Hai Phong, the northern port city, is among the favorite destinations for foreign and domestic investors. Situated about 100 km from the capital, Hanoi, Hai Phong is one of the five centrally governed cities of Vietnam. With its huge infrastructure investments, port access, and proximity to export markets, the city is one of the major manufacturing and logistics hub in Vietnam.
Economic growth
In 2017, the city’s economy grew 14.01 percent, highest since 1994 and twice that of the national average. In the first six months of 2018, the gross regional domestic product (GRDP) reached 16.3 percent, third highest in the country.
Sector growth
Industry and construction sector grew the fastest at 25.02 percent in the first half of 2018. Compared to the first six months of 2017, industry sector grew by 25.57 percent, while the construction sector grew by 21.09 percent. Manufacturing sector witnessed the highest growth at 27.68 percent.
The services sector grew by 10.37 percent, with transportation and warehousing recording the highest growth at 14.14 percent. Wholesale and retail sales grew by 11.08 percent, while accommodation and food services increased by 15.88 percent.
In H1-2018, agriculture, forestry, and fisheries grew by 2.77 percent, with fisheries leading at 7.88 percent, followed by agriculture and forestry at 0.97 percent and 0.66 percent respectively.
Products that witnessed a production growth in the first half of 2018 were communication equipment, construction materials, consumer electronics, apparel, and footwear.
Economic structure
The services sector continues to account for the highest share in the city’s GDP at 45.09 percent, followed closely by industry and construction at 43.92 percent. Agriculture, forestry, and fisheries only accounted for 5.78 percent of the economy.
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