Secretary of the Hanoi Party Committee Vuong Dinh Hue expects major tech firms to set up their research and development (R&D) centers in Hanoi similar to the ongoing project of Samsung.

Secretary of Hanoi Party Committee Vuong Dinh Hue (r) and Chairman of Board of Directors of Kinh Bac City Development Company Dang Thanh Tam (l).

“This would be the right direction as Hanoi is home to 82% of the total universities, 65% of scientists and 80% of major research institutes of the country,” Mr. Hue said in a meeting with representatives of foreign-invested companies operating in Vietnam on January 19.

Mr Hue said despite the Covid-19 pandemic, Hanoi still recorded a gross regional domestic product (GRDP) growth of 3.98% year-on-year in 2020, 1.4 times higher than the national average. The city also attracted foreign direct investment (FDI) of nearly US$4 billion in 2020.

“Ranking second nationwide among 63 provinces/cities in the public administration index (PAR) and 9^th in the provincial competitiveness index (CPI), Hanoi is committed to creating favorable conditions for investors, including hi-tech projects,” stated Mr. Hue.

Dang Thanh Tam, chairman of Board of Directors of Kinh Bac City Development Company (KBC), said the company has been building industrial parks across the country, in turn contributing to the socio-economic development in many provinces/cities.

“The KBC hopes to take advantage of favorable conditions in Hanoi to build industrial parks and further attract FDI capital inflows in the coming time,” added Mr. Tam.

Delegates at the meeting.

At the meeting, business leaders from FDI companies, including Foxconn Vietnam, Heesung Electronics, Goertek Technology, Mitac Computer, and Luxshare ICT Vietnam consider Hanoi an ideal investment destination for hi-tech projects, as the city is located near airports and possesses high-skilled workforce.

The Hanoi Party chief encourages the KBC to continue expanding existing industrial parks of Hanoi in Soc Son and Dong Anh districts, saying this would help attract more foreign companies to commit long-term business in the city.

“Hoa Lac hi-tech park, where Boeing, Vingroup or Viettel have already invested here, could be what foreign firms are looking for setting up their hi-tech works,” added Mr. Hue.