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With advantages in transportation and seaports, Hai Phong has become an attractive destination for foreign-invested (FDI) enterprises, including those from the Republic of Korea (RoK).
Open door for potential projects
Party General Secretary To Lam, his spouse, and a high-ranking Vietnamese delegation are paying a State visit to the RoK from August 10 - 13. Accompanying the Party leader during the trip is Secretary of the Hai Phong Party Committee Le Tien Chau.
The visit will not only create more cooperation opportunities between the two countries but also open the door for Hai Phong to attract more high-quality FDI projects from the RoK.
As Vietnam–RoK relations are at their most flourishing stage, combined with commitments to “roll out the red carpet” for investors, Hai Phong has every reason to expect a new wave of high-tech FDI projects, increasing the proportion of Korean capital. Korean businesses have made significant contributions toward the city’s goal of becoming the region’s leading modern industrial and seaport service center by 2030.
Last June, Innox Ecom Vina Co., Ltd., a subsidiary of the RoK’s INNOX Holdings, inaugurated its silicon anode material manufacturing project, an essential component in electric vehicle batteries, at Nam Dinh Vu free trade zone and industrial park, part of the Dinh Vu – Cat Hai Economic Zone.
With a total investment of 20 million USD, the 6,000 m² project has an annual capacity of 800 tons, with all output exported to Europe and the Americas.
Park Jung Jin, CEO of INNOX Holdings, expressed his honor in establishing production in Hai Phong, a city steadily moving toward its 2030 goal of becoming a national and regional hub for industry and high technology.
Park affirmed that Innox Ecom Vina will take the lead in the silicon anode material sector in Hai Phong and announced plans to expand with a third and fourth facility to accompany the city’s and Vietnam’s development.
During a meeting with the Hai Phong Economic Zone Authority earlier this year, leaders of Korean enterprises in Trang Due industrial park revealed that they were accelerating the implementation of new projects in 2025.
LG Electronics Vietnam Hai Phong Co., Ltd. is rushing to build its fourth plant and preparing to launch new products, with estimated 2025 revenue growth of 17% and recruitment needs for thousands of new workers.
Leaders of LG Display Vietnam Hai Phong Co., Ltd. said that after securing an additional 1 billion USD investment from the group at the end of 2024, they will further expand production to meet rising market demand.
Trang Due industrial park is considered a “stronghold” for Korean investors in Hai Phong, hosting more than 10 billion USD in investment, primarily from LG Group projects.
According to the Hai Phong Economic Zone Authority, Korean investment in the city not only leads in total capital but is also notable for its high-tech focus, integration into global supply chains, and concentration in electronics, auto parts, and machinery. The achievements of Korean investors clearly demonstrate that Hai Phong is an attractive and suitable destination for investment and business.
Accelerating attraction of strategic Korean investors
In recent years, to attract foreign investors in general and Korean ones in particular, Hai Phong has focused on maximizing its advantages in transportation and seaports while ensuring the best possible conditions for investors.
The city has pushed administrative reform, shortened investment procedure timelines, and improved investment promotion quality. Notably, it has adopted creative and effective promotion methods to draw more potential Korean investors.
These efforts include hosting investment promotion conferences directly in the RoK’s Seoul, attracting hundreds of Korean corporations and enterprises, and holding private meetings between the city’s top leaders and leading Korean corporations with commitments to provide maximum support in terms of environment and policy.
Le Trung Kien, Head of the Hai Phong Economic Zone Authority, said the city’s potential and room for attracting FDI in the coming period are substantial, especially with infrastructure development in the southern coastal economic zone underway.
He expressed the city’s hope that Korean businesses and investors will recognize Hai Phong’s positive and dynamic investment environment. Following its merger with Hai Duong province, Hai Phong’s economy ranks third nationwide, creating a basis for enterprises to make strategic investment decisions and paving the way for research and investment projects in the city, particularly in the southern economic zone. Here, investors will enjoy outstanding and attractive preferential policies.
Among countries and territories registering FDI in Hai Phong’s industrial parks and economic zones, the RoK ranks second in project numbers and first in total capital, nearly 200 projects worth 14.6 billion USD, accounting for more than 34% of total investment in these zones.
The Korean projects have not only driven Hai Phong’s growth but also shaped industrial restructuring, enhancing the city’s competitiveness regionally and internationally.
HIEP LE
