The Hanoitimes - With its administrative boundaries expanded on August 1, 2008, Hanoi became the 17th largest capital city in the world with over 3,300 square kilometers.
Hanoi is ranked among the ten most dynamic cities in the world and promises to become a megacity in the future. This shows that the confidence of domestic and foreign investors in Hanoi’s business environment is increasing.
Hanoi makes efforts to change its image
In the early days of expanding administrative boundaries, Hanoi faced with a series of difficulties to ensure management effectiveness as well as the ability to attract investment sources and urban development.
The Hanoi People's Committee has issued a series of approval decisions for numerous projects, which were plans for urban renewal, development of water supply and drainage infrastructure, development of public lighting system, wastewater treatment, development of parks, trees and lakes, as well as plans for the development of centralized cemetery system.
A corner of Hanoi. Photo: Pham Hung
For the third consecutive year, Hanoi held a large-scale investment conference in June 2018 that gained many encouraging results. In addition, the city regularly organized dialogues with enterprises through the year, specialized dialogues and promotion dialogues at home and abroad.
Those moves have helped lift domestic and foreign investors' confident in the city. Hanoi is ranked in the ten most dynamic cities in the world. With remarkable changes made, Hanoi has become a dynamic integrated city and is heading to be a "megacity".
Director of Legal and Compliance Department of the Vietnam Chamber of Commerce and Industry (VCCI) Dau Anh Tuan said that Hanoi is greener and more open.
Hanoi has become more open to investment, and is perceived as a convenient and safe destination. Hanoi's target after 2030 will be a "megacity". "In comparison with the business environment, Hanoi is unlikely to catch up with Singapore in the short term, but in the medium and long term, it is totally possible," Tuan commented.
Minister of Planning and Investment Nguyen Chi Dung said that Hanoi is converging "right place, right time and right person" with high speed of urbanization, location advantages, concentrated resources, high-qualified labor force.
Hanoi is the country's center in all aspects of politics, economics, culture, education and is also the nation's foremost commercial economic hub, which is home to the headquarters, branches of corporations, large and small enterprises in and outside the country, organizations of international prestige, Dung added.
Reaching the regional and the world level
Ten-year expansion of administrative boundaries has given the capital positive changes and a new look.
Hanoi’s infrastructure after ten years has seen palpable improvements. Many new roads have been built, contributing to improving traffic capacity, reducing traffic congestion and accidents. In addition, more attention has been paid to public transport.
After ten years, a series of large transport projects have been connected to the center with peripheral areas such as Thang Long boulevard, Nhat Tan bridge, Vo Nguyen Giap road, and Hanoi elevated urban railways.
The west of Hanoi is also welcoming many commercial-cultural-social destinations such as Aeon Mall Ha Dong, Bao Son Paradise amuzement park, Ngo Quyen Tomb, Duong Lam Ancient Village, Khoang Xanh Resort and Hoa Lac High Tech Park.
Rural infrastructure is also improved. Concrete road runs to the poorest communes in the far west of the city, that is the home to the Muong in Hoa Binh province. Medical facilities and schools are equally invested in the capital.
About half an hour's drive from Hanoi’s center, there are now many modern metropolises changing the capital’s look, contributing to economic growth, creating urban environment with civilized living conditions, such as Vinhomes Riverside, Park City, Gamuda City, Ecopark, Ciputra, The Manor, The Golden An Khanh.
According to Dr. Dao Ngoc Nghiem, vice chairman of Hanoi Urban Development Planning Association, after ten years of expansion, Hanoi has many noteworthy differences in urban structure.
The structure previously was just a central metropolis, now is an urban cluster with a central city and five satellite towns. In addition, Hanoi has alternated the green corridor between urban and rural areas, Nghiem said.
Dr. Tran Kim Chung, deputy director of the Central Institute for Economic Management, said that it is necessary to mobilize some funds to attract investment capital for urban development in Hanoi.
At least, there must be funds that are mutual savings funds for construction and investment, funds for urban development trusts and re-mortgage banking systems. They are three pillars of financial derivatives that any strong city wants to develop must have, Chung stressed.
With the great achievements after ten years of expanding administrative boundaries, Hanoi’s authority and people will continue to agree and join hands for the purpose of a modern and civilized city that is worthy of regional and international level in the near future.