Hai Phong reiterates commitments to a fair investment, business environment

Hai Phong administration remains committed to creating a favourable and fair environment for foreign investors, including those from the Republic of Korea, an official of the northern port city said on August 16.
Hai Phong reiterates commitment to fair investment, business environment
Vice Chairman of the municipal People’s Committee Le Anh Quan speaks at the meeting. (Photo: VIR)

Vice Chairman of the municipal People’s Committee Le Anh Quan made the pledge at a meeting with domestic and Korean businesses held by the municipal Department of Planning and Investment.

He noted that Hai Phong has been among the top destinations for foreign direct investment for several years.

The city by far is home to 827 valid FDI projects with a total registered capital of nearly 24 billion USD. The RoK is a strategic investment partner of Hai Phong, maintaining its position as the top foreign investor in the city for years. The LG group alone has poured 7.24 billion USD in a complex of factories at Trang Due Industrial Park. According to Director of the Department of Planning and Investment Nguyen Hoang Long, Hai Phong has set a target of attracting 11 billion USD in FDI during the 2021-2025 period. The city gives priority to investors with good capacity and experience, and wants to draw investment in local spearhead sectors and projects using modern and environmentally-friendly technologies.

Hai Phong also encourages FDI projects to engage in value chains with domestic enterprises and increase the local content in their products, Long said.

The meeting provided a venue for Vietnamese and Korean businesses to meet directly and discuss cooperation possibilities. Representatives from the municipal administration took the occasion to listen to and respond to businesses’ questions and problems.

A number of local enterprises and investors reached MoUs on investment and business cooperation at the meeting.

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(Source: VNA)