Hanoi has granted investment certificates to 229 projects worth VND405.57 trillion ($17.63 billion) at today’s investment promotion conference, quintupling the figures of four years ago despite the COVID-19 pandemic restricting investment flows across the globe.
The number of projects is five times higher than that of the same event in 2016, according to the 2020 conference themed “Investment and Development Cooperation”, attracting over 1,850 delegates from government agencies, local authorities, ministries, agencies, and international organisations.
Also at the 2020 conference, the city and investors signed 38 MoUs with a total estimated capital of $28.6 billion, 12 of which were signed with foreign investors over a total capital of $8.32 billion.
Looking ahead, Hanoi will call for a total investment of VND483.1 trillion ($21 billion) in 282 projects. The city will focus on the fields of industrial park and industrial cluster infrastructure, trade and services; technical infrastructure, smart cities, parks; education and training, hospitals; environment and waste treatment; upgrading old residential areas and housing development; high-tech agriculture, urban development, logistics, and software parks.
Addressing the event, representatives of international business associations in Vietnam presented several recommendations to increase Hanoi’s attraction.
Hang Ha Ryu, chairman of the Korean Chamber of Business in Vietnam (KorCham), hopes that Vietnam will further support businesses, especially those in tourism.
“Businesses, experts, and managers have high demands to enter Vietnam. Vietnam should soon grant visas and reopen international flights,” he suggested, adding that South Korea can support Vietnam in digital transformation and join Hanoi’s development efforts.
Meanwhile, Virginia B. Foote, chairwoman of the American Chamber of Commerce in Vietnam (Amcham), suggested that Hanoi should focus on administrative reforms, especially in its tax system and auditing, while developing more modern industrial parks, infrastructure, and better logistics services for investors.
The representative of the European Chamber of Commerce in Vietnam (EuroCham), said that Vietnam, particularly Hanoi, is an attractive investment destination. EU companies are interested in investment in Hanoi, hoping that the city will make new steps in administrative reform and information update to facilitate investors’ decision-making.
Hanoi is one of the country’s five most attractive destinations for foreign ventures. In 2018-2019, the city always took the lead in FDI attraction with respective total registered foreign investment of $7.5 billion and $8.7 billion on the back of big improvements in the business climate.
Building on this growth momentum, Hanoi remains an appealing spot despite the pandemic. In the first five months of 2020, it attracted over $1.18 billion worth of FDI. Singapore is the city’s biggest foreign investor with $262.7 million, followed by Japan, Taiwan, and South Korea. In the second half, the capital targets to attract $2.75 billion in FDI, thus enabling it to increase the figure to $5 billion by year-end.
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