Vietnam’s fastest growing city Hai Phong has been touted as the Shenzhen in Southeast Asia, media reports said. The analysis has been produced by a Hong Kong investment adviser called Asia Bankers Club.
Kingston Lai, group CEO at Asia Bankers Club, told the media, “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. As Hai Phong continues to draw foreign capital and the economy develops, the city could replicate Shenzhen’s success.”
It is reported that Asia Bankers Club and its two affiliates are exploring a residential project in the northern Vietnamese port city, to Hong Kong-based investors. The project known as The Minato Residence has been established by Japanese joint venture.
The Hong Kong-based investment advisor’s comparison of Hai Phong with Shenzhen comes after it has rapidly transformed into a global manufacturing hub. Furthermore, South Korean company LG manufacture phones in Hai Phong, while Google is also mulling to produce its Pixel smartphones in the region. And Apple is also planning to launch facility for iPhone suppliers.
Hai Phong’s economy surged 16.7 percent in 2019, surpassing the country’s capital city Hanoi’s growth of 7.5 percent. It is reported that the Hai Phong recorded a growth in FDI for three straight years up to 2018. However, FDI slumped $1.5 billion in 2019 as compared to $2.5 billion in 2018.