Mar 05, 2019 / 05:44

Better business environment makes Japanese firms in Hanoi more efficient: JETRO

The Hanoitimes - Japan currently claims the top spot of foreign investors in the capital city with accumulated investment fund of US$10.4 billion, followed by Singapore with US$6 billion and South Korea with US$5.48 billion.

Chief Representative of the Japan External Trade Organization (JETRO) in Hanoi Hironobu Kitagawa highly regarded Hanoi’s local authority efforts in improving business environment, which has contributed significantly to the efficiency of Japanese firms’ operations in Hanoi. 
 
Overview of the conference. Source: Nguyen Tung.
Overview of the conference. Source: Nguyen Tung.
“As a foreign expert myself, I think Hanoi’s living standard has improved greatly,” Kitagawa told Hanoitimes

Kitagawa, however, added that the city should be more active in promoting its potential and attractiveness as an investment destination, so that more Japanese enterprises come to Hanoi.

This showed huge potential for further investments from Japan to Hanoi, as the former currently claims the top spot of foreign investors to the capital city with accumulated investment fund of US$10.4 billion, followed by Singapore with US$6 billion and South Korea with US$5.48 billion.

Nguyen Duc Chung, chairman of the Hanoi People’s Committee, at a conference last October considered FDI essential to the city’s socio-economic development. The city, therefore, has spared no effort in attracting FDI, especially high quality projects, for further development. 

Notably, the Hanoi – Japan Investment and Tourism Cooperation conference is scheduled to take place on March 29, 2019. 

The event is part of Hanoi’s effort to promote the capital’s business environment and investment opportunities, while continuing to attract foreign direct investment from Japan. 

Companies and investors from Japan would be briefed on investment and tourism cooperation between Hanoi and Japan; Hanoi’s vision for socio-economic development in the 2019 – 2020 period and its huge opportunities for investment. 

In the 2019 – 2020 period, Hanoi would focus on encouraging FDI investment in urban infrastructure development, high added value services, trade and education. 

Chairman of the Hanoi People’s Committee Nguyen Duc Chung said Hanoi will continue to establish a favorable investment and business environment so that enterprises and investors can successfully carry out their business and production plans. 

In 2018, Hanoi topped the country in FDI attraction in 2018 with a total amount of US$7.5 billion, up 2.18 times compared to the same period in in 2017 and equivalent to 21.2% of Vietnam’s total FDI. 

Moreover, in the first two months of 2019, among 44 cities and provinces having received foreign investment, Hanoi continued to attract the largest portion of registered capital with over US$4 billion, or 47.3% of total investment, followed by Ho Chi Minh City with over US$1 billion or 12% of the total investment, and Bac Ninh with US$541.7 million, accounting for 6.3% of total investment.