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Hai Phong plans to attract $1.5b in FDI this year

Update: April, 13/2015 - 08:26

The model of Tan Vu-Lach Huyen Sea Bridge. — File Photo

HA NOI (VNS) — The northern port city of Hai Phong is improving its investment climate to attract US$1.5 billion in foreign direct investment (FDI) in 2015.

To achieve this goal, the city will focus on expediting administrative reforms, accelerating land clearance and improving the quality of personnel.

According to the municipal Department of Planning and Investment, top priority will also be given to fostering the implementation of key infrastructure development projects, such as the Ha Noi-Hai Phong Highway, expansion of the Cat Bi International Airport and construction of the Tan Vu-Lach Huyen Sea Bridge.

Hai Phong People's Committee member Dan Duc Hiep told vietnamplus.vn that in the future, the city also needed to step up its international economic co-operation and expand the city's economic space, along with broadening relations with strategic partners, including Japan, South Korea, Russia, and the United States, as well as the EU and various other regional countries, international organisations and multi-national groups.

According to the department, the city granted licences to 11 new foreign-invested projects with total registered capital of more than $38.92 million, while allowing 10 existing ones to raise their capital by $197.74 million in the first quarter of this year.

The latest addition has brought the total number of foreign-invested projects in the city to 425, capitalised at more than $10.29 billion, it said, adding that encouraging figures have proved that the city remains one of the most attractive destinations for foreign investors. — VNS

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