Hai Phong is now the fastest growing city in Vietnam

Hai Phong is now the fastest growing city in Vietnam

In terms of GDP, the city recorded the growth rate of 14,01%, being the highest in Vietnam. The production output of manufacturing, mining, and utilities, (according to the Industrial Production Index) grew by 21,6%, while export turnover increased even more by 22,18%, achieving total throughput via ports of 92 million ton. Regional sales of products and services marked nearly USD 5 billion. 

These strong economics growths, however, do not surprise the city or its people, as they are merely the initial results of a long-term plan to make Hai Phong the gateway of Vietnam’s economy to the world by infrastructure developments and institutional reforms.

From 2018, Hai Phong city will start receiving vessels up to 100,000 DWT by the operation of the new Lach Huyen international deep-sea (-14m draft) port, cutting shipping time and cost to US and Europe..

Then, connecting the port with the new expressways from Hai Phong to other provinces and to China, is the longest sea-crossing bridge in Southeast Asia, the Tan Vu bridge, opened since September 2017.

In the meantime, the Cat Bi Airport was also upgraded to an international airport in 2016, together with the Noi Bai International Airport forming a redundant airport system for north Vietnam.

At the epicenter of these multimodal infrastructure projects, investors will find the DEEP C Industrial Cluster, a group of industrial zones equipped with world class reliable utilities and special tax package, as the destination to setup businesses in all types of industries.

Beside significant infrastructure developments, the city for years has been in the top 3 (as stated in government report the country scored 2/63 in the last 4 years in administrative reform) in the country for provinces to increase transparency and efficiency in the administrative and legal system, shorten the time taken to start business and maintain investors’ rights along with law updates, giving them peace of mind for their long-term investments.

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