Hai Phong city attracts $190 mln FDI from Chinese firms

Vietnam’s northern coastal city of Hai Phong granted investment registration certificates to seven projects worth $190 million, within an investment promotion conference in Shenzhen, China, on Wednesday.

Flat (Vietnam) Company Limited, under Zhejiang-based Flat Glass Group, will invest an extra $50 million in its photovoltaic glass production project in Deep C Industrial Park, raising the total investment to $350 million.

Vietnam Ways Technology Company Limited will invest $15 million in making high-tech electronic components, while CFL Holdings Limited will spend $10 million on manufacturing plastic floor, both also in Deep C Industrial Park.

Yuekai Machinery Manufacturing Company Limited will pour an additional $35 million into An Duong Industrial Park for manufacturing and assembly of vehicle components, expanding its total investment to $55 million.

HMT (Hai Phong) New Technical Materials Company Limited will channel an extra $12 million into its project of manufacturing vehicle airbags, bringing its total investment in An Duong Industrial Park to $100 million.

Vietnam Precision Craft Component Technology Company Limited will invest $10 million in Nam Dinh Vu Industrial Park to manufacture industrial tools.

Autel Vietnam Company Limited will spend $58 million more on its project of manufacturing tools to detect vehicle issues in An Duong Industrial Park.

Besides, the Haiphong Economic Zone Authority (HEZA) and Chinese firms signed memoranda of understanding (MoU) on further investment.

Deep C Industrial Zones and CFL Holdings Limited signed an MoU to expand the investment in Deep C Industrial Park to $100 million, while Nam Cau Kien Industrial Park signed an MoU with a Chinese partner for a $12-million project to make phone components.

The HEZA and Vietnam Exquisite Power Technology Company Limited reached an MoU on investing an extra $100 million in a project of making batteries for laptops and phones, located in Nam Dinh Vu Industrial Park.

It also signed an MoU with Shenyue Joint Investment Company Limited to promote Chinese investments in Hai Phong and open an industrial real estate consultation center in the city.

Speaking at the event, Le Tien Chau, a Party Central Committee member and Party chief of Hai Phong, highlighted the event as the city's first investment promotion in China. It aims to boost Vietnam-China ties towards 75th anniversary of the partnership (1950-2025), he noted.

So far, Hai Phong has attracted 405 FDI projects from greater China, totaling $6.14 billion. Hai Phong is also home to two China-invested industrial parks, namely An Duong and Do Son.

Chinese firms based in Hai Phong recorded an annual export revenue of $5.34 billion and employ about 58,000 laborers.