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.
The target is equivalent to total FDI recorded in the city in the previous 30 years.
Local authorities say available industrial land is limited, with only 187.9 hectares inside industrial parks and over 700 hectares of unleveled sea surface.
Construction on the 410 hectare Tien Thanh Industrial Park is set to commence later this year. The city expects the establishment of the park would prompt the government to approve other industrial park projects.
The northern coastal city now operates 12 industrial parks, including eight inside and four outside Dinh Vu-Cat Hai Economic Zone. So far, they have lured 403 FDI projects worth $17.1 billion and 167 domestic investments worth VND145,885 billion ($6.14 billion).
Those industrial parks account for 80% of the city’s import-export revenue and 70% of its industrial production value.
Hai Phong has attracted 872 foreign investment projects worth $23.76 billion, the sixth highest in Vietnam. The figure included $1.1 billion in the first seven months of this year.
Most recently, the Hai Phong Economic Zone Authority (HEZA) and a delegation of the Taiwan Electrical and Electronic Manufacturers' Association (TEEMA) had a meeting Wednesday to discuss investments.
Representatives from the Deep C, Nam Dinh Vu, and Trang Due industrial parks introduced their facilities to the Taiwanese investors. The association is the third Taiwanese delegation to visit the city seeking investment opportunities so far this month.
The TEEMA with 3,006 members accounts for 50% of industrial output in Taiwan. Notable Taiwanese firms operating in Hai Phong are electronic appliance manufacturers Pegatron Vietnam, Universal Scientific Industrial Vietnam, Chilisin Electronics (Vietnam), and Lite-On Vietnam.