The upcoming “Hanoi 2020 – Investment and Development Cooperation” conference, which is scheduled to take place on June 27, would send a message that Vietnam, and Hanoi in particular, is a safe and attractive destination for doing business, according to Secretary of the Hanoi Party Committee Vuong Dinh Hue.

Hanoi's upcoming investment promotion conference showcases the city's determination to become a safe and attractive destination for investors. Photo: Thanh Hai.

This is the first of a series of events to be hosted by Hanoi in response to the patriotic emulation movement, as well as in celebration of the city’s 17th Party Congress, 1010th anniversary of Thang Long – Hanoi, the 13rd Party National Congress, Hue said at a meeting late on June 22.

The conference would also lay a strong foundation for Hanoi to continue growing robustly in the coming years, Hue stressed.

While the preparation process for the conference is all but completed, it is expected that it would attract up to 1,500 delegates, including international experts, investors and senior officials, revealed a report of the Hanoi Promotion Agency.

At the conference, the city will issue investment licenses for over 115 projects. Among them, domestic investors are expected to invest nearly VND340.6 trillion (US$14.63 billion), including funding for 26 social housing projects worth VND72 trillion (US$3.11 billion) for low-income buyers.

Additionally, foreign-invested projects being licensed by Hanoi this time are estimated to worth a total US$3.5 billion.

The city is calling for investment in 282 projects with estimated cost of a combined VND483.1 trillion (US$20.93 billion).

The organization of the conference after Hanoi’s initial containment of the Covid-19 pandemic sends a strong message on efforts of the capital city and Vietnam to lure investment from domestic and overseas businesses, said the municipal Party chief.

More than ever, Hanoi remains a safe and stable investment destination for investors as the capital city is determined to be the pioneer among Vietnam’s localities in rebooting the economy in the post-pandemic period, he added.

In 2020, Hanoi targets an economic expansion rate 1.3 times higher than the national average, and a state budget revenue of VND285 trillion (US$12.34 billion).

FDI commitments to Hanoi in the year to May 19 increased 6.1% against the previous month to US$1.04 billion. From the start of this year, the capital city has approved 255 new projects worth US$327 million and allowed other 63 to pump an additional US$378 million in the five-month period. Foreign investors also contributed US$340 million in capital to other 468 projects.