Can you give us a glimpse into Haiphong's economic development in recent years?

Haiphong has obtained important achievements with high economic growth and fulfilled socio-economic development targets, but it faced many difficulties due to global and local economic uncertainties.

In 2011, its gross domestic product (GDP) hiked 11.03 per cent, 1.8-fold against the country's average and its economy had a 9.38 per cent agriculture-forestry and fisheries segment, 37.04 per cent industry and construction and 53.13 per cent services.

The city earned $2.3 billion from exports, wooed more than $4.2 million visitors, received 43.55 million tonnes of goods through its ports and recorded over VND35,000 billion ($1.66 billion) in total investment development capital, surging 10.7 per cent against 2010.

Notably, 2011 was a year of great success in attracting FDI that came to $960 million, a seven-fold increase against 2010 and equal to 192 per cent of the target.

Haiphong has attracted great FDI into hi-tech fields and areas with discernible contributions to the northern key economic zone and the countrys growth.

In terms of domestic investment, in 2011 23 projects got investment certificates and 38 projects were registered with a total capital exceeding VND3.5 trillion ($166 million).

How has Haiphong city attracted FDI in recent years?

Haiphong was one of the early FDI recipients. From the onset, the city authorities took developing an external economy to be a motivating force and an important part in socio-economic development.

From 1988 to 2006, the city attracted 284 FDI projects worth $2.8 billion in committed and supplemental capital, including heavyweight projects by Vinausteel, Nomura Industrial Park and LS-Vina electric cable.

Since Vietnam joined the World Trade Organization (WTO) in 2007, FDI improved substantially in quality and quantity.

By the end of April 2012, the city was home to 325 FDI projects capitalised at $6.1 billion. Disbursed capital reached 43.6 per cent of committed capital which was higher than the countrys average.

Haiphong lured investors from 28 countries and territories, with Japan first with 85 projects worth around $2.4 billion and South Korea was fourth position in projects (37 projects), but ranked second in capital with $1.05 billion.

More FDI was poured in services, trading and property in recent years, with a focus on environmentally-friendly processing industries and mechanical manufacturing.

What will be the city's targets in attracting future FDI?

In 2012, global economic challenges will still hurt Vietnam, therefore the city will prioritise ensuring macroeconomy and social well-being, taming inflation, keeping economic growth at a reasonable level, reforming the growth model parallel to boosting efficiency and competitive edge of the economy.

We hope to lure $1 billion in FDI this year.