Part of the Vietnam-Singapore Industrial Park (VSIP) residential area in Hai Phong city. (Source: VNA)

In August, a delegation of Hai Phong officials led by Chairman of the municipal People’s Committee Nguyen Van Tung came to the Republic of Korea (RoK) to do the work on the city’s potential, advantages, along with investment opportunities and policies. They also fielded Korean businesses’ questions about the local investment climate.

The Hai Phong administration also took this occasion to grant investment registration certificates to some Korean projects, including a logistics centre worth 98 million USD, an 18.5 million-USD project of the Posco Vietnam Processing Centre Co. Ltd, and the addition of over 35 million USD to the KREMS project.

Earlier, the committee had held a conference to boost investment attraction and connect Vietnamese and Korean enterprises.

Le Trung Kien, head of the Hai Phong Economic Zone Authority (HEZA), said it has organised numerous investment promotion events both at home and abroad since the beginning of 2022 to attract more foreign investment.

The city has always been among the top destinations for foreign direct investment (FDI) in Vietnam. It is currently home to 827 valid FDI projects worth nearly 24 billion USD from 42 countries and territories. Up to 444 of those projects, with registered capital totalling about 22 billion USD, are invested in economic and industrial zones.

The RoK is the leading investor here in terms of both the project number and value - over 170 projects worth about 10 billion USD, equivalent to 41% of the total FDI.

Keisuke Koshijima, Executive Vice President and General Manager for Overseas Operations Division at Japan’s Kajima Corp., said Hai Phong has comprehensively developed infrastructure and become an important link in the global logistics chain.

It has attracted many large-scale manufacturers, including LG and Pegatron, he noted, adding that his firm believes the city is an attractive investment destination and an ideal place for starting its first project.

Le Anh Quan, Vice Chairman of the People’s Committee, said Hai Phong has become a trustworthy and attractive destination for domestic and foreign investors in recent years. It always treasures the cooperation and pledges unceasing efforts to create an optimal and fair business environment for foreign investors.