Unlocking resources to drive economic growth

Sustaining growth momentum

Since launching its first project at Trang Due Industrial Park with an investment of USD 550 million in 2016, LG Innotek Vietnam Hai Phong Co., Ltd. has continuously expanded its operations, growing to three manufacturing plants with a total registered investment exceeding USD 2 billion. Most recently, the Standing Committee of the Hai Phong Party Committee approved the investment policy for the company's semiconductor packaging substrate manufacturing plant at Nam Dinh Vu Industrial Park (Zone 2), located in the Dinh Vu – Cat Hai Economic Zone, with a total investment of USD 1 billion. According to the planned schedule, construction will commence in 2026, trial operations are expected to begin in the third quarter of 2027, and mass production is scheduled to start in the third quarter of 2028.

In addition to the expansion of foreign-invested enterprises, numerous public investment projects and privately financed projects have also accelerated, providing additional momentum for economic growth. According to Mr. Tang Ba Phuc, Chief Statistician of Hai Phong, the city's total realized social investment in the first six months of 2026 reached VND 158.516 trillion, representing an increase of nearly 14% compared with the same period in 2025 and exceeding the city's six-month growth scenario.

The foreign direct investment (FDI) sector remained the primary growth driver, with realized investment totaling VND 71.770 trillion, up 22.21% year-on-year—the highest growth rate among all investment sources. Investment continued to concentrate in manufacturing and processing industries, electronics, and high-tech sectors. Alongside LG Innotek, major corporations such as LG Display, LG Electronics, and VinFast have continued to expand their production facilities and invest in additional machinery and equipment, further strengthening the city's manufacturing capacity.

The domestic private sector also reaffirmed its role as a key engine of economic growth, with realized investment reaching VND 68.438 trillion, an increase of 10.52% over the same period last year. Investment by private enterprises rose by 11.73%, while household investment increased by 8.31%. Meanwhile, cumulative locally managed state budget investment in the first six months was estimated at VND 13.350 trillion, up 14.57% year-on-year.

The strong growth in realized investment across the city made a significant contribution to Hai Phong's GRDP performance during the first half of the year. It also laid a solid foundation for achieving the city's 2026 growth target, further reinforcing Hai Phong's position as one of Vietnam's most dynamic economic growth poles.

Removing bottlenecks

In 2026, Hai Phong has set a target of achieving GRDP growth of at least 13%. To accomplish this goal, the city has revised its growth scenario for the second and third quarters upward from the original plan while adjusting performance targets across individual sectors and industries. Accordingly, total realized social investment in the second half of the year is expected to reach approximately VND 210 trillion.

This is an ambitious target, as the investment required during the last six months of the year exceeds the total realized investment recorded in the first half. Achieving this objective will require significant breakthroughs in public investment disbursement, stronger FDI inflows, greater mobilization of private-sector capital, and faster implementation of key development projects.

During the second half of 2026, the city will prioritize accelerating transport infrastructure, seaport, industrial park, and secondary investment projects to expand the supply of cleared industrial land and create additional production capacity for future investment. Alongside continued efforts to attract foreign investment, Hai Phong will place greater emphasis on developing domestic enterprises while ensuring a transparent and level playing field for all economic sectors. The coordinated expansion of public investment, private investment, and FDI is expected to provide new momentum for achieving the city's 2026 growth target.

At the city's regular meeting in June, Mr. Do Thanh Trung, Chairman of the Hai Phong People's Committee, stressed that the growth target would be difficult to achieve without stronger investment momentum. He therefore directed municipal departments, agencies, and local authorities to focus on removing key bottlenecks related to land clearance, resettlement, project adjustments, and construction price indices, while accelerating the disbursement of public investment funds.

The city will also promptly address difficulties facing non-budget investment projects, expedite planning and investment procedures for industrial parks, specialized economic zones, and housing developments, strengthen support for enterprises implementing investment projects, and comprehensively review and resolve delayed and long-outstanding projects as well as underutilized land resources in order to unlock additional development potential.

According to Mr. Pham Van Thep, Head of the Hai Phong Economic Zone Authority, the authority will prioritize accelerating infrastructure development in industrial parks and completing the necessary procedures to commence new projects as scheduled. It will also promote the implementation of secondary investment projects, seaport developments, and logistics infrastructure while preparing cleared land to attract new investors. At the same time, the authority will continue working closely with businesses to resolve obstacles encountered during project implementation, helping projects become operational sooner, expand production capacity, and contribute more effectively to the city's economic growth.

Ha Minh