Vietnam: City Aims to Boost Hai Phong Port Dredging

News - Industrial zones (IZs) and Economic Zones (EZs) in the northern port city of Hai Phong aim to boost both foreign and domestic investment significantly this year.

Specifically, they aim to attract $500 million in foreign direct investment (FDI), a 42 per cent increase over last year, while domestic direct investment (DDI) was expected to reach VND8 trillion ($381 million), a 21 per cent increase over 2011, said the city's head of IZs and EZs Management Board Pham Thuyen.

FDI enterprises operating in the EZs and IZs would strive to achieve $1.38 million in turnover, 20 per cent more than last year. An 82 per cent increase in DDI was expected, equivalent to VND10 trillion ($476 million), he said.

Several plants have begun expansions in the Nomura and Dinh Vu IZs.

The city has been in a rush to ensure the progress of key projects including the Hanoi-Hai Phong Expressway, road No 365 to Dinh Vu IZ and dredging in the Hai Phong Port for vessels of up to five million tonnes.