FDI pours into northern localities

illustration photo

The Foreign Investment Agency (FIA) reports that six northern localities (Hanoi, Haiphong, Bac Ninh, Bac Giang, Quang Ninh, and Hung Yen) were among the country’s top ten FDI attractors last year.

These six localities alone received a total of $5.036 billion in FDI committed by foreign businesses, according to the agency under the Ministry of Planning and Investment.

Other provinces including Ninh Binh, Vinh Phuc, Hai Duong, Ha Nam, Hoa Binh, Yen Bai, Thanh Hoa, Nam Dinh, Nghe An, Ha Tinh, Phu Tho, Thai Nguyen, Cao Bang, Lao Cai, Lang Son, Thai Binh and Tuyen Quang welcomed $1 billion in registered and added FDI.

Taken together, their FDI reached $6 billion, only under half of Vietnam’s $13 billion total.

Vinh Phuc was the most successful locality in calling for FDI in the northern region. Among its foreign-invested projects, those in the agricultural sector were valued at $49 million.  

Ninh Binh province is also lobbying for foreign investment in agriculture. Dinh Quoc Tri, Vice Chairman of the provincial People’s Committee, said priority is given to advanced agricultural technology development, research and development, high-yield varieties, and post-harvest processing.

Haiphong is rolling out the red carpet for wholly-owned foreign investment or joint venture projects in the fields of cultivation technology application, seafood processing for export, and caged fish farming.

In 2013 Quang Ninh plans to woo foreign businesses to invest $500 million in seven projects. Two are already under way – the Hai Ha seaport upgrade ($150 million) and a rare earth refining plant ($35.5 million).

Contractors will work o other major FDI projects this year, including the Ha Long-Mong Cai expressway, Bac Luan II bridge, Van Don international air terminal, and Big C trade plaza.

The province is seeking FDI for its projects using environmentally friendly technology, especially from Japan, in Viet Hung and Dong Mai industrial parks.