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Investment in Hanoi attracts more foreign capital

Sun, 21 Sep 2014. Last updated Thu, 25 Jun 2015 08:50

After Vietnam joined WTO, investment projects come to Vietnam more and more. Hanoi is one of the leading localities participating in appealing foreign investment in Northern Vietnam. Investment in Hanoi has gained significant achievement.

For 25 years ago, Hanoi was the pilot locality in the country applying opening policy for appealing foreign investment in Vietnam. Up until now, the outcome of attracting capital remains steadily over the years. The capital source becomes the most important part in capital's development. According to Hanoi People's Committee, in the early six month of this year, Hanoi authority has licensed and adjusted capital for 195 projects of foreign investment, increasing 30% in quantity. The total registered capital is over US$ 583 million, rising 30% in comparison with the last year. Notably, the disbursements in the first half of this year reached US$ 450 million, 18% higher year on year. Meanwhile, the budget result mounted nearly 8 trillion dong, increasing 13% yearly. As being the center of production and trading of the Northern Vietnam, Hanoi has an advantage of appealing a large number of investors in the field of production and trading.

To specify, the new licensed capital focuses on the processing industry, manufacturing, and constructing infrastructure, facilities of goods delivery. Specifically, over the years, the wave of investment in the field of distribution is relatively strong, which is the origin of opening more supermarkets, national shopping malls with reputable brands as BigC, Metro, Parkson, etc., contributing to the construction of modern trading infrastructure in Hanoi. Despite of economic depression and enterprises facing many difficulties as modest capital, the real outcome is optimistic, which shows the attractions of environment of investment in Hanoi. Especially, appealing foreign investment over the time shows a remarkable reality. The majority of additional   capital registered by foreign companies belongs to project going into operation previously. It represents careful collecting and drawing practical experiences. Furthermore, it is the confidence in the ability to preserve and grow capital in Hanoi of investors.


Signing ceremony of agreement cooperation and development HANSSIP


The achievements come from Hanoi authorities take adequately the target of improving the quality of investment environment into consideration. Simultaneously, many effective methods are taken advantage to promote the strengths of Vietnam's capital. Specifically, the city's leaders meet periodically with foreign-owned enterprises to catch up with the situation, remove and solve difficulties for the enterprises. Every year, Hanoi organized dialogues between the city's authorities with foreign investors for the purpose of tightening mutual beneficial bilateral relations,  promote growth objectives, restructuring economy, especially creating resource of income and employment in the area.

Strikingly, Japan is chosen as the long-lasting partners of the city. It concentrates on cooperating to foster the speed of formation and development of supporting industry in years to come. This is an important goal to probably mobilize and make use of potential, integrated resources, especially taking advantage of strengths in capital, intelligence, and high-skilled labor. Specifically, the city successfully organized the on-spot investment promotion conferences with the participation of 100 Japanese enterprises and associations. The conferences are held in the framework of implementing the project "Promote Japanese investment in Hanoi, in the peiod of 2013-2015 and years to come" Department of Planning and Investment has launched "Japan Desk" at the Investment Promotion Center to provide comprehensive and systematic information, as well as administrative procedure supports for businesses and partners.

In the near future, the city continues to promoting investment in key areas, giving priority to the traditional and potential partners and as Japan, South Korea. Besides, it is necessary to invite enterprises from the United States and EU to take advantage of the power resources as well as technology of these partners. According to Chairman of Hanoi People's Committee, Nguyen The Thao, deriving from the characteristics, role and position, Hanoi capital persists in attracting projects that have high content of intelligence, low energy consumption, new technologies and products with high added values. Experts said that this is the immediate goal, as well as long-term one, bearing peculiarities of Hanoi. In contrast, Hanoi does not encourage or even rejects projects using too much land, low level of technology, high energy consumption.


Supermarket BigC


At the same time, it is necessary to handle seriously violations of regulations, causing environment pollution. In fact, there were foreign delegations coming to Vietnam to explore investment opportunities in Hanoi, but after assessing the overall, they have been counseled and introduced by the authority to "launch" in other provinces which suit circumstances, and practical requirements of the investors. Therefore, Hanoi has a clear option and consistency in appealing foreign capital. It focuses on general quality and efficiency, and not easy in choosing partners. It is expected that in 2014 the city will attract US$1.3 billion of foreign invesment capital, increasing 17% year on year. With these accomplishments, Hanoi always defines its role in fascinating Foreign investors in Vietnam, especially in northern part.

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