The Economic Zone Management Board of the northern port city of Hai Phong granted investment licenses to a number of new projects on September 22 with total registered capital of nearly $1 billion.

Projects include the Ecovance high-tech biodegradable material factory project from South Korea’s SK Group, with investment of $500 million. It will cover an area of over 32,000 sq m at the Dinh Vu Industrial Zone in the Dinh Vu-Cat Hai Economic Zone.

Meanwhile, Japan’s Kyocera Document Solutions Inc. received a license to add $238 million to its project manufacturing office machinery and equipment at the VSIP Hai Phong urban, industrial and service area. This brings its total investment in the project to $425 million.

As of September 20, Hai Phong had attracted nearly $3 billion worth of foreign investment, equal to 120 per cent of the annual target.