Hai Phong city aims to have FDI sector make up 35% of GRDP by 2025

Vietnam’s northern port city of Haiphong aims to have its foreign economic sector constitute 35% of its gross regional domestic product (GRDP) by 2025.

This year, the city targets $2-2.5 billion in foreign direct investment. In the year to April 20, it had succeeded in attracting $253 million, reaching 12% of the year target.

Hai Phong is already home to projects of many major Asian corporations, including six projects by South Korea’s LG with a total investment of $7.24 billion; $1.22 billion from Japan’s Bridgestone Corporation; $1 billion from Hong Kong-based Regina Miracle; and $800 million from Taiwanese electronics manufacturer Pegatron.

To align its FDI attraction with sustainable development, the municipal government has said it will concentrate on high quality investments.

It will step up cooperation with other countries with particular focus on FDI, official development assistance (ODA) and foreign trade.

In 2023, Hai Phong was ranked second nationwide in FDI attraction, securing $3.45 billion through 950 foreign-invested projects, four months ahead of schedule. It had come first in 2021 and 2022, receiving $2.08 billion and nearly $5.3 billion, respectively.

Last year, Hai Phong’s GRDP expanded 10.34% year-on-year, placing it fifth nationwide and second in the Red River Delta.