The northern port city of Hai Phong attracted 647 million USD in foreign direct investment (FDI) in the first five months of 2024, up 11% year on year, solidifying its position as one of the biggest recipient of FDI nationwide.
Lach Huyen international port in Hai Phong (Photo: VNA)
Hai Phong (VNA) – The northern port city of Hai Phong attracted 647 million USD in foreign direct investment (FDI) 🙈in the first five months of 2024, up 11% year on year, s🎃olidifying its position as one of the biggest recipient of FDI nationwide.
Breaking down the figure, 247 million USD came from 29 newly-registered projects while the remainder was from 19 projects registering for increased capital.
As of May, Hai Phong drew a total of 556 FDI projects worth over 26.72 billion USD.
Head of the Hai Phong Economic Zone Authority (HEZA) Le Trung Kien attributed the city's success to its diversified and flexible approach to attracting investment. This includes actively promoting investment opportunities at home and abroad, along developing infrastructure in industrial parks and economic zones.
He highlighted the impressive occupancy rate of 65% currently achieved in industrial zones, with an average investment density of some 12 million USD per ha.
Looking ahead, he revealed the establishment of a new coastal economic zone in Hai Phong's southern area. This zone, envisioned to be the second major economic zone after the Dinh Vu – Cat Hai zone established in 2008, will encompass roughly 20,000 ha across Do Son, Kien Thuy, An Lao, Tien Lang and Vinh Bao districts.
The development is planned to be an ecologically conscious, multi-sector economic zone focused on high-tech industries, modern logistics, and positioning Hai Phong as a key hub within global and regional value and supply chains./.
The fifth regional logistics forum, held in the northern port city of Hai Phong on May 28, addressed the crucial role of digital transformation in propelling growth of the Red River Delta's logistics sector.
The northern port city of Hai Phong on May 11 kicked off the 11th Red Flamboyant Festival and received the UNESCO certificate of recognisation for the Ha Long Bay – Cat Ba Archipelago as the World Natural Heritage Site - the first inter-provincial heritage of Vietnam.
Deputy Prime Minister Tran Luu Quang on May 11 attended a ground-breaking ceremony for a high-tech biodegradable materials factory, a trillion-VND project by Ecovance Co. Ltd under the Republic of Korea’s SK Group, at the Dinh Vu industrial park in the northern port city of Hai Phong.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
