Hai Phong pulls $3.8bn in FDI in 10 months, targets four Asian markets

Hai Phong attracted more than US$3.8 billion in foreign direct investment between January and October, a 69 percent jump year-on-year, as the northern Vietnamese port city prepares a 2027 investment promotion program aimed squarely at four Asian markets. Domestic investment added over VND115 trillion, roughly $4.5 billion, over the same period.

The office of the municipal People's Committee announced on Thursday that vice-chairman Le Trung Kien has issued conclusions on the 2027 program, identifying Japan, South Korea, China and Taiwan as priority markets. The figure of nearly 1,900 active FDI projects with more than $54 billion in registered capital as of October underlines how much existing money the city is already stewarding — and how much rides on keeping it there.

What is Hai Phong targeting?

Kien has directed departments and agencies to follow the Ministry of Foreign Affairs' forecasts on international and regional developments and emerging cooperation trends. Promotion activities should align with the city's socio-economic priorities, particularly industries with strong growth potential.

The target sectors read like a supply chain wish list:

• shipbuilding, logistics and seaports
• high-tech industries, artificial intelligence and robotics
• trade, services and tourism
• priority sectors within the city's free trade zone

For shippers and carriers, the logistics and seaport focus signals continued ambition to deepen Hai Phong's role as a northern Vietnam gateway. For manufacturers, the emphasis on high-tech and robotics tracks the same electronics and precision-engineering clusters that LG's presence helped anchor.

Why Incheon matters in 2027

Hai Phong intends to hold discussions with authorities and partners in Incheon, South Korea, to explore an investment promotion and cooperation program in March or April 2027. The timing is deliberate: the event would coincide with the 30th anniversary of cooperation between the two localities.

South Korea is already among the city's most consequential investor bases, and LG Innotek Vietnam Hai Phong illustrates the retention strategy in numbers. After 10 years of operations, the company's total investment in Hai Phong has surpassed $2 billion — four times its initial commitment.

The city aims to mobilize some VND2.4 quadrillion, about $93.2 billion, in total investment during the 2026-30 period. That five-year target dwarfs the roughly $8.3 billion in combined FDI and domestic investment recorded in just ten months of this year, which frames the scale of the effort ahead. City leaders consider retaining existing investors and easing their expansion just as important as landing new projects.

Retail enters the mix

One new direction stands out from the industrial focus. Hai Phong will explore opportunities to attract major corporations specializing in large-scale shopping malls and premium outlet centers. The city plans to proactively identify potential markets, partners and suitable investors, with the broader aim of drawing more international visitors for shopping, sightseeing and other services.

The move points to a diversification logic: FDI that builds consumer destinations can complement the port and manufacturing economy by boosting tourism-driven demand for logistics, warehousing and retail supply chains.

How will the city handle investor complaints?

Two administrative measures accompany the investment drive. First, the municipal Department of Science and Technology will study integrating a section titled 'Voice of Foreign Investors' into the SMART Hai Phong software platform. The proposed feature would let foreign firms submit feedback and recommendations while enabling authorities to track the progress and outcomes of efforts to resolve their difficulties.

Second, the Department of Foreign Affairs has been tasked with reviewing and proposing additional interpreters proficient in English, Korean, Japanese and Chinese to support diplomatic activities, investment promotion and dialogue with foreign enterprises.

The language list maps directly onto the four priority markets, suggesting the city intends the 2027 program to be operational rather than declaratory.

What happens before the 2027 push?

Before the new program launches, city leaders have called for direct meetings and dialogue sessions with individual associations, business groups and foreign investors operating in Hai Phong during November and early December 2026. The stated purpose is to address their difficulties and encourage them to maintain and expand production and business activities.

Priority participants will include businesses from South Korea, Japan, China, Taiwan and Europe, along with other major international partners. With FDI inflows already running 69 percent ahead of last year, the dialogues will test whether Hai Phong can convert retention goodwill into the expanded capital commitments its $93.2 billion 2026-30 mobilization target requires.