Hai Phong, billed as Vietnam’s Shenzhen, seen getting a boost from status as manufacturing hub of Southeast Asian nation
- Hong Kong-based investment adviser Asia Bankers Club is marketing a residential project to investors in the northern Vietnamese city
- Hanoi and Ho Chi Minh City remain the preferred locations for foreign investors, say analysts
“Hai Phong is often referred to as ‘the Shenzhen of tomorrow’ because of its transformation into a modern industrial and logistics hub, attracting large amount of foreign investment into the city with the government’s commitment to upgrade transportation infrastructure,” said Kingston Lai, group CEO at Asia Bankers Club.
The company and its two affiliate companies are marketing The Minato Residence, a residential project in the northern Vietnamese port city developed by a Japanese joint venture, to investors in Hong Kong.
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Last year, Hai Phong’s economy grew 16.7 per cent, more than double the 7.5 per cent of the capital Hanoi, government data shows. Foreign direct investment (FDI) into the city grew for three straight years up to 2018. However, FDI slipped to US$1.5 billion last year, from US$2.5 billion in 2018, according to local media.
As Hai Phong continues to draw foreign capital and the economy develops, the city could replicate Shenzhen’s success, said Lai.