 Hai Phong authority presents a certificate for LG Innotek Vietnam to add 1 billion USD in investment capital. (Photo: VOV) |
In mid-June, Hai Phong city held investment promotion activities in South Korea and Japan where the municipal administration’s representatives presented certificates of investment registration for new and added-capital projects totaling 230 million USD from Korean investors.
Hai Phong city and Korean businesses also signed other cooperation agreements with a total investment commitment of 1.5 billion USD. The signed documents include a memorandum of understanding with LG Innotek Corporation.
The Hai Phong Economic Zone Authority issued a certificate for LG Innotek Vietnam to add 1 billion USD in investment capital, just three days after receiving the company’s proposal. LG Innotek's project has raised Hai Phong’s total FDI capital in the first six months to nearly 2 billion USD, almost fulfilling the annual plan.
Cho Ji Tae, Senior Managing Director at LG Innotek, recalled when he was the first Director General of LG Innotek Vietnam from 2017 to 2020, during which they were strongly supported by municipal leaders, departments, and agencies.
He went on to say, “LG Innotek has developed strongly and gotten satisfactory results. Our two factories in Hai Phong are operating effectively. We look forward to receiving more incentives and will be facilitated by the Hai Phong municipal government so that our third factory can soon be completed.”
 Cho Ji Tea (standing), Senior Managing Director at LG Innotek, said thanks to ceaseless efforts to improve administrative procedures and investment environment, Hai Phong continues to be an ideal destination for LG Innotek and other foreign companies. |
Last October investment promotion activities were held in Taiwan (China). Hai Phong has regularly invited foreign business delegations and organizations to survey and learn the city’s investment environment.
Chen Chi-Liang, General Director of Taiwan’s Pegatron Vietnam Company, said that after surveying many places, Pegatron decided to choose Hai Phong’s DeepC Industrial Zone to build its 14th factory.
“We have been supported by the Hai Phong Economic Zone Authority. In a short time, we completed the construction of the factory and put it into operation,” Chen Chi-Liang said, adding, “We’re planning to further expand our investment in Hai Phong. Some European and American customers who have discussed cooperation with us are interested in the electronic supply chain and want cooperation for mutual development.”
Between now and 2025, Hai Phong will complete 15 more industrial parks, steadily improve the business investment environment, and implement solutions to attract skilled workers. According to Le Trung Kien, Head of the Hai Phong Economic Zone Authority, improving the quality of human resources is one of the city's priorities to attract investors.
“Hai Phong is outlining various mechanisms and policies to attract and retain workers,” Kien noted and took a policy to help workers buy social housing as an example.
“And there is an existing policy on free tuition for students who are the children of workers from other provinces coming to Hai Phong to work and get married. A better ecosystem for workers will be created,” said Kien.
One of main solutions for economic development is to take the initiative in attracting FDI selectively in line with the city’s orientation in economic structure and requirements for sustainable development.
According to Le Tien Chau, Secretary of the municipal Party Committee, “Hai Phong will continue to strongly improve its business investment environment and infrastructure, especially regionally linked transportation infrastructure.”
“The city always welcomes investors and is committed to being an ideal destination for investors. We attach special importance to on-site investment promotion and offering the best conditions for investors to operate efficiently and expand their investment,” said Chau.
Last year, Hai Phong attracted 1.1 billion USD in FDI. Pursuant to the motto "The success of businesses is the success of the city", Hai Phong is trying to become a "successful destination" for businesses and investors.