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Hanoi conducts synchronous measures to lure domestic and foreign investment
Nguyen Ngan 14:22, 2017/06/26
In the first half of 2017, the Capital city of Hanoi has conducted synchronous measures to lure domestic and foreign investment and non-State budget worth over VND 190 trillion (US$ 11.21 billion), representing a year-on-year surge of 74.6%.
Director of the Hanoi Planning and Investment Nguyen Van Tu reported that in the January-June period, the city attracted 58 non-State projects worth VND 34 trillion; 24 PPP projects valuing VND 32 trillion; and 269 FDI with over VND 23 trillion.

In the first half, over 13,000 enterprises were founded, representing a year-on-year surge of 16% with a total registered capital of VND 101 trillion.
 
 
Illustration. Photo: Pham Hung
Illustration. Photo: Pham Hung

In early June, 2017, the city sent an investment promotion delegation to Japan on the occasion of the official visit of PM Nguyen Xuan Phuc. A memorandum of understanding (MoU) between Japan and Hanoi was signed with a total value of US$ 5.2 billion. The local authorities of Hanoi granted an investment license to Ha Dong Aeon Mall commercial ccentre on a total area of 9.5 hectares and with initial capital of US$ 200 million.  

Over the past time, the local authorities have spared no effort to improve the investment and business environment; encourage start-up, innovation, business development, and better provincial competitive index (PCI); support investors and enterprises on business registration; and resolve business difficulties.

Especially, to lure foreign capital, Hanoi has improved its competitiveness especially in planning, investment, land, construction, business registration licenses, investment promotion, and administrative procedure reform. The local authorities have set up an interdisciplinary working group in charge of handling obstacles in business registration, issuance of land property rights, housing and asset ownership rights.

In addition, Hanoi has worked hard in speeding up IT application in business and tax registration and business facilitation. The rate of online business registration was 70%. Up to 98.04% of enterprises enrolled in e-tax payment. About 96.02% of businesses with over 10 employees each conducted e-transaction activities.

The local authorities have also paid due attention to institutional and administrative procedure reforms with a view to creating the best conditions for enterprises to improve the investment and business environment; encourage business-startup, innovation; support investment; improve satisfactory level of citizens and businesses in administrative transactions and public administrative services.

In the second half, Hanoi will spur business production and economic restructuring; accelerate land price bidding in favor of investment development; speed up compensation for site clearance; ensure progress of public projects and disbursement; and attract more ODA and FDI inflows.

Director Tu also revealed that in the rest of the year, Hanoi will continue to conduct trade promotion activities; stimulate consumption; and broaden export and restrain import of unnecessary goods. The local authorities will provide information about export markets, exports, FTA agreements to which Vietnam is signatories, develop the auxiliary industries; send businesses to join international fairs in big markets; and welcome foreign investors to Hanoi.
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