Hai Phong City is calling for foreign direct investment (FDI) in green and high technology after decades of focusing on infrastructure projects.
Le Thanh Son, vice chair of the northern port city, said that over the past 20 years the city has been spending heavily on airport, seaport, expressway and other infrastructure projects, thus becoming a strategic gateway for the country’s north.
According to Hai Phong’s Department of Planning and Investment, over $4.1 billion has been invested in major infrastructure projects such as Hai Phong international seaport, Cat Bi international airport, Tan Vu-Lach Huyen Bridge, and Hanoi-Hai Phong expressway.
But now it wants investors committed to green and high technology projects. In the past, the city sometimes accepted FDI projects using outdated and pollution-causing technology because of its huge demand for capital, such as those in the textile, footwear and seafood processing sectors.
Frank Wouters, general director of Dinh Vu Industrial Zone JSC, said Dinh Vu has attracted $3 billion in investment pledges for more than 55 foreign and domestic projects, accounting for 30 percent of Hai Phong’s FDI.
He added Dinh Vu is 75 percent full and that it still has 100 hectares of land for investors, especially those committed to using green and high technology. Those investors can enjoy zero corporate income tax in the first four years, 5 percent in nine following years, 10 percent in two years after that and 25 percent thereafter.
In the Provincial Competitiveness Index (PCI), Hai Phong ranks 34th among 63 cities and provinces in the nation, and this ranking is a reference for inventors to set up shop in the city.
Source: The Saigon Times
Key words: Hai Phong, calling for, FDI, green and high technology
