Hai Phong City has become the city in Vietnam with the strongest inflow of foreign direct investment (FDI). Besides the city’s partnership with international corporations, the city is keen to establish partnerships with private sectors in the ASEAN market. Saigon Newport Co, Mitsui OSK Lines Ltd, Itochu Group and Wan Hai Lines Ltd held an opening ceremony earlier this month for the opening of the Hai Phong International Container Terminal (HICT).

HICT is Northern Vietnam’s first large scale container terminal with the ability to handle container-ships of 14,000 twenty-foot-equivalent units (ETU). After a 2-year long construction period to build a sea port 16 feet deep into the coastline, the terminal will be Hai Phong’s and Vietnam’s major trade hub linking Asia, China, Europe and North America.

Additionally, Dinh Vu, located at the Southeastern coastline of Hai Phong, will undergo construction for its second industrial district development, which will largely focus on providing land for foreign manufacturers. Developers wish to attract more foreign manufacturers to join the industry at Hai Phong. Dinh Vu is presently the largest manufacturing district in Vietnam with an area of 2,000 acres. The Hanoi-Hai Phong Freeway, Cat Bi International Airport, Hai Phong- Ha Long Freeway, and infrastructure initiatives along the coastline will propel Hai Phong’s upcoming developments as an international container port. The establishment of the HCIT will be able to decrease the exporting costs for manufacturers and at the same time increase Vietnam’s lead in competition with other economies, bringing in new opportunities and economic growth to Vietnam.

Hai Phong City has already established a number of partnerships within the ASEAN community to provide room for potential businesses in economy, cultural and societal movements. Hai Phong benefits from its sea-port location, an exotic culture and proximity to Ha Long Bay, all of which may contribute to its future economic growth.

Source: Now News, China Times