Hai Phong City and the potential development like London, Amsterdam

(Updated: 14/5/2019)

Hai Phong is a favorite destination for major manufacturers of high-tech industries. Along with many incentives for interested investors, Hai Phong is becoming a leading industry in the Northern region.

In the report named "Hai Phong - Development vision", the research group of JLL - the leading real estate and investment management group in the world judged: "There are many models of cities in the world which are possible for Hai Phong to study, typically London and Amsterdam. If successfully developed, the city would promote the economic development and play an important role in the connection between sea and road transport.

Hai Phong fully has the necessary elements to truly develop into a global port-city. By continuing to invest in infrastructure, improving the city's traffic management system, improving inland waterways and railways, increasing labor productivity, improving and effectively managing administrative procedures, developing supporting industries and reaching innovation and technology, we believe that Hai Phong will be a city with a developing vision, and will continue to grow in the coming years".

With a coastal route stretching over 3,200 km along the East Sea, Vietnam possesses an extremely favorable position with access to major maritime routes around the world, promoting international trade relations. The majority of waterway goods passing through shipping centers located at the both ends of the country. The North with the port cluster in Hai Phong, accounting for more than 30 percent of the total. Along with the continuos FDI flow into the North in the past decade, Hai Phong port city quickly benefited and became a large-scale shipping and manufacturing center.

Forecast of container cargo through seaport by 2030

Hai Phong is one of 5 direct-controlled municipalities of Vietnam. Located on the main economic corridor, along the northeastern coastal area, Hai Phong is oriented to become a key gateway for the Northern region's import and export activities, assisting businesses in acquiring capabilities to access to the sea for transporting goods around the world.

The rapid urbanization process has accelerated the growth of Hai Phong in the last 5 years, with more than 2 million residents living and working, Hai Phong is the third largest city in the country standing behind only Ho Chi Minh and Hanoi.

Hai Phong is one of the best growth markets in the last 3 years

Hai Phong has the second highest GDP per capita in the country in 2018

Hai Phong is among the top 5 markets for FDI in Vietnam

The central government has shown a positive attitude towards Hai Phong's commitment to exponential growth. By offering many special attractive tax incentives, Hai Phong has attracted both domestic investors (VinGroup set up VinFast factory in Hai Phong) and foreign investors, as shown by increasing FDI flow. The continuous improvement of Hai Phong's Provincial Competitiveness Index (PCI) has demonstrated a great effort by the government to improve the business environment, increasing the attractiveness of Hai Phong.

Realizing that infrastructure is an important factor to promote economic development, Hai Phong has mobilized resources to develop transport infrastructure modernly and synchronously, assisting to improve connectivity with the main surrounding areas. This will contribute to positioning Hai Phong as the main maritime trading gateway of the economic corridor in the northern region.

The city's infrastructure has undergone significant improvements through the completion of three core projects: Hanoi - Hai Phong highway, Tan Vu - Lach Huyen motorway and Dinh Vu - Cat Hai bridge. By facilitating linkages with the Hanoi - Lao Cai highway, these projects will help reduce travel time between the northern provinces of Lao Cai and Hai Phong International Gateway Port (HIGP) to 6 hours.

Over the years, Hai Phong has become a core industrial center in Vietnam. Benefit from the positive effects of China-ASEAN Trade Agreement and official development assistance (ODA) from Japan, with its location only about 200 km from the Chinese border, Hai Phong is also considered as a potential production center of ASEAN in the China + 1 strategy, capable of taking advantage of the Trade Agreement between China and ASEAN.

Hai Phong Economic Zone, which gives companies many incentive regimes when they establish operations, also play a role as catalyst in attracting more investors in the region. With favorable geographical conditions, the potential to develop advanced infrastructure systems and the commitment to continue to develop the potential from the central government, Hai Phong will become a "magnet" to attract the investment in the northern region of Vietnam and become a major economic center.

(CAFEF.VN)

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