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Hanoi urged to take new approach in attracting investors
Ngoc Thuy 11:11, 2019/08/02
It is essential for Hanoi to set up an investment database as part of its efforts to promote trade and investment both at home and internationally.
A new approach is required for Hanoi to maintain its status as Vietnam’s top investment destination, according to Hoang Trung Hai, Secretary of the Hanoi Party Committee. 
 
Overview of the meeting. Source: VGP.
Overview of the meeting. Source: VGP.
It is essential for Hanoi to set up an investment database as part of its efforts to promote trade and investment both at home and internationally, Hai said in a meeting on August 1 with the Hanoi Promotion Agency (HPA), which serves as a focal point for trade, commerce and tourism promotion in Hanoi. 

Additionally, Hai requested the HPA to cooperate with other city’s departments in building an investment portfolio for Hanoi.

Director of the HPA Nguyen Gia Phuong said the agency has initially set up a database comprising of both foreign and local enterprises and organizations, serving as base for promoting investment activities in priority fields. 

Phuong added HPA’s operation has been based on market mechanism, and the agency functions as a source of information on international exhibition and trade fairs for local enterprises. 

This resulted in an increase number of enterprises taking part in the HPA’s promotion activities, while there have been significant changes in the mindset of those enterprises' owners who now focus on applying technologies in production and designing packages and label for better product quality. 

Hanoi topped nationwide in terms of FDI attraction in 2018 with US$7.5 billion, up 2.18 times compared to that of in 2017 and equivalent to 21.2% of Vietnam’s total FDI.

During the first six-month period, Hanoi continued to attracted the largest portion of FDI nationwide, posting US$5.3 billion, accumulating a total of US$41.2 billion in registered capital so far, of which US$20.5 billion has been disbursed or 49.7% of the total.
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