Vietnamese, Foreign Firms Land on Hai Phong with $13 Billion Deals

Vietnamese and foreign companies have announced plans to invest a combined $12.85 billion in Hai Phong city.


   Hai Phong is an important gateway of Vietnam thanks to its ports. Photo: haiphongtourism.gov.vn

Vietnam’s leading property developers and international companies have signed memoranda of understanding on investing a total of $12.85 billion in the northern port city of Hai Phong, making the city one of the investment hot spots in the country.

The agreements were inked during a recently-concluded investment promotion conference in the city, with the attendance of Prime Minister Nguyen Xuan Phuc.

The projects range from transport infrastructure development, hospitality, tourism, entertainment, manufacturing and hi-tech agriculture.

SunGroup will make its maiden investment in Hai Phong with an ecotourism and recreation complex on the Cat Ba island that will cost some 10 trillion dong ($447.8 million).

Similarly, FLC Group (HOSE: FLC), which is well-known for several coastal resorts and golf courses, will develop a $223-million resort complex in the city.

Vingroup (HOSE: VIC), the country’s biggest publicly-listed real estate developer, has kicked off the construction of the Vinhomes Riva City complex, comprised of a five-star hotel and a trade center.

In addition, Vingroup will join hands with Saigon New Port Corp to build an international seaport with an investment of up to $3 billion.

                                 A view of Hai Phong city. Photo credit: vietnam-travel.org

Among notable foreign-invested projects, Belgium’s Rent A Port has committed to develop two Deep C-branded industrial parks within the Dinh Vu Economic Zone with a combined investment of $400 million.

South Korea’s McKinley will develop a resort complex and a solar farm in the city whose costs will amount to $4 billion. Meanwhile, Hong Kong-based Flat Group plans to develop a $200-million solar glass factory.

With deep-sea ports, Hai Phong is Vietnam’s northern gateway to the world, especially with neighboring China.

The city has taken the lead among localities in terms of foreign direct investment since the start of this year, with 24 projects worth $2 billion. Adding to two existing projects, LG Group will invest $550 million to build a camera module in the city. 

To attract more investors, the city will continue to expand its transport network and open more air routes to South Korea, Thailand, China and Japan in 2016 and 2017.

Tuan Minh / BizLIVE