Hanoi to license projects worth US$14.6 billion this week

At the upcoming “Hanoi 2020 – Investment and Development Cooperation” conference, the city's leaders will issue licenses for 116 projects with registered capital of a combined VND339.67 trillion (US$14.66 billion), according to the municipal People’s Committee.

Hanoi’s leaders would issue investment licenses for 116 projects with a combined registered capital of VND339.67 trillion (US$14.66 billion) at the upcoming investment conference.

The event, scheduled to take place at the National Convention Center on June 27, is set to attract up to 1,850 delegates, including senior government officials, 29 ambassadors and diplomatic officers, representatives from eight international organizations, foreign experts, among others.

Vice Chairman of the Hanoi People’s Committee Nguyen Van Suu said the event presents a big opportunity for both domestic and foreign enterprises doing business in Hanoi.

Over the past few years, Hanoi has been striving to improve the legal framework for greater convenience and addressing concerns of investors, Suu said at a press conference on June 23, stating the goal is for new projects to be implemented at the earliest time possible.

Notably, the conference would welcome over 1,200 domestic and foreign investors, businesses, many of whom would receive their respective investment licenses from Hanoi’s authorities. Prime Minister Nguyen Xuan Phuc would attend this meaningful event.

Additionally, Hanoi's leaders are expected to sign 36 memorandum of understandings (MOUs) worth US$26.08 billion with organizations, businesses and investors, including 23 MOUs with domestic enterprises (US$17.85 billion) and 13 with foreign ones (US$8.22 billion).

The Hanoi People’s Committee would also announce an investment portfolio comprising of 282 projects with estimated investment capital of VND483.1 trillion (US$21.66 billion) in eight priority fields, including (1) 151 industrial, trade and services projects; (2) 34 projects of technical infrastructure development; (3) 45 projects of social housing; (4) nine environmental projects; (5) 13 projects of repairing and rebuilding old complexes; (6) 10 projects in housing development; (7) 15 agricultural projects; (8) five urban development projects along the Vo Nguyen Giap avenue.

“Hanoi 2020 – Investment and Development Cooperation” conference is expected to be a platform for greater cooperation between investors, businesses and Hanoi’s authorities in particular, and of Vietnam in general.

By convening the conference after the initial containment of the Covid-19 pandemic, Hanoi sends a strong message on efforts of the capital city and Vietnam to lure investment from domestic and overseas businesses, the deputy mayor said.

More than ever, Hanoi remains a safe and stable investment destination for investors as the capital city is determined to be the pioneer among Vietnam’s localities in rebooting the economy in the post-pandemic period, he added.

In 2020, Hanoi targets an economic expansion rate 1.3 times higher than the national average, and a state budget revenue of VND285 trillion (US$12.34 billion).

FDI commitments to Hanoi in the year to May 19 increased 6.1% against the previous month to US$1.04 billion. From the start of this year, the capital city has approved 255 new projects worth US$327 million and allowed other 63 to pump an additional US$378 million in the five-month period. Foreign investors also contributed US$340 million in capital to other 468 projects.