Hai Phong: A 'Red Address' for investors

Geographical location and synchronous infrastructure

With a total area of 1,519 km², a coastline that runs 125km, Hai Phong has long been known as the largest seaport in the North of Vietnam, a logistics service center of the country and ASEAN region, connecting the two corridor-a belt of economic cooperation between Vietnam and China. The port city is also an important trading gateway of the Northern Vietnam key economic region. Its favorable geographical location is one of the reasons that make Hai Phong the largest industrial, service, economic, scientific and commercial center in the country.

At the same time, Hai Phong also possesses a "golden quality" as one of the few localities that converges all five important types of traffic: road, sea, railway, waterway, and air. This advantage not only helps Hai Phong become the economic center of the Red River Delta and the North Coast region, but also a trade bridge, connecting regions across the country.

The city’s railway systems connect with the North-South railway network, the Ha Noi-Lao Cai-Kunming railway and the Hanoi-Beijing railway; Cat Bi airport, a 4E-level international airport under the International Civil Aviation Organisation (ICAO) standards... also helps the city improve its inter-regional and international traffic connection capacity.

Besides the geographical location, convenient transportation system, labor resources are also an advantage of “the city of red phoenix flower”. With 1.2 million laborers, of which over 75% are trained. With high-quality human resources, Hai Phong is ready to respond and keep pace with the modern and high-tech era.

Apart from these existing advantages, the city actively adjusts the planning in accordance with the actual development and investment, building a technical infrastructure of economic zones and industrial zones. Typically, Dinh Vu - Cat Hai economic zone (including a number of industrial parks such as VSIP Hai Phong, Dinh Vu IP or Trang Due IP) with a scale of 22,540 ha along with tariff and non-tariff zones. The city also focuses on developing urban infrastructure.

Fall in Cat Ba Island.

Not only that, urban projects like the 45-storey Vinhomes Imperia, Vinhomes Marina, Aeon Mall, Nikko Hotel, M'Gallery Cat Ba Hotel, Flamingo Cat Ba luxury resort complex, or the cable car link over the sea with the world's highest track rope (214m), etc, is really changing the face of the port city.

Rich tourism potential

In recent years, Hai Phong’s tourism industry has had made incredible changes, continues to affirm its position as the key of the city’s economy, making positive contributions to its socio-economic development.

Hai Phong has the Cat Ba archipelago, which has long been famous as the only place in Viet Nam that won 4 national and international titles; and Do Son peninsula, a charming destination that runs across the Northeast – Southwest.

Besides, the city has many historical and cultural relics; hundreds of communal houses, temples, pagodas with extraordinary architecture, traditional craft villages and many unique folk festivals. Those are the precious tangible and intangible cultural heritages, creating the exceptional features of the land and people of Hai Phong.

Tourist infrastructure is also completed with a 5-star hotel system, a complex of amusement parks, entertainment and high-class resorts facilities, able to organize international events, conferences and seminars. In addition, the city also owns a system of high-quality golf courses, beautiful landscapes and ideal climate conditions to become a strength of Hai Phong, along with sea and island tourism.

Particularly, Hai Phong also has a unique and delicate cuisine, from street food to luxury dishes, all of them have an extraordinary taste, like the generous and friendly hearts of the coastal people.

Thanks to these advantages, Hai Phong has attracted a number of large tourism enterprises such as Vingroup, Sun Group, Geleximco to invest billions of USD to build international-class tourist resorts. The services sector’s economy achieved an average growth rate of 9.42% per year logistics services, aviation services, and the number of tourists all achieved high growth rates.

An ideal destination for investors

In recent years, Hai Phong has always doubled its economic growth rate (GRDP) compared to the general growth rate and it has become a bright spot in the country's socio-economic development.

In 2020 and the first 6 months of 2021, the covid-19 pandemic has negatively affected the country’s growth rate. However, Hai Phong always tries to fulfill the dual goals. On one hand, the city continues to promote investment attraction, especially foreign direct investment (FDI) projects and focus on public investment projects. On the other hand, the province actively and drastically implement measures to prevent and control the spread of Covid-19. Thanks to these efforts, n the first 6 months of 2021, the city’s GRDP increased by 13.52% over the same period in 2020, 2.4 times higher than the overall growth rate of the whole country (5.64%).

Currently, the city has nearly 800 valid FDI projects, with a total capital of approximately 20 billion USD. In particular, many large foreign corporations choose Hai Phong as a reliable place to invest, such as LG, Regina Miracle International, Nipro Pharma, Kyocera Mita, etc. Other large domestic investors also trusted Hai Phong as a profitable investment destination, with the presence of domestic "big players" such as Vin Group, Sun Group, Geleximco, FLC, etc.

A view of above of Hai Phong Port.

Hai Phong actively promotes local investment promotion through organizing activities such as Vietnam-Japan Investment Promotion - Business Connection Conference in Hai Phong, Vietnam-Netherlands Business Connection Conference, Meet and Business Connection Conference with Chinese corporations; other dialogue conferences, regular business contacts. In addition to Hai Phong's efforts to remove difficulties for investors and businesses, the city's business investment environment has been continuously improved.

While Viet Nam is increasingly integrating deeply and widely with the world, participating in important free trade agreements (FTAs) such as CPTPP, EVFTA, RCEP, UVKFTA..., Hai Phong also regularly provides information, accompanies businesses to participate in training courses, conferences, face-to-face and online dialogues about the content and commitments of the FTAs; coordinates with the Ministry of Industry and Trade and other localities to provide information on the situation of goods transportation through the border gate; the process of controlling and preventing the pandemic, etc, to create the most favorable conditions for export and import activities of enterprises.

In the coming time, Hai Phong will focus on attracting oriented and selective investments, prioritizing key economic sectors and projects with high technology level, environment-friendly, efficient use of resources, large budget contributions, commitment to technology transfer with the ability to spread, linking domestic enterprises to fit across the value chain. In the period 2021-2025, the city targets to attract from 12.5 to 15 billion USD of FDI.

Along with that, Hai Phong focuses on renewing the economic growth model, restructuring the economy towards the development of three main pillars: high-tech industry, seaport logistics, tourism trade. Also, the city is aiming to restructure the industry, by focusing on developing spearhead industries such as automobile, machine manufacturing, electronics and information technology and high-tech products, etc. At the same time, to build and develop Hai Phong into a center of seaports and key national and international logistics services.

With a commitment to improving the investment environment, maximizing advantages and potentials, and proactively integrating into the international economy, Hai Phong will continue to be an ideal destination for investors for collective future developments.

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