and carry out investment procedures and business processes in the city. This helps reduce the time required to implement administrative procedures. Most administrative procedures are done much faster than current regulations. On average, the time required for fulfilling investment procedures has been reduced by 30%, with some up to 70%. The center also facilitates businesses to quickly launch their investment projects or soon realize investment ideas. This decisive factor helps them improve investment efficiency and provides a rationale for them to decide whether to invest in new or expand investments in the city.
Since its establishment, the center has supported and settled investment procedures for nearly 100 projects that do not use the State budget, invested by domestic and foreign enterprises. The center has focused on innovating promotion methods to approach new investors and persuading current investors in the city to invite others to the city. In addition to courting new projects, it pays special attention to accompanying and supporting investors before, during and after they get investment licenses.
|With the goal of enticing big capable and experienced investors, Hai Phong Investment, Trade and Tourism Promotion Center has been promoting and calling for investment into the following industries and fields: Infrastructure, seaport services, high-tech industry, high-tech agriculture, precision engineering, trade, urbanization, and high-class resort, especially projects that make products eligible to be engaged in global value chains. At the same time, the center immediately says no to projects that potentially harm the environment, projects using outdated technology or projects using extensive nonrenewable resources.|