Business
Hai Phong' FDI values at over 1.7 billion USD after five months
The northern port city of Hai Phong ranked in the top localities in attracting the foreign direct investment (FDI) with 31 newly-registered and capital adjusted projects valued at more than 1.74 billion USD in the first five months of this year.
So far, Hai Phong city has more than 450 valid FDI projects with a total registered capital of over 12 billion USD.
In the recent years, big groups from Japan, the Republic of Korea (RoK) and Belgium have chosen Hai Phong city to pour into their investments thanks to the city’s favourable geographical location and potentials.
The RoK LG Display Co.Ltd’s OLED display project at Trang Due Industrial Park is among the largest foreign-invested projects. Commenced in early May, covering 40.2 hectares, the US$1.5 billion factory will come on stream next year and is expected to provide jobs for some 6,000 local people. Most of the OLED display products manufactured will be for the world market, though about 20% of the products were aimed to serve domestic consumption.
This LG Display’s project is one of the two largest investment projects in the city, alongside Japan’s 1.5 billion Bridgestone tyre production project, which is currently in its first phase of operation.
During the reviewed time, SL Electronics Co. Ltd from the Republic of Korea (RoK) invested 42.25 million USD into a project producing spare parts for electronic household appliances and motors, while the RoK investor HSColor injected 20 million USD into a project serving the printing and producing components for mobile phones. The two projects are scheduled to start operation in this September.
Secretary of the municipal Party Committee Le Van Thanh said that the growth in FDI attraction shows the city’s specific efforts to improve administrative procedures and the business investment climate, as well as further investment promotion activities.
Currently, Hai Phong is accelerating the implementation of its key infrastructure projects, including Cat Bi International Airport, Tan Vu-Lach Huyen Highway and Bridge project, Hai Phong International Gateway Port, and Bach Dang bridge.
Secretary Le Van Thanh noted that such projects as Cat Bi International Airport and Hai Phong International Container Terminal along with a comprehensive and modern transport infrastructure will create huge advantages to the city to draw more FDI capital and tap its position in the northern coastal region to the fullest extent, in the coming years.
Prime Minister Nguyen Xuan Phuc attends the ground-breaking ceremony of LG Display’s project in Hai Phong city.
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The RoK LG Display Co.Ltd’s OLED display project at Trang Due Industrial Park is among the largest foreign-invested projects. Commenced in early May, covering 40.2 hectares, the US$1.5 billion factory will come on stream next year and is expected to provide jobs for some 6,000 local people. Most of the OLED display products manufactured will be for the world market, though about 20% of the products were aimed to serve domestic consumption.
This LG Display’s project is one of the two largest investment projects in the city, alongside Japan’s 1.5 billion Bridgestone tyre production project, which is currently in its first phase of operation.
Hai Phong Port
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Secretary of the municipal Party Committee Le Van Thanh said that the growth in FDI attraction shows the city’s specific efforts to improve administrative procedures and the business investment climate, as well as further investment promotion activities.
Currently, Hai Phong is accelerating the implementation of its key infrastructure projects, including Cat Bi International Airport, Tan Vu-Lach Huyen Highway and Bridge project, Hai Phong International Gateway Port, and Bach Dang bridge.
Secretary Le Van Thanh noted that such projects as Cat Bi International Airport and Hai Phong International Container Terminal along with a comprehensive and modern transport infrastructure will create huge advantages to the city to draw more FDI capital and tap its position in the northern coastal region to the fullest extent, in the coming years.
