Hai Phong (VNA) – Authorities in Hai Phong have granted investment licences and signed memoranda of understanding worth overღ 15 billion USD, reflecting the northern port city's growing appeal as a dynamic investmen🦹t destination.

Confidence from major investors

LG Display Vietnam Hai Phong remains one of the city’s most prominent foreign investors. Since launching its first project in 2016 with 1.5 billion USD in capital, the company has expanded significantly, with total investment now exceeding 10 billion USD. General Director Choi In Kwan credited Hai Phong’s strong and consistent support, especially during challenges such as natural disasters and pandemics, along with its skilled workforce, modern infrastructure, and strategic location, for the company’s success. Similarly, Carlos Ottery, Director of Corporate Culture and Public Relations at Trakmotive - a leading investor in automotive parts manufacturing - said the company chose Hai Phong in 2025 after evaluating several countries and regions. Its decision was based on the city’s industrial heritage, strategic infrastructure, and high-quality labour. Trakmotive has secured a 22,000 sq m site for a factory set to open in 2026, creating around 4,000 jobs. These are just two among many investors who highlight Hai Phong’s infrastructure, workforce, and strong local support. Above all, the warmth and hospitality of its people make investors feel truly at home.

Ready for breakthrough growth

On June 27, 2025, the National Assembly passed Resolution No. 226/2025/QH15 on the pilot implementation of special mechanisms and policies aimed at accelerating Hai Phong’s development. This strategic decision introduces a new institutional framework intended to position Hai Phong as a leading growth pole in the Red River Delta. The resolution outlines six key policy groups, encompassing 41 specific mechanisms designed to remove institutional bottlenecks and create a transparent, stable, and attractive investment environment. Notably, it includes policies for establishing a Free Trade Zone in Hai Phong, offering unprecedented incentives such as preferential corporate income tax rates, visa exemptions, long-term residence cards for foreign experts and their families, and highly streamlined investment procedures. Minister of Finance Nguyen Van Thang affirmed the ministry’s close coordination with Hai Phong to implement these incentives transparently and effectively, building investor confidence. Chairman of the municipal People’s Committee Le Ngoc Chau reiterated the city’s commitment to continued investment in strategic infrastructure. Priority projects include the Lach Huyen deep-water port, Nam Do Son port, expansion of Cat Bi International Airport, and the Lao Cai – Hanoi – Hai Phong railway, alongside key highways and a modern logistics system. He affirmed that the city would stand by investors in both favourable and challenging times, viewing business success as integral to local development. The chairman pledged to actively resolve obstacles, protect legitimate business interests, and foster a transparent, stable investment climate built on harmonised benefits and shared risks.

A gateway to growth and global connectivity

At a recent investment promotion conference held by Hai Phong with both domestic and foreign investors, State President Luong Cuong delivered a keynote address, highlighting Vietnam as one of Asia’s most dynamic growth economies. In 2024, Vietnam’s total export turnover exceeded 786 billion USD, placing the country among the world’s top 20 international trading nations. Vietnam is also an increasingly attractive investment destination, with nearly 150 countries and territories currently investing in the country. It has become an essential link in global production and supply chains. He said Hai Phong, the largest export gateway in northern Vietnam, is playing an increasingly pivotal role in this network. The city boasts a strategic location with the international deep-water port of Lach Huyen, well-developed regional connectivity, specialised smart and green industrial zones, a plentiful labour force, and increasingly flexible investment incentives. It consistently ranks among the top localities in provincial competitiveness, administrative reform, and green growth. Hai Phong is building a dynamic, transparent, and investor-friendly environment through streamlined procedures and improved services. President Cuong called on investors to seize the city’s promising opportunities, form new partnerships, and drive innovation, laying the groundwork for lasting and effective cooperation./.