Economic situations

Hai Phong is northern Vietnam's second largest industrial centre. It's GDP accounted for 11.8 of the Red River Delta in 2007, second only to Hanoi. It is a significant producer of rice and has the Red River Delta's fourth largest fishing sector. Its industrial sector is the second largest in the region (10.6% of regional industrial GDP) and slightly ahead of Vinh Phuc province (2007). Hai Phong is northern Vietnam's major port city. As a result, it has a large service sector and is important for the region's trade, with export of US$1.26bn and imports of US$1.55bn in 2007.

Industry is a key sector in Hai Phong including food processing, light industries and heavy industries. Major products include fish sauce, beer, cigarettes, textiles, paper, plastic pipes, cement, iron, pharmaceuticals, electric fans, motorbikes, steel pipes and ships and out-sourcing software implementation. Shipbuilding, steel pipes, plastic pipes and textiles are among the industries with the most rapid growth.

Several large industrial projects with foreign participation are currently being prepared. The country's fourth Vietnam Singapore Industrial Park is under construction in Hai Phong. It has an investment capital of US$1bn and is projected to have a population of 150,000 by 2020. Another billion dollar  project was announced by the Japanese tire producer Bridgestone in December 2011. Hai Phong will also be the location of Vietnam's first specialised industrial park exclusively for Japanese investors.