The fact that Hanoi has been ranked in the top 10 of the 2019 Provincial Competitiveness Index (CPI) in two consecutive years has demonstrated strong efforts by the local authorities in improving the city’s business environment, according to Nguyen Van, vice chairman of Hanoi Supporting Industries Business Association (HANSIBA).

Nguyen Van, vice chairman of Hanoi Supporting Industries Business Association (HANSIBA).

Among the 10 PCI sub-indices, Hanoi has the highest score in entry costs, which evaluates costs for joining the market of businesses, at 7.98 points out of 10, followed by labor quality to meet corporate needs and low time requirements for bureaucratic procedures and inspections.

Additionally, Hanoi has made strong efforts to reduce informal charges, create a fair business environment and improve local leadership in solving problems for enterprises, Van said.

During the Covid-19 outbreak, Hanoi’s authorities have successfully implemented instructions from the government and provided substantial support for the business community, with a view to realizing the dual target set up by Prime Minister Nguyen Xuan Phuc of both containing the pandemic and boosting economic recovery, Van continued.

Van referred to the investment capital of US$17.8 billion committed by domestic and foreign investors in 229 projects, which were announced at the “Hanoi 2020 – Investment and Development Cooperation” conference on June 27, as evidence that the city remains an attractive investment destination.

According to Van, the business community in Hanoi, including HANSIBA, expected the implementation of these projects would open up new investment and business opportunities in the city.