Hai Phong adds $27.9 million for two development funds

The People's Council of Hai Phong port city in northern Vietnam has recently approved a resolution to increase capital for the City Development Investment Fund and the Land Development Fund by more than VND737 billion ($27.9 million).

This funding comes from the public investment capital for 2025, aimed at providing additional resources to support business expansion, land clearance, and the creation and development of land funds.

Previously, on October 26, 2025, the People's Council of the city passed resolutions No. 51/NQ-HĐND and No. 54/NQ-HĐND to establish the City Development Investment Fund and the Land Development Fund, respectively.

The City Development Investment Fund was formed by merging the former Hai Duong Province's Development Investment Fund and the former Hai Phong City's Development Investment Fund. In total, the combined funds were short of over VND337 billion ($12.7 million) from public investment capital.

Similarly, the Land Development Fund of Hai Phong City was established by merging the former Hai Duong Province's Land Development Fund and a section of the land development function of the former Hai Phong City's Development Investment Fund. The new fund had a charter capital of over VND1.7 trillion ($64.4 million) from the two pre-merger entities. 

According to the Hai Phong Department of Finance, after the merger, the total public investment capital of Hai Phong experienced significant changes. The city was adjusted to increase by more than VND304 billion ($11.5 million) from land revenue in 2024 carried over to 2025.

Additionally, during the adjustment of the public investment plan for 2021-2025 for 168 projects, Hai Phong reduced more than VND817 billion ($30.9 million) in public investment capital compared to the approved plan.

Meanwhile, the City Development Investment Fund and the Land Development Fund had actual capital lower than their charter capital by VND737 billion ($27.9 million). Therefore, when adjusting the public investment plan for 2026, Hai Phong allocated more than VND737 billion ($27.9 million) from public investment capital to these two funds. 

These funds are expected to improve and accelerate land clearance for key projects, providing clean land to attract investment. They also support businesses in reinvestment, production expansion, infrastructure development in education, healthcare, public utility projects, innovative startups, high-tech projects, and science and technology projects with breakthrough growth potential.