Hanoi is keen to cooperate with all investors and businesses for mutual benefit and shared development, Mayor Nguyen Duc Chung stated at a June 27 conference on investment promotion in the capital following the novel coronavirus (COVID-19).

Prime Minister Nguyen Xuan Phuc and Hanoi leaders attend the conference,
aiming to turn Hanoi into an attractive investment destination post COVID-19
(Photo:HNM) 

Addressing more than 1,300 businesses in attendance at the event, Mayor Chung noted that despite the negative impact of the COVID-19 epidemic, the capital’s GRDP grew by 3.4% during the first half of the year. Indeed, as many as 12,650 firms have registered to operate throughout the review period with a combined capital of VND175 trillion, an annual increase of 9%. 

Highlighting the capital’s reform efforts aimed at attracting greater levels of investment, Mayor Chung outlined that since the beginning of the year, the capital has moved to reduce and simplify 154 administrative procedures and sub-licenses. Furthermore, it has also incorporated procedures suitable for all public services to be part of the national public services portal, therefore making it easier for both local firms and residents to access authorities through the use of IT applications. 

Previously, Hanoi had been ranked ninth in the Provincial Competitiveness Index back in 2018, going on to retain its position in 2019.  In both years, the capital led the country in terms of attracting foreign direct investment (FDI). Statistics therefore show that Hanoi has attracted US$24.8 billion in FDI since 2016. 

Hanoi mayor Nguyen Duc Chung calls on businesses to invest
in the capital city for mutual benefit and shared development

In line with these figures, the city has set a target of achieving economic growth that is 1.3 times higher than the national average for the year, while also serving as a safe and attractive investment destination, the Mayor stated.  

He affirmed that the municipal government will strive to create the best possible conditions for businesses and investors, both Vietnamese nationals and foreigners, to operate efficiently within the city.

“Your success is ours,” Mayor Chung said. 

Speaking at the event, Prime Minister Nguyen Xuan Phuc affirmed that the Vietnamese capital boasts favourable factors in attracting both domestic and foreign investors.

The capital not only enjoys a stable socio-political environment, but it also boasts a safe environment following its initial success in preventing and controlling the spread of the COVID-19, he said.

With these positive factors Hanoi should aim to step up and compete alongside other regionally cities while striving to become one of East Asia’s economic hubs by 2045, he stressed. 

Hanoi leaders hand over investment licenses to businesses (Photo: HNM)

During the conference, the local administration granted licenses worth VND405.57 trillion, equivalent to US$17.6 billion, to a total of 229 investment projects. It also handed over 38 memorandums of understanding with a combined value of US$28.67 billion to domestic and foreign partners. 

The capital also unveiled a list of 282 projects in which it called for investment worth US$21.66 billion in areas such as infrastructure construction, education, vocational training, waste management, housing, agriculture, logistics, urban development, as well as in industrial and IT parks.