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Hai Phong holds Conference on Investment Promotion

Released at: 14:26, 20/09/2016

Hai Phong holds Conference on Investment Promotion

Photo: chinhphu.vn

City to improve infrastructure and administration procedures to attract more investment, leaders tell gathering on September 19.

by Hung Nguyen

Hai Phong City is committed to providing the best investment environment possible to investors by improving its infrastructure and adopting clearer administrative procedures, city leaders told the Conference on Investment Promotion in Hai Phong on September 19.

Hai Phong’s transport infrastructure will be updated and finished soon, according to Mr. Nguyen Van Tung, Chairman of the City People’s Committee.

The Ha Long - Hai Phong Highway will be finished in mid-2017, cutting travel time between the two destinations to 25 minutes. The bridge and road to Cat Hai Island and the international port on the island will be finished at the beginning of 2018, with the latter capable of berthing large vessels.

At the end of this year Hai Phong will begin building a coastal road connecting Quang Ninh, Thai Binh, Nam Dinh, Ninh Binh and Thanh Hoa provinces.

In order to attract more flights to Cat Bi International Airport, Hai Phong provides support of VND10 billion ($448,000) to airlines opening international routes and VND5 billion ($224,000) to those opening domestic routes.

There will be two more direct international flights from Hai Phong to South Korea and Thailand by the end of the year and in the beginning of 2017 flights from Hai Phong to China and Japan will be opened, according to Mr. Tung.  

In order to improve administrative procedures, the Hai Phong City People’s Committee announced a decision at the conference to set up an investment, trade and service promotion center, which will serve as a bridge connecting local authorities and enterprises with a one-door policy. The center will create a convenient and transparent investment climate for investors, promote administrative reform, and deal with difficulties facing enterprises in the city.

Hai Phong possesses many advantages for economic development, such as ports, airports, an ample workforce, and nearly complete transport infrastructure, Prime Minister Nguyen Xuan Phuc said.

Representatives from the People’s Committee presented investment licenses to LG Innotek from South Korea at the conference, which will build a $550 million project at the Trang Due Industrial Park manufacturing electronics and camera modules, and to the Flat Group from Hong Kong, which will invest $200 million in a solar energy glass project at the Dinh Vu Industrial Park.

The total value of memoranda of understanding and credit contracts signed at the conference was $12.85 billion.  

“The government and Hai Phong authorities consider a win for investors as a win for ourselves,” the Prime Minster told the gathering.

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