In 2023, Hai Phong City’s GRDP ranked 5th in the country, a 10.34% increase compared to the same period last year, and ranked 2nd in the country in terms of foreign direct investment attraction, reaching a record (only behind Ho Chi Minh City).
The economic structure in 2023 continued to shift towards industrialization, increasing the proportion of industrial and service areas, and reducing the proportion of agricultural areas. Specifically, the agriculture, forestry, and fisheries sector accounted for 3.4%; the industrial – construction area accounted for 53.34%; the service area accounted for 37.76%.
Particularly, Hai Phong holds the most successful coastal economy in the country (Dinh Vu – Cat Hai Economic Zone). This economic zone contributes to the restructuring of industries, promoting industrialization and modernization, and further integrating Hai Phong and Vietnam into the global value chain.
Therefore, with strong development potential, at the end of 2023, Hai Phong People’s Committee officially proposed to study and build the development of the 2nd economic zone of the city – Project to establish the South Sea coastal economic zone of Hai Phong. It is expected to submit to the Ministry of Planning and Investment in early 2024 for appraisal and submission to the Prime Minister for approval.
At a recent workshop, Mr. Le Trung Kien, Head of the Hai Phong Economic Zone Management Board, affirmed that the establishment of the South Sea coastal economic zone of Hai Phong is a basis to anticipate the wave of investment capital shifting, attract investors in high-tech fields, semiconductors, and develop green, circular industrial zones.
According to the Hai Phong Economic Zone Management Board, this economic zone covers an area of 20,000 hectares, along the coastal highway and has many advantages in terms of geographical location, transportation, infrastructure, and development potential.
Specifically, this economic zone will maximize the advantages and potential of the city such as: connecting with neighboring economic zones, forming a chain of coastal economic zones, effectively exploiting the coastal highway development orientation, Nam Do Son Port, Tien Lang Airport, and making good use of the potential of the Dinh Vu – Cat Hai Economic Zone.
By 2030, the South Sea coastal economic zone of Hai Phong will become the main driving force of the city’s economy, equivalent to 80% of the capacity of the Dinh Vu – Cat Hai Economic Zone in 2023.
According to the investment phase plan, in 2024-2025, the city will propose the establishment of the economic zone. From 2026-2030, relevant agencies will formulate and submit the general construction plan for the economic zone, invest in infrastructure construction, invest in the construction of functional areas, and attract secondary projects.
Vision by 2050, Hai Phong will be a major seaport city in the region and the world with three development pillars: port service-logistics; green, smart, modern industry and international beach tourism center; population scale of about 4.5 million people, with high development level among the leading cities in Asia and the world.
According to Mr. Kien, the City is urgently completing the documents and procedures to be able to submit to the Prime Minister for approval of the project to establish the South Sea coastal economic zone in the second quarter of 2024.
Dozens of projects continue to “take off”
Accordingly, in 2024, Hai Phong chose the theme of the year as “Promoting urban modernization and transformation – Building new rural areas – Strengthening the implementation of social policies and digital transformation”. Hai Phong also selected 20 key projects in 2024, including 6 projects expected to be inaugurated (5 projects funded by the state budget, 1 project financed by non-state budget), 12 projects expected to start (3 projects funded by the state budget, 9 projects funded by non-state budget), and 2 projects being continued from 2023.
For the main economic indicators in 2024, Hai Phong sets a target for GRDP growth rate (compared to 2010) compared to 2023, per capita income (at current prices) of $9,000, an increase of 15% in the industrial production index, and the proportion of high-tech industrial products in the processing and manufacturing industry reaching 64%.
State budget revenue in the area, in 2024, Hai Phong sets the target to collect more than VND 106,761 billion, equivalent to more than 104% compared to the total revenue of 2023, of which domestic revenue reaches VND 45,000 billion, equivalent to 105.88% compared to the domestic revenue collected in 2023, and revenue from import-export activities reaches VND 60,000 billion, equivalent to 103.45% of the revenue from import-export activities in 2023.
The total social investment capital in 2024 is VND 210,000 billion, equivalent to 109.95% compared to 2023. The amount of goods passing through the port reaches 190 million tons, equivalent to 111.76% compared to the amount of goods passing through the port in 2023, which is 170 million tons. Specifically, the target for attracting foreign direct investment in 2024 in Hai Phong is only from $2-2.5 billion, equivalent to 57.14-71.43% with the figure of attracting foreign direct investment in 2023 (nearly $3.5 billion).
