In 2023, the GRDP of Hai Phong City ranked fifth in the country, with a growth rate of 10.34% compared to the same period last year, and ranked second in the country in attracting foreign direct investment, reaching a record high (second only to Ho Chi Minh City).
The economic structure in 2023 continued to shift towards industrialization, with an increase in the proportion of industrial and service areas and a decrease in the proportion of agricultural areas. Specifically, the agricultural, forestry, and fisheries sector accounted for 3.4%; the industrial-construction sector accounted for 53.34%; and the service sector accounted for 37.76%.
In particular, 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, promotes industrialization and modernization, and allows Hai Phong and Vietnam to participate more deeply in the global value chain.
Therefore, with strong development potential, at the end of 2023, the Hai Phong People’s Committee officially proposed to study and develop the second economic zone of the city – the project to establish the South Hai Phong Coastal Economic Zone, expected to be submitted to the Ministry of Planning and Investment in early 2024 for appraisal and approval by the Prime Minister.
At a recent seminar, Mr. Le Trung Kien, Head of the Management Board of the Hai Phong Economic Zone, affirmed that the establishment of the South Hai Phong Economic Zone is the basis for “seizing the opportunity” of investment capital transfer and attracting investors in high-tech and semiconductor fields, as well as developing green and circular industrial zones.
According to the Management Board of the Hai Phong Economic Zone, this economic zone has an area of 20,000 hectares, along the coastal highway with many advantages in terms of geographical location, transportation, infrastructure, and development potential.
In particular, 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 development orientation of the coastal highway, Nam Do Son Port, Tien Lang Airport, and taking full advantage of the potential of the Dinh Vu – Cat Hai Economic Zone.
By 2030, the South Hai Phong Coastal Economic Zone will become the dominant 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 plan, in 2024 – 2025, the city will propose the establishment of the economic zone. From 2026-2030, relevant agencies will develop the general plan for building the economic zone, invest in infrastructure, construct functional areas, and attract secondary projects.
Looking forward to 2050, Hai Phong will be a major coastal port city in the region and the world with three pillars of development: port service-logistics; green, smart, and modern industrial sectors; and an international coastal tourism center with a population scale of about 4.5 million people, having a high level of development among the leading cities in Asia and the world.
According to Mr. Kien, the city is urgently completing the documents and procedures in order to submit the project to establish the South Hai Phong Coastal Economic Zone to the Prime Minister for approval in the second quarter of 2024.
Dozens of projects continue to “take off”
Accordingly, in 2024, Hai Phong selected the theme of the year as “Strengthening urban renovation, urban modernization – Building model new rural areas – Enhancing the implementation of social policies and digital transformation.” Hai Phong also selected 20 key projects for 2024, including 6 projects that are expected to be inaugurated (5 budget-funded projects, 1 non-budget-funded project), 12 projects that are expected to commence (3 budget-funded projects, 9 non-budget-funded projects), and 2 projects that are being continued from 2023.
For the main economic indicators in 2024, Hai Phong aims for a GRDP growth rate (compared to 2010) compared to 2023, an average per capita income (at current prices) of $9,000, a 15% increase in industrial production index, and a proportion of high-tech in processing and manufacturing industries of 64%.
In terms of state budget revenue in the area, in 2024, Hai Phong aims to achieve more than 106.761 trillion VND, exceeding 104% compared to the total state budget revenue in 2023. Specifically, domestic revenue is expected to reach 45,000 trillion VND, equivalent to 105.88% of the actual domestic revenue in 2023, and revenue from import-export activities is expected to reach 60,000 trillion VND, equivalent to 103.45% of the import-export revenue in 2023.
The total social investment capital in 2024 is 210,000 trillion VND, equivalent to 109.95% compared to 2023. The volume of goods through the port reaches 190 million tons, equivalent to 111.76% compared to the volume of goods through the port in 2023, which is 170 million tons. In particular, the target for attracting foreign direct investment in 2024 is only set at 2-2.5 billion USD, which is equivalent to 57.14-71.43% compared to the amount of foreign direct investment attracted in 2023 (nearly 3.5 billion USD).
