Seaport and cargo logistics activities will develop and become the main force in Dinh Vu - Cat Hai Economic Zone, Hai Phong City. (Photo: Huy Hung/VNA)

For three consecutive years, FDI capital flow into Hai Phong city exceeded 2.5 billion USD per year. Last year, Hai Phong received 3.5 billion USD in FDI, including new investment and expanding operations.

Woncheo Park, CEO of the SKC Group, part of South Korea’s SK Group, said SKC plans to build a 500 million USD high-tech biodegradable materials plant at the Deep C Hai Phong 1 Industrial Zone.

“Hai Phong has good, modern infrastructure and a good investment attraction mechanism, so we decided to create a biodegradable material production line to lay the foundation for our first investment in Hai Phong,” said Park, adding, “We are committed to creating a good eco-environment and will continue to urge Korean businesses to invest in Vietnam, particularly Hai Phong.”

Hai Phong has become the top investment location for multinational corporations like LG, Bridgestone, Vingroup, and Pegatron. The city has 14 industrial parks covering 6,000 hectares with an occupancy rate of 61%.

The Dinh Vu-Cat Hai Economic Zone has 22,500 hectares of industrial parks, residential urban areas, commercial centers, seaports, and a world-class logistics center.

Hai Phong's industrial parks and economic zones have attracted 800 investment projects, 500 of which are FDI projects worth 25 billion USD.

Minister of Investment and Planning Nguyen Chi Dung (Photo: VNA)

Minister of Planning and Investment Nguyen Chi Dung said that Hai Phong’s economic zone is one of the most successful coastal economic zones in Vietnam.

He urged Hai Phong, as a growth leader of the Red River Delta, to improve the competitiveness and attractiveness of its industrial parks and economic zones. According to Minister Dung, “To become a leading marine economic center and a driving force for regional development, Hai Phong needs breakthrough solutions to the development of its industrial parks and economic zones.”

In addition, “Hai Phong must boldly pioneer a new development direction based on eco-industrial and green-industrial models, and plan innovative technological parks,” said Mr Dung.

Hai Phong is pushing the establishment of a coastal economic zone south of the city. The zone will cover 20,000 hectares and include the southern part of Van Uc estuary, Nam Do Son port and logistics area, logistics service areas, and future seaports and airports.

Le Tien Chau, Secretary of the Hai Phong city Party Committee, said that the locality needs to learn from successful economic zones and ensure a balance between green, sustainable development and immediate economic development.

“The new economic zone should include a combination of urban areas, industry, commerce, service, health and education that will improve the lives of people there,” said Chau.

The southern coastal economic zone will connect with industrial parks and economic zones of neighboring localities to form a chain of coastal industrial parks.

Associate Professor Dr. Bui Tat Thang, Former Director of the Institute of Development Strategy, says the zone will help Hai Phong become a driver of socio-economic development for the entire Red River Delta.                   

“Hai Phong plans to create a chain of coastal economic zones and turn it into a dynamic, economic locomotive. It will not be like existing economic zones. I suggest calling this economic zone a ‘new generation zone’ with a new strategic vision for the marine economy. We hope it will lead all other economic areas in the entire northern coastal region,” Thang noted.

Hai Phong is taking advantage of its location. With the right direction and the right investments, this centrally-run city will become a key marine economic center for Southeast Asia in the near future.