In 2023, Hai Phong City’s GRDP ranked 5th in the country, increasing by 10.34% compared to the same period last year, and ranked 2nd in the country in terms of attracting foreign direct investment, reaching a record high (second only to Ho Chi Minh City).
The economic structure in 2023 continues 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 industry and construction sector accounted for 53.34%; the service sector accounted for 37.76%.
Especially, 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 sectors, promoting industrialization and modernization, and involving Hai Phong and Vietnam more deeply into the global value chain.
Therefore, with strong development potential, at the end of 2023, the Hai Phong People’s Committee officially proposed the study and construction of 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 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 Hai Phong Economic Zone is the basis for anticipating the wave of investment capital relocation, attracting investors in high-tech, semiconductor, and developing eco-friendly, 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 whilst having many advantages in terms of geographic location, transportation, infrastructure, and development potential.
Specifically, this economic zone will maximize the advantages and potential of the city such as connectivity with neighboring economic zones, forming a chain of coastal economic zones, efficiently exploiting the direction of coastal high-speed road development, Nam Do Son Port, Tien Lang Airport, and fully utilizing the potential of the Dinh Vu – Cat Hai Economic Zone.
By 2030, the South Hai Phong Coastal Economic Zone 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 phased investment plan, in 2024 – 2025, the city will promote the establishment of economic zones proposal. From 2026-2030, related agencies will prepare and submit for general planning approval for the construction of the economic zones, invest in infrastructure, build functional areas, and attract secondary projects.
Looking ahead to 2050, Hai Phong is a major seaport city in the region and the world with three pillars of development: seaport service-logistics; green, smart, modern industry and international beach tourism center; a population of about 4.5 million people, with high development level amongst the top cities in Asia and the world.
According to Mr. Kien, the city is urgently completing procedures and documents in order to submit the project to establish the South 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 chose the theme of the year as “Enhancing urban renovation, modernizing the city – Building new rural models – Strengthening the implementation of social policies and digital transformation”. Hai Phong also selected 20 key projects for 2024, including 6 projects expected to be completed (5 projects funded by the budget, 1 project funded by non-budget), 12 projects expected to start (3 projects funded by the budget, 9 projects funded by non-budget), and 2 projects carried over from 2023.
For the main economic indicators in 2024, Hai Phong targets a GRDP growth rate (compared to 2010) compared to 2023, an average income per capita (at current prices) of $9,000, an industrial production index increase of 15%, and the proportion of high-tech industrial products in processing and manufacturing industry reaches 64%.
In terms of State budget revenue in the area, in 2024, Hai Phong targets a revenue of over 106.761 trillion VND, accounting for over 104% of the total revenue in 2023, of which domestic revenue reaches 45,000 trillion VND, equivalent to 105.88% of the domestic revenue in 2023; revenue from import-export activities reaches 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 amount of goods passing through the port reaches 190 million tons, equivalent to 111.76% compared to the amount of goods through the port in 2023 of 170 million tons. In particular, the target for attracting foreign direct investment in 2024 in Hai Phong is only $2-2.5 billion, equivalent to 57.14-71.43% compared to the foreign direct investment attracted in 2023 (nearly $3.5 billion).
