Hai Phong okays $152 mln in investment capital from S Korean firms

By Nguyen Tuong
Fri, August 26, 2022 | 11:40 am GMT+7

Four South Korean-invested projects have received certificates to invest $151.5 million in Hai Phong city, Vietnam’s northern business hub.

Of these, an additional $35 million will go into KREMS Vietnam which is already operating. Of the other three new projects, $98 million will go to Hai Phong-Nam Dinh Vu Logistics Centers 1&2, and $18.5 million to the Posco Vietnam Processing Center.

KREMS is an electronics manufacturing plant in Trang Due Industrial Park. Meanwhile, Posco Vietnam Processing Center is a processing subsidiary of Korean steelmaker Posco.

A corner of Hai Phong city, northern Vietnam. Photo courtesy of Hai Phong Port Authority.

A corner of Hai Phong city, northern Vietnam. Photo courtesy of Hai Phong Port Authority.

Hai Phong authorities handed over the certificates at an investment conference in Seoul Tuesday. The next day, the Vietnamese delegates visited Gyonggi province to meet with supporting industry firms of LG Group. They invited the firms to invest in Hai Phong, which tech giant LG has selected as its production base in Vietnam.

LG has to date channeled $7.24 billion into its projects in Hai Phong, accounting for 37.13% of the total foreign direct investment (FDI) lured by the major industrial and port city.

Hai Phong, about two hours’ drive east of Hanoi, is home to three companies under the LG roof. LG Electronics Vietnam Hai Phong focuses on electronics, LG Innotek Vietnam Hai Phong supplies electronic components, while LG Display Vietnam Hai Phong manufactures LCD and OLED displays. The last received another $1.4 billion investment last August, bringing the total capital for the facility to $4.65 billion.

LG Display Vietnam Hai Phong’s CEO Suk Myung said at a ceremony held to receive the certificate for the additional investment that his company was committed to putting the project into full operation soon.

Core5 Vietnam, launched by Indochina Kajima this July as its industrial property platform in Vietnam, began work on its first project in Hai Phong last week. The Core5 Hai Phong will provide 96,000 square meters of factories and warehouses of international standards for lease at the Deep C2 Industrial Zone.

Indochina Kajima, a joint venture between Vietnam's Indochina Capital and Japan’s Kajima Corp., expects work on the facilities to be completed in the second quarter of 2023.

In May, Hong Kong-backed JD Future Explore V Limited embarked on developing a $32 million warehouse at the Non-Tariff Zone and Nam Dinh Vu Industrial Park in Hai Phong.

Covering around 97,000 square meters of land, with rental areas ranging from 5,000 to 55,000 sqm, the JD Property Logistics Park Hai Phong 1 project is set to be completed in the second quarter of 2023.

Hai Phong has emerged as a destination favored by foreign investors in the last couple of decades. The city has 14 operational industrial parks and plans to build another 15 by 2025, according to Le Trung Kien, head of the Hai Phong Economic Zone Authority.

In attracting FDI since the country opened its doors to FDI in late 1980s, Hai Phong ranks sixth nationwide with 872 projects totaling $23.76 billion, according to provincial data. Of the total, 173 projects worth $9.65 billion are South Korean-invested businesses, making the country the top investor in the northern port city both in terms of the number of projects and their value.

In the first seven months of this year, the city attracted $1.1 billion worth of FDI, ranking fifth nationwide.

Comments (0)
  • Read More
PVI Insurance sees 9-month profit before tax more than doubling

PVI Insurance sees 9-month profit before tax more than doubling

PVI Insurance has reaffirmed its position as the No. 1 non-life insurer in Vietnam, with total revenue increasing nearly 1.4 times in the first nine months of 2025 and pre-tax profit more than doubling year-on-year - surpassing its full-year targets for both revenue and profit.

Companies - Fri, October 17, 2025 | 9:08 am GMT+7

Vingroup to develop 4,600ha coastal urban project in northern Vietnam

Vingroup to develop 4,600ha coastal urban project in northern Vietnam

A consortium of Vingroup (HoSE: VIC) and its real estate arm Vinhomes (HoSE: VHM) will develop a 4,600-hectare coastal urban complex in Ha An ward, Quang Ninh province, following local authorities’ approval of a zoning plan.

Real Estate - Fri, October 17, 2025 | 8:30 am GMT+7

Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.

Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.

Energy - Thu, October 16, 2025 | 9:04 pm GMT+7

Vietnam to soon raise taxpayers' personal deduction: official

Vietnam to soon raise taxpayers' personal deduction: official

The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.

Finance - Thu, October 16, 2025 | 6:25 pm GMT+7

Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam

Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam

The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.

Economy - Thu, October 16, 2025 | 4:36 pm GMT+7

Vietnam's stock market watchdog suspends two Grant Thornton auditors

Vietnam's stock market watchdog suspends two Grant Thornton auditors

Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.

Finance - Thu, October 16, 2025 | 3:35 pm GMT+7

Law No. 56 a major policy breakthrough for Vietnam's stock market development

Law No. 56 a major policy breakthrough for Vietnam's stock market development

The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.

Finance - Thu, October 16, 2025 | 2:30 pm GMT+7

WHA Group breaks ground on smart technology industrial zone in central Vietnam

WHA Group breaks ground on smart technology industrial zone in central Vietnam

Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.

Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7

Vietnam a key partner in Murphy Oil’s global strategy: exec

Vietnam a key partner in Murphy Oil’s global strategy: exec

Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.

Companies - Thu, October 16, 2025 | 12:06 pm GMT+7

VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center

VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center

State-owned Vietnam Posts and Telecommunications Group (VNPT) and Qualcomm have officially launched the VNPT-Qualcomm Excellence Center (VQEC), the first facility in the country to operate under an original design co-development model using Qualcomm’s core technologies.

Companies - Thu, October 16, 2025 | 8:41 am GMT+7

Indonesia enjoys steady growth in nine months

Indonesia enjoys steady growth in nine months

Indonesia's Ministry of Finance on Tuesday announced the country’s 2025 budget performance as of September, reporting that Southeast Asia’s largest economy continued to post steady growth despite global economic uncertainties.

Southeast Asia - Wed, October 15, 2025 | 9:53 pm GMT+7

Malaysia on progressive path towards AI nation status: experts

Malaysia on progressive path towards AI nation status: experts

Malaysia is on a progressive track towards becoming an Artificial Intelligence (AI) nation by 2030, a goal seen as achievable under Budget 2026 - the Malaysian Government’s fiscal and policy framework for 2026.

Southeast Asia - Wed, October 15, 2025 | 9:44 pm GMT+7

Thailand steps up development of semiconductor industry

Thailand steps up development of semiconductor industry

Thailand’s Board of Investment (BOI) plans to propose a new national semiconductor and advanced electronics policy board to the government, which will spearhead Thailand’s semiconductor development strategy.

Southeast Asia - Wed, October 15, 2025 | 9:40 pm GMT+7

ASEAN sets ambitious energy targets

ASEAN sets ambitious energy targets

Senior energy officials from ASEAN member nations and Timor-Leste on Tuesday convened in Kuala Lumpur, Malaysia, to finalize key outcomes and policy recommendations to be submitted to the 43rd ASEAN Ministers on Energy Meeting (AMEM).

Southeast Asia - Wed, October 15, 2025 | 9:33 pm GMT+7

Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam

Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam

A subsidiary of Sun Group, one of Vietnam’s leading real estate developers, has received approval to invest VND9.88 trillion ($375 million) in an inland waterway tourism project in the central coastal city of Danang.

Industries - Wed, October 15, 2025 | 5:21 pm GMT+7