The northern port city of Haiphong is seeing positive signals in the inflow of foreign direct investment (FDI) with 25 new projects worth over $289 million licenced in the city in the first ten months of this year.
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During this period, 21 operating projects were also allowed to add over $268 million to their investment capital. The locality now has 316 valid FDI projects capitalised at over $4.89 billion.
Duong Anh Dien, chairman of the municipal People’s Committee, underlined that the city is making efforts to create a transparent investment environment and reform administrative procedures to facilitate foreign investment, adding Haiphong gives priority to drawing Japanese investment in the fields of support industry, mechanical engineering, electronics, high technology, and research and development.
According to the Haiphong Department of Planning and Investment, the city is speeding up the implementation of major projects like the Hai Phong international port, Cat Bi international airport upgrade, the Hanoi - Haiphong expressway, and the planning for an international airport in Tien Lang district and Dinh Vu – Cat Hai economic zone.
The municipal authorities have also submitted to Prime Minister a plan on the construction of a specialised industrial complex covering an area of 1,000 hectares within the Dinh Vu – Cat Hai economic zone designed exclusively for Japanese investment.
However, the city still needs to improve the transport network connecting with international port and airports. Slow site clearance and under-developed infrastructure outside industrial zone, as well as the lack of social services such as housing for workers, schools and hospitals, are also hindering the flow of FDI.