Thursday, 23 Nov 2017

FDI to Hanoi: Promising breakthroughs

Updated at Wednesday, 06 Sep 2017, 11:25
The Hanoitimes - In the context of ever-changing global economic situation, the region is going through difficult phase but Hanoi’s economy still remains stable and is developing.
Especially, Foreign direct investment (FDI) has increased with positive growth.
Improved business environment
Production chain at Canon Vietnam in Thang Long Industrial complex.
Production chain at Canon Vietnam in Thang Long Industrial complex.
According to the Hanoi Statistics Department, in 8 months, total investment of state fund under local government’s management reached 3,2 trillion VND, up 4.8% compared to the previous month and 8.5% compared to the same period of last year. In overall for 8 months, investment fund under state fund reached 20 trillion VND, up 2.9% compared to previous year and reached 62.9% of the estimated plan.
In 8 months, Hanoi has received 114 investment project outside state fund, with total registered capital of 71 trillion VND; 22 projects under Private – Public Partnership (PPP) with total investment of 60 trillion VND; attracting 1.74 billion USD under FDI.
This result is obtained through the city’s effort in improving investment environment. Specifically, Hanoi has continued reviewing and simplifying administrative procedures, removing unnecessary legal documents, which cause inconvenience for citizens and enterprises, such as online business registration, online tax declaration, online transaction in social insurance procedures, online investment procedures processing and business registration for foreign investors. All of these efforts have received high appreciation from business community.
Quality control process at Panasonic Vietnam.
Quality control process at Panasonic Vietnam.
Transforming from quantity to quality
Recently, Hanoi has continue being attractive destination for investment, with an increase number in newly established enterprises and enterprises back to operation. According to the Chairman of Hanoi’s People Committee Nguyen Duc Chung, the investment in Hanoi will have big impact on the socio-economic situation of the city in the coming time. Also, Hanoi will put up effort in searching for partners for cooperation and development, in turn harmonizing internal efforts with the FDI. All of these efforts are aimed to integrate in the global market and attract investment, so that Hanoi will become the start-up center of the country.
On investment partner, Hanoi has assigned the Hanoi Planning & Investment Department to cooperate with related agencies in study and evaluate the investment promotion plan for period 2016-2020 based on strategic partners, including Japan, Korea, US, Russia and EU. On the other hand, the plan is developed accordance with sectors, fields and products which are in high demand and prioritized for attracting investment, such as: environment (waste treatment, environmental solutions), sustainable urban development (water supply, transportation, urban development, commercial center), industry, agricultural processing, high technology, research and technology transfer, safety foods. According to the Hanoi Planning & Investment Department, Hanoi will renew FDI policy in the direction of focusing on quality instead of quantity. With this being said, projects with high technology and good management, creating linkage with domestic enterprises, especially large scale infrastructure development projects, environmental friendly are what the city looking for.
From now on until 2020, Hanoi will push forward with calling for FDI investment, improving investment environment, with a view to create advantage attracting FDI and indirect investment from abroad. At the same time, the city will improve efficiency in transport infrastructure, training high quality human resources, research and develop modern services.   
Nguyen Tung - Tram Anh
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