Hai Phong attracts multi-billion dollar investments

Investors signed contracts and memoranda of understanding worth VND274.22 trillion (US$12.85 billion) with Hai Phong's authorities, as an investment promotion conference concluded in this northern port city on Monday.

Tourists relax on Do Son beach in Hai Phong. Investors were committed to multi-billion dollar investments in the port city at a conference on Monday. -- Photo dulichkhatvongviet.com

Many of the investors were property developers, online newspaper ttvn.vn reported.

The Ha Noi-based Sun Group committed to build a VND7 trillion eco-tourism and entertainment complex on Cat Ba Island, and BRG Group, another firm headquartered in the capital, said it will expand the Do Son golf course with investment of VND2.1 trillion.

South Korean investment group McKinley pledged to construct a resort and a solar-power plant with capital of $4 billion, while Vietnamese realty giant Vingroup broke ground for a 30,000sq.m. 45-floor tower in the Vinhomes Riva City urban area on Sunday.

Xuan Thanh Group will develop infrastructure worth VND7.8 trillion for the North Cam River urban area and multi-sector investment firm FLC committed to execute the VND5.3 trillion FLC Do Son eco-tourism complex.

HCM City-based Him Lam Joint Stock Company confirmed it would construct resort complexes worth a combined VND4.98 trillion on Hon Dau Island.

Meanwhile, Vingroup and HCM City-based Sai Gon New Port Corporation entered into a contract with Hai Phong to develop an international gateway port in Lach Huyen District with total capital of $3 billion, and Phuc Loc Group from northern Ninh Binh Province said it would invest some VND14.27 trillion on roads in the port city.

Hai Phong authorities inked memorandum of understanding with some investors to develop wharves worth VND6 trillion in the South Dinh Vu Industrial Zone and coastal roads worth VND3.25 trillion.

They also signed contracts for hi-tech agricultural and industrial developments, such as a $300 million electronic component factory in the Trang Due Industrial Zone and a $24 million building material project for cement with joint venture Chinfon.

The authorities said the city would continue to complete infrastructure projects, especially highways, bridges and ports, and improve the business environment to facilitate investors.

Addressing the Monday conference, Prime Minister Nguyen Xuan Phuc called on investors to pour money into Hai Phong, especially in production, tourism and services.

He highlighted the city's advantages for socio-economic development, while praising its great achievements in investment attraction, especially foreign direct investment (FDI).

Hai Phong is reportedly leading localities around the country to help attract FDI in the first half of this year, with newly registered and supplemented capital reaching some $1.74 billion, or 15.4 per cent of all FDI capital that the country attracted during the period.

Source VNS