At the signing ceremony (Photo: VNA)

Under the letter, both sides will encourage and facilitate business partnerships, foster a business-friendly environment and protect investors’ rights and interests, and regularly share management experience and investment policies to promptly address difficulties faced by companies engaged in production and trade.

Head of the HEZA Le Trung Kien expressed his hope for the establishment of a formal twinning relationship between Hai Phong and Shangyu to further solidify this partnership.

Chief of Shangyu district Jin Jinfu said his locality has companies strong in hi-tech manufacturing, an area that aligns with Hai Phong's investment priorities so that the district is looking forward to promoting investment opportunities between the both sides.

The HEZA reported that Hai Phong now boasts 210 Chinese-invested projects with a combined capital of 5.6 billion USD. They are mostly in electricity, electronics, apparel, leather and footwear, and plastics, generating jobs to over 58,000 workers. Notably, Hai Phong is home to two industrial zones – Do Son and An Duong – that house a significant number of Chinese-invested enterprises.