Hai Phong Economic Zone Authority Fostering Investor Support

In the face of complicated Covid-19 pandemic developments, Hai Phong City in general and the Hai Phong Economic Zone Authority in particular have actively taken effective and flexible plans and measures to prevent the pandemic outbreak and achieve all planned targets of investment attraction and economic growth.

Affiliated to the Hai Phong City People's Committee, to exercise State management of Dinh Vu-Cat Hai Economic Zone and industrial zones in the city, the Hai Phong Economic Zone Authority has made every effort to create favorable conditions for enterprises to invest in projects and develop their business operations.

Mr. Bui Ngoc Hai, Deputy Director of the Hai Phong Economic Zone Authority, said, due to the outbreak of Covid-19 pandemic, the authority has made great efforts on pandemic prevention; strengthened support and solved difficulties for businesses and investors. Specifically, it has set up contact hotlines to timely capture information; guided and supported anti-pandemic measures; coordinated and facilitated foreign experts to enter and work after taking quarantine measures; implemented consistent administrative procedures of Level 3 and Level 4 in order to shorten time and reduce costs; temporarily suspended inspections, promptly solved problems within their competence, and requested competent agencies to deal with matters beyond their jurisdiction.

In addition, the authority has focused on speeding up site clearance and infrastructure construction investment in industrial zones to hand over land to investors as in VSIP, An Duong, Nam Cau Kien and Deep C industrial zones. It has accelerated the establishment of new industrial parks to promptly attract investment waves from Japan and South Korea and FDI projects relocated from countries hurt by the Covid-19 pandemic, trade wars and investment restructuring of major countries, while boosting new advantages of Vietnam and Hai Phong City in Cau Cuu, Xuan Cau, Trang Due (Phase 3) and Nam Trang Cat industrial parks.

With the efforts of the Hai Phong Economic Zone Authority to prevent the Covid-19 pandemic and support investors, industrial and economic zones have attracted 26 new FDI projects with US$445.797 million of investment capital and allowed 17 existing FDI projects to increase their registered investment fund by additional US$324,882 million, totaling US$770.68 million, since the beginning of this year. These projects are largely involved in processing and manufacturing industries. Local industrial parks have attracted many famous giant corporations in the world such as LG Display, LG Electronics Vietnam Hai Phong, LG Innotek Hai Phong, GE, Regina Miracle International Vietnam and Bridgestone, as well as domestic business groups like Vinfast automobile manufacturing facility invested by Vingroup and Cat Hai - Cat Ba 3 cable car project invested by Sungroup.

In response to the Prime Minister's policies and directions on attracting high-quality foreign investment flows into Vietnam in the coming time, the Hai Phong Economic Zone Authority will prepare places, resources and human resources to attract foreign investors. Currently, some giant corporations are seeking to invest in projects in Hai Phong. Typical examples include USI electronic circuit board manufacturing and assembly project (Taiwan) and Pegatron electronics project (Taiwan).

By Hoai Nam, Vietnam Bushiness Forum