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Haiphong attracts $1.4 billion of FDI in first seven months

As of the end of July, Haiphong attracted $17.37 billion through 418 FDI projects.

In the first seven months of the year, Haiphong lured in nearly $1.4 billion in foreign direct investment (FDI) and VND3.48 trillion ($151.3 million) of domestic investment capital.

The figures were reported by Haiphong Economic Zones (EZs) Management Authority. Cumulatively, as of the end of July, Haiphong has attracted 418 FDI projects with the total investment capital of $17.37 billion.

In the first six months, the management authority worked with over 60 investors both online and offline. Industrial zone (IZ) infrastructure investors were actively looking for options to work with partners in the context of the tightening local pandemic prevention measures.

For example, Sao Do Group has used VR technology to recreate Nam Dinh Vu Industrial Park (IP) and utilities in 3D space, allowing investors to visit from afar.

Nguyen Thanh Phuong, CEO of Sao Do Group, said, “Due to the COVID-19 pandemic, the group’s overseas investment promotion activities had to be suspended. All activities take place only via email or online meetings. By surveying investment locations using technology, we can close new contracts, even if we do not work directly.”

As a result, since the beginning of the year, Nam Dinh Vu IP has attracted 10 new investment projects with a total investment sum of $315 million, contributing to nearly a quarter of Haiphong’s total FDI capital.

Meanwhile, at the beginning of this year, LG Group increased the capital of its project in Trang Due IZ by $750 million. By the end of the year, another $1.5 billion is expected to be poured into the project.

“LG Group also wants to expand its scale when the third phase of Trang Due IZ is completed,” said Dang Thanh Tam, chairman of the Board of Directors of Kinh Bac City Development Holding Corporation, the developer of the IZ.

According to Koen Soenens, sales and marketing director of DEEP C Industrial Zones, it is necessary for Haiphong to keep the area safe and stable against the COVID-19 pandemic. He claimed that besides the infrastructure, policy, and political stability, foreign investors pay special attention to places where the COVID-19 vaccination rate is high.

Haiphong has organised the first round of vaccination for nearly 1,700 experts and senior personnel working in IZs and EZs. As of the middle of last week, more than 120,000 of the 160,000 workers in IZs and EZs had registered for vaccination. Up to now, 104,777 people have received the first shot and 26,620 got both.

VIR