A number of Hanoi's delegations have sought trade, investment, and tourism promotion in South Africa, South Korea, and Japan to help local businesses engage with global partners and concretize the city's investment attraction plans.

Nguyen Anh Duong, Director of the Hanoi Promotion Agency, signs a cooperation agreement with a South Korean partner. Photo: Nhandan Newspaper

Nguyen Anh Duong, Director of the Hanoi Promotion Agency (HPA), said these activities are aimed at attracting foreign investment to the city. He highlighted the visit to Japan in October when local businesses showcased their products and promoted cultural exchange and tourism for further exports to the Japanese market. At the same time, it provided Japanese businesses with valuable information about Hanoi and facilitated exchanges between city leaders and local businesses to foster future effective partnerships.

The Hanoi People's Committee also collaborated with the Vietnamese Embassy in South Korea to host the Hanoi-South Korea Investment and Trade Promotion Conference 2024, which aims to promote Hanoi's safe and efficient investment environment and strengthen trade ties with South Korean partners.

Meanwhile, the city cooperated with the Vietnamese Embassy in South Africa to organize the Vietnam-South Africa Investment, Trade, and Tourism Promotion Conference with the theme "Destination Hanoi - Opportunities and Potential for Cooperation." The conference sought to promote the city's investment environment and encourage trade and tourism with African partners. 

The HPA said it continues to partner with the Ministry of Industry and Trade to strengthen outreach to international trade organizations. The center is increasing the use of information technology and digital transformation in its trade promotion efforts.

The city agency reported that in recent years, Hanoi has organized numerous investment promotion events and dialogues with enterprises to address challenges while putting in place supportive policies to improve the investment climate and enhance the province's competitiveness. As a result, Hanoi has emerged as an attractive destination in Asia, offering a safe and attractive environment for both travelers and businesses.

To foster a favorable business climate, the city is committed to raising the management capacity, including simplifying administrative processes to reduce costs and facilitate citizens, businesses, and organizations.

Hanoi's FDI growth contributes to economic development

Hanoi's Thang Long Industrial Park is home to many foreign investment projects. Photo: Thang Long Industrial Park Co.

The Hanoi Department of Planning and Investment reported that the city attracted US$1.6 billion in foreign direct investment (FDI) in the first ten months of 2024. To date, the city has attracted about 8,000 FDI projects with a total registered investment of more than $57 billion, ranking second in the country.

The foreign enterprises have contributed significantly to Hanoi's socio-economic development through capital, technology, improved management skills, and practices to domestic enterprises. 

A focus on sustainable investment

The HPA head underlined that Hanoi acknowledges the business community, especially foreign-invested firms, as a vital driver for the city's development. For that reason, the city will prioritize high-quality projects that add value and strengthen competitiveness while promoting the use of information technology and ensuring the transparent publication of all land use plans and regulations to foster a more conducive, equitable, and transparent investment environment.

The city will prioritize investments in value-added sectors such as agriculture, tourism, education, and healthcare in line with these goals.

Key industries such as electric vehicle development, battery production, pharmaceuticals, and industrial equipment will also be included. It will also focus on strengthening cooperation in agricultural processing, mining, natural resources, environmental protection and wildlife conservation.

In addition, Hanoi has sped up administrative reforms in business registration, investment, taxation, insurance, and land use. Industrial plans and land use strategies will be made available in various formats to ensure easy access.

Tran Sy Thanh, Chairman of the Hanoi People's Committee, highlighted the city government's commitment to supporting the business community, including foreign investors. He emphasized the ongoing implementation of comprehensive measures to assist businesses and improve the investment environment.

In 2024, the city seeks to attract about $3.15 billion in foreign direct investment, with more than $2.15 billion channeled to land-use projects and about $1 billion to trade and services. By 2025, the city plans to draw an additional $2.7 billion in FDI.

To achieve these goals, Hanoi is urged to overcome existing barriers by developing specific mechanisms and policies to attract major investors in the support of the Ministries of Finance, Planning and Investment, and Science and Technology in implementing the Capital Law.