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

By Nguyen Tuong
Fri, August 26, 2022 | 11:40 am GTM+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
Thai giant Central Retail eyes mall investment in Binh Thuan

Thai giant Central Retail eyes mall investment in Binh Thuan

Thailand's Central Retail is seeking opportunities to build malls and supermarkets in Binh Thuan province.

Industries - Fri, September 30, 2022 | 3:05 pm GTM+7

Unemployment hits 2.28% in Q3, lowest in 2 years

Unemployment hits 2.28% in Q3, lowest in 2 years

Vietnam's unemployment rate dropped by 1.7 percentage points year-on-year to 2.28% in the third quarter, the lowest since 2020.

Economy - Fri, September 30, 2022 | 11:38 am GTM+7

Looking up HCMC’s highest high-end homes

Looking up HCMC’s highest high-end homes

Housing projects like The River Thu Thiem, Lumière Riverside, Grand Marina Saigon, and The Opera Residence are home to the most expensive penthouses in Ho Chi Minh City.

Real Estate - Fri, September 30, 2022 | 9:36 am GTM+7

US dollar scales record high peak of VND24,000

US dollar scales record high peak of VND24,000

The exchange rate at Vietnamese commercial banks crossed VND24,000 per dollar Thursday, reaching a new peak that it had not scaled before.

Banking - Thu, September 29, 2022 | 9:45 pm GTM+7

Proptech firm Levitate makes its debut in Vietnam

Proptech firm Levitate makes its debut in Vietnam

Singapore-headquartered housing development platform Levitate has made Vietnam its debut market, giving consumers in the country more creative input when buying their own home.

Real Estate - Thu, September 29, 2022 | 9:19 pm GTM+7

VN-Index drops for fifth consecutive day despite strong economic data

VN-Index drops for fifth consecutive day despite strong economic data

Vietnam’s benchmark VN-Index dropped 17.55 points Thursday to 1,126.07, despite newly-released data showing the country’s nine-month GDP growth hitting 8.83%, a record high in 12 years.

Finance - Thu, September 29, 2022 | 5:18 pm GTM+7

Steel giant Hoa Phat starts operating $42 mln home appliance factory

Steel giant Hoa Phat starts operating $42 mln home appliance factory

Hoa Phat Group has begun production at its new home appliance factory worth VND1,000 billion ($42 million) in Ha Nam province.

Industries - Thu, September 29, 2022 | 4:28 pm GTM+7

Four major markets spend $27 billion importing phones, components from Vietnam

Four major markets spend $27 billion importing phones, components from Vietnam

The U.S., EU, China and South Korea imported nearly $27 billion worth of phones and components from Vietnam in the first eight months of the year, according to the Ministry of Industry and Trade.

Economy - Thu, September 29, 2022 | 4:06 pm GTM+7

Hai Phong aims to attract $15 billion in FDI for 2020-2025

Hai Phong aims to attract $15 billion in FDI for 2020-2025

The northern port city of Hai Phong seeks to build 15 more industrial parks totaling 6,200 hectares to attract $15 billion in foreign direct investment in 2020-2025.

Industries - Thu, September 29, 2022 | 3:13 pm GTM+7

Viettel picks Taiwan’s UfiSpace for massive 5G roll out

Viettel picks Taiwan’s UfiSpace for massive 5G roll out

Vietnamese tech giant Viettel has selected Taiwanese 5G solutions supplier UfiSpace to jointly deploy disaggregated cell site gateways for Viettel’s massive 5G rollout in Vietnam.

Industries - Thu, September 29, 2022 | 2:27 pm GTM+7

Ministry proposes inclusion of five coal-fired projects in new power plan

Ministry proposes inclusion of five coal-fired projects in new power plan

The Ministry of Industry and Trade has proposed that the government includes five coal-fired thermal power projects in the national power development plan VIII.

Energy - Thu, September 29, 2022 | 1:16 pm GTM+7

Vietnam’s nine-month GDP growth highest in 12 years

Vietnam’s nine-month GDP growth highest in 12 years

Vietnam’s economic growth of 8.83% year-on-year in the first nine months is the highest recorded in 12 years.

Economy - Thu, September 29, 2022 | 12:19 pm GTM+7

Vietnam a top five investment destination for Warburg Pincus: CEO

Vietnam a top five investment destination for Warburg Pincus: CEO

Vietnam is an increasingly attractive and important investment destination for U.S. firms, and one of the five most significant locations for Warburg Pincus, its CEO Charles Kaye said Wednesday.

Industries - Thu, September 29, 2022 | 11:05 am GTM+7

Tokyo Gas, Kyuden Group ink LNG power project pact

Tokyo Gas, Kyuden Group ink LNG power project pact

Japan's Tokyo Gas and Kyuden Group have inked a memorandum of understanding with Truong Thanh Vietnam JSC on jointly developing an LNG-to-power project with a phase-one capacity of 1,500 megawatts in northern Vietnam.

Energy - Thu, September 29, 2022 | 6:30 am GTM+7

VN-Index plunges to 19-month low amid broad selloffs

VN-Index plunges to 19-month low amid broad selloffs

Vietnam’s benchmark VN-Index dropped 22.92 points Wednesday, or 1.96%, to 19-month low of 1,143.62 points, due to broad selloffs of major stocks.

Finance - Wed, September 28, 2022 | 6:05 pm GTM+7

Deputy foreign minister fired in pandemic repatriation scam

Deputy foreign minister fired in pandemic repatriation scam

Deputy Foreign Minister To Anh Dung and Nguyen Quang Linh, assistant to Standing Deputy Prime Minister Pham Binh Minh, were fired Wednesday for violations related to repatriation of Vietnamese citizens during the pandemic crisis.

Politics - Wed, September 28, 2022 | 5:21 pm GTM+7