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Vietnam Today

Hanoi announces $17 bn in new investment

Released at: 14:48, 18/06/2018

Hanoi announces $17 bn in new investment

Photo: VGP News

Investment puts capital in second place in terms of total FDI attraction.

by Minh Do

While attending the “Hanoi 2018 - Investment and Development Cooperation” conference on June 17, Mr. Nguyen Duc Chung, Chairman of the Hanoi People’s Committee, announced 71 new projects with total capital of VND397 trillion ($17 billion).

Eleven are FDI projects with VND130 trillion ($5.7 million) and 60 are domestic projects with VND267 trillion ($11.7 million). The projects make the capital the second-largest location in Vietnam in terms of total FDI attraction, according to Mr. Chung.

“Hanoi has taken the No. 1 spot in FDI attraction in the first six months of 2018 for the first time, with total capital of $5.9 billion,” Mr. Chung added. Vietnam’s capital continues to call for high-tech, new-tech, clean energy, regional connectivity and development, housing for workers, and other projects relating to high-tech agriculture and education.

The Hanoi People’s Committee also signed 18 memoranda of understanding (MoU) on investment cooperation in the future at the conference, with the Vietnam Chamber of Commerce and Industry, cities and provinces in the country, and domestic and overseas investors.

Prime Minister Nguyen Xuan Phuc expressed his appreciation of Hanoi’s investment results during a dialogue at the conference with city leaders, localities, 1,500 enterprises, and domestic and overseas investors. He recognized that Hanoi has pioneered the building of a truthful and constructive government and a facilitative business and investment environment.

“Hanoi has set certain criteria for it have a business environment comparable to Singapore and Hong Kong’s within the next four years, but can it do it? I believe it can,” he said.

He also noted that Hanoi is facing challenges in its economy falling short of potential, growth imbalances, traffic congestion, and pollution. UNDP, Cecodes, and the Center for Research and Training at the Vietnam Fatherland Front (VFF-CRT) put its Governance and Public Administration Index at a low level, including sub-indexes in accountability to the public, corruption management in the public sector, and public service delivery.  

Hanoi needs a new mindset and methods and a new driving force for growth with breakthrough, sustainable policies for the long term. “It needs to bolster comprehensive investment in infrastructure and utilize resources, creating a transparent, fair, and competitive environment to save time and cost for people and for enterprises,” the Prime Minister added.

Mr. Chung affirmed that the city continues to reform its administrative procedures towards being people- and enterprises-oriented.

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