The city licensed 11 newly registered projects and five existing ones registering to increase investment capital. These projects were focused on the support industries, housing construction, services, trade, and automobile spare parts manufacturing.

To meet this year’s US$1 billion FDI target, the city gives priority to environmentally friendly and support industry projects, and those bringing back high added value.

Pham Huu Thu, spokesperson for the Haiphong People's Committee, said that the city obtained gross domestic product (GDP) growth of 7.11% in the first quarter.

He added that Damen Song Cam Shipyard Co., Ltd, a Vietnam-Netherlands joint venture, is listed in the top 50 taxpayers, contributing VND30 billion to the local budget.

Haiphong climbed up 35 notches in the provincial competitiveness index (PCI) to 15th position in the country and third in the Red River Delta thanks to its drastic reform efforts.

The city will put in place 10 socio-economic development solutions, with a focus on easing business difficulties, organizing trade promotion conferences, facilitating large projects, and supporting land clearance.

It will also speed up the implementation of investment projects which have a major impact on the city’s economic development.