Hanoi holds major advantages over other peers thanks to its strategic location and the position as a transportation hub with a concentration of airports, train stations, and major ports.

During the 2016 – 2020 period, Hanoi’s GRDP is estimated to have expanded by an average of 7.39%, resulting in income per capita of US$5,420 in 2020, 1.8 times the national average.

Hanoi would continue to improve the business environment for greater competitiveness, with a focus on IT application and transparency to reduce costs and time for businesses.

Hanoi has made strong efforts to reducing informal charges, create a fair business environment and improve provincial leadership in solving problems for enterprises, said an expert.

In addition to supporting policies, Hanoi has also offered substantial measures to improve the business environment, including a focus on e-government development to save costs and time for enterprises.

Not only financial means, Vietnam has also provided medical equipment and expertise to help Laos in the fight against the pandemic, said the Lao ambassador to Vietnam.

In the Provincial Competitiveness Index (PCI) report 2019, Hanoi’s ranking remained unchanged at ninth, but its score climbed from 65.4 to 68.8.

Although Hanoi's ranking stayed unchanged at ninth, its PCI score has improved from 65.4 to 68.8, showcasing strong efforts from the local authorities towards administrative reform.

Hanoi considers the favorable business environment a major contributor to a speedy economic recovery in the post-pandemic period.