More than 100 South Korean companies have contributed to the city's orientation to attract foreign investment at a conference organized by Hanoi in Seoul this week.

Delegates attend the conference in Seoul. Photos: VNA

The “Hanoi-Korea Trade and Investment Promotion 2022” conference in Seoul took place on November 17, hosted by the Hanoi People’s Committee in collaboration with the Vietnamese Embassy in South Korea and the Korea International Trade Association (KITA). It was held during ​​the visit to South Korea by the Hanoi People’s Committee delegation led by Vice Chairman Nguyen Trong Dong.

At the event, Dong and representatives of the city's departments and agencies listened to South Korean businesses’ opinions and clarified their questions about investment policies.

He said, in the coming time, the foreign direct investment (FDI) attraction will be associated with the goal of sustainable development, which prioritizes high-quality projects on urban infrastructure, smart cities, supporting industries using modern and environmentally friendly technologies, information technology, research and development, tourism, financial services, banking, human resource training, as well as high-tech agriculture, safe and clean food, the Vietnam News Agency reported.

"The city will also prioritize high-tech investment, enhance innovation and receive knowledge transfer from FDI enterprises, and improve management capacity in processing and manufacturing technology," Dong said.

Vice Chairman of the municipal People’s Committee Nguyen Trong Dong

Counselor of the Embassy of Vietnam in the Republic of Korea, Nguyen Viet Anh, highlighted the important role of Hanoi in connecting Vietnam with the world and Korea. Hanoi has contributed almost 10% of the country's turnover and 25% of the total FDI projects.

In the first ten months of 2022, the city attracted $116.2 million in FDI, including $33.7 million in 110 new projects, $45.3 million added to 66 operational projects, and $37.2 million invested in capital contributions and share purchase agreements.

The Korean Government has provided official development assistance (ODA) to Hanoi totaling US$17.96 million to implement eight projects, including the construction of vocational schools and medical facilities, and assistance with the planning and pre-feasibility study report to build the No.8 railway line in Hanoi.

The Hanoi People's Committee hopes that, in the future, the South Korean government will continue to support the city with non-refundable ODA for the implementation of technical assistance projects and capacity building in urban planning and management. The East Asian country can also provide ODA and concessional loans for infrastructure projects that are difficult to lure private investment.

Earlier, Chairman of the Hanoi People's Committee Tran Sy Thanh affirmed that Hanoi always takes into account the development of supporting and high-tech industries as well as attracting high-quality human resources at a meeting with representatives of SEIN R&D Vietnam, THT Development Co., Ltd. and Daewoo E&C Vietnam Co., Ltd in Hanoi in September.

Thanh stressed that Hanoi would seek measures to provide suitable conditions for South Korean firms.