The northern port city of Hai Phong has estimated that its GRDP growth in 2024 will reach 10.55 per cent, marking ten years in a row it has posted double-digit growth, according to a report from the municipal People’s Committee.

The Committee said its GRDP growth rate, however, failed to meet the annual target of 11.5-12 per cent as a result of the impact of Typhoon Yagi in September, which caused estimated economic losses of VND15 trillion ($588 million) and affected the city’s economic growth.

Its growth, however, is still 1.48-fold higher than the national average.

The city also posted encouraging results in FDI, which is expected to come in at $3.35 billion for the year as a whole, after it proactively boosted trade and investment promotion activities, expanded export markets, and improved its business and investment environment.

Total trade value this year is expected to reach over $33.25 billion, a year-on-year increase of 9.5 per cent. Its trade deficit is estimated at $7.78 billion.

Hai Phong ranked fifth among Vietnam’s 63 cities and provinces this year in terms of e-commerce development.

Apart from existing industrial parks (IPs), it has also submitted investment policies for five new projects to the Ministry of Planning and Investment for appraisal and submission to authorized agencies for approval. The IPs have a total land area of 1,660 ha.

The city also established four additional industrial clusters this year, bringing its total to 17, on 683.75 ha.