Hai Phong has recently approved the construction of the Vinh Quang Ecological Industrial Park (Phase 1) in Vinh Bao district, covering an area of 226 hectares with a total investment of over VND 3,500 billion.

Vinh Quang ecological industrial park project in Hai Phong

The Hai Phong government has approved the development of the Vinh Quang Industrial Park (Phase 1) in Vinh Bao district, spanning 226 hectares across Vinh Quang, Cong Hien, and Thanh Luong communes. The project has a 50-year lifespan and is categorized as an ecological industrial park.

The project’s investor is Idico Vinh Quang JSC, established in November 2023 with a charter capital of VND 550 billion. The company is a subsidiary of Idico Corporation, focusing on industrial park development. The project is expected to enhance local production capacity and create numerous new job opportunities for the community.

According to the Hai Phong Economic Zone Authority, the city currently has Dinh Vu – Cat Hai Economic Zone and 14 industrial parks in Hai Phong, covering a total area of more than 6,000 hectares. The occupancy rate of these industrial parks is approximately 70%, reflecting Hai Phong’s growing appeal to both domestic and foreign investors.

Illustrative image: Nam Cau Kien Industrial Park – Hai Phong

FDI attraction in Hai Phong 2024

In 2024, Hai Phong continues to be a prominent destination for foreign direct investment (FDI). According to the General Statistics Office, FDI inflows into Hai Phong are estimated to reach 4.7 billion USD, a 235% increase compared to the target, marking a remarkable year of economic growth and investment attraction for the city despite challenges and damages caused by Typhoon Yagi.

The most notable project is the LG Display Vietnam Hai Phong expansion, with an additional investment of 1 billion USD at the Trang Due Industrial Park, bringing its total investment to 5.65 billion USD. The LG Group now has a total investment of 8 billion USD in Hai Phong, with three major factories: LG Electronics, LG Display, and LG Innotek, creating jobs for over 30,000 workers. This significant investment expansion highlights Hai Phong’s strong appeal in attracting high-tech industries.