• Japan provides $270 million for Hanoi-Haiphong Expressway
• Bridgestone builds US$575 million factory in Haiphong

Dien made the commitment on February 25 while receiving a delegation of businesspeople from Japan’s Kansai region who are seeking investment opportunities in the field of the support industry.

At the meeting, Japanese businesses expressed concern about difficulties in investing in the city, including the investment environment, infrastructure, and living conditions for engineers.

In addition, they also worried about administrative procedures related to the granting of investment licenses, the building of an open legal corridor and the improvement of human resources for businesses.

If these concerns are effectively addressed, Japanese businesses will begin promoting investment in Haiphong, they said.

Currently, Haiphong has attracted 400 foreign-invested projects capitalized at US$5.8 billion, including 82 Japanese-funded projects totalling US$2.1 billion. This year, the city strives to boost investment promotion activities to attract over US$500 million in FDI capital.

In early February, the city granted an investment license to Japan’s Bridgestone Group to implement a US$500 million project to produce various kinds of automobile tyres.

Mr Dien emphasized that to lure more foreign investors, in September 2011, the Municipal People’s Committee released a decree on strengthening FDI attraction and further investing in infrastructure upgrade.

Apart from the current National Highway 5 connecting Hanoi to Hai Phong, the city is also getting down to work on the nation’s most modern highway with six lanes between the two cities, which is scheduled for completion in 2014.

Moreover, the city will begin construction on the first two wharves of Lach Huyen International Gateway Port designed to receive 100,000 DWT ships by 2014, build a new 3,000 metre runway at Cat Bi Airport, and upgrade infrastructure at its industrial parks to welcome foreign investors in the future.