Investment Climate in the Northern Port City of Hai Phong – Trade and FDI
Trade
Exports
In the first six months of 2018, exports turnover reached US$3.9 billion, up 25.34 percent over the same period in 2017. The domestic sector accounted for US$964.3 million, which grew by 19.36 percent, while the FDI sector grew by 27.43 percent to US$2.95 billion.
Plastics, textiles and garments, footwear, electronics products, and electric wires and cables witnessed the highest growth in exports.
Imports
Import turnover in H1 of 2018 was US$3.74 billion, up 19.6 percent compared to 2017. Domestic sector’s imports reached US$955.7 million, up 15.19 percent, while imports for the FDI sector stood at US$2.78 billion, growing by 20.59 percent.
Items that saw higher demand compared to the same period in 2017 were chemicals, garment and footwear accessories, and machinery.
FDI
As of June 2018, total registered capital stood at US$15.64 billion for 546 projects. In H1 of 2018, FDI reached US$1.26 billion, growing by more than 153 percent compared to the same period in 2017. Current FDI is already equal to 104.7 percent of the government’s 2018 target.
The region has drawn significant investments from foreign and domestic investors alike. Domestic firms such as Vingroup, Sungroup, Truong Xuan, Him Lam, and FLC have invested billions in urban development, tourism, agriculture, healthcare, and education.
Foreign firms such as LG, AEON, Kyocera, Hyundai, Bridgestone, Nippon, Chevron, and GE have also established a manufacturing presence in the region and invested billions in the last few years.
Majority of the foreign capital are invested in industries such as logistics, manufacturing, textiles, consumer electronics, chemicals, automobile parts, and petrochemicals.
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