Industrial parks in Haiphong to receive $1.3 billion in investment

September 22, 2023 | 20:18

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On September 22, Haiphong Economic Zones Management Authority (HEZA) granted the investment registration certificates for a series of foreign-invested projects worth nearly $1.3 billion.

Industrial parks in Haiphong to receive $1.3 billion

This capital is divided into 14 projects, mainly invested by companies from South Korea, Japan and Singapore.

The first one is the Ecovance high-tech biodegradable materials factory project of SK Group (South Korea) with the total registered capital of $500 million. The project will produce biodegradable materials, covering an area of 32,000 square metres at Dinh Vu Industrial Park.

The expansion of SK is the result of the signing of a comprehensive business agreement on “eco-friendly, high-tech material” between SKC – a subsidiary of SK Corporation and Haiphong People’s Committee in June in Seoul.

Based on this agreement, SKC plans to incrementally review investments in eco-friendly materials and future advanced materials businesses in the port city.

The HEZA will also award an investment registration certificate for the expansion of the office machinery and equipment manufacturing project, which is invested by Kyocera Document Solutions Inc. (Japan) at VSIP Haiphong Urban, Industrial and Service Area. With the additional capital of $238 million, the expanded factory is worth of $425 million.

Other projects awarded similar certificates are BW ready-built factory development project ($61 million), and the automobile parts manufacturing project of investor CCTY Bearing Company (China) worth $40 million.

Furthermore, the authority also selected two investors for social housing projects with the registered investment capital of $400 million.

In the first nine months of this year, the city attracted nearly $3 billion from foreign investors, equalling 120 per cent of initial expectations for the whole year.

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