Hanoi proves itself to be a trustable and attractive investment destination
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 is attending Hanoi’s major investment promotion conference themed “Hanoi 2020 – Investment and Development Cooperation” on June 27 at the National Conference Center where major projects will be licensed.
|Hanoi's investment promotion conference would welcome over 1,200 domestic and foreign investors, businesses.|
The event 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.
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 attends the event. Photo: Tran Long|
At this event, Hanoi's leaders will 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.
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.
|Secretary of the Hanoi Party Committee Vuong Dinh Hue speaks at the event. Photo: Tran Long|
Hanoi speeds up economic recovery
Addressing the event, Secretary of the municipal Party Committee Vuong Dinh Hue said the conference is expected to help Hanoi attempt to take the lead among localities nationwide in 2020 in the economic recovery after the sweeping of the Covid-19 pandemic.
He said that the city will take a number of well-planned measures with a focus on boosting administration reforms, improving investment environment, and raising competitive capacity.
The measures would finally serve the goal of collecting VND285 trillion (US$12.39 billion) for the state coffers in 2020.
Given this occasion, Hanoi will pursue the government’s “dual goal” of containing the virus and developing its economy, enabling Hanoi to be a safe and attractive destination for investors, Mr. Hue said.
He believes that the event would help Hanoi spur its socio-economy and the country’s in general in 2020 and in the years to come.
Covering an area accounting for 1% of the country’s total area and population making up 8.5% of Vietnam’s total population, Hanoi contributes roughly 16.7% to the country’s GDP and nearly 19% of the national budget annually.
It is the country’s center of politics, culture, education, science-technology, economics, and international relations and trade.
Building Hanoi into a smart, creative and livable city
Speaking at the conference, Chairman of the Hanoi People's Committee Nguyen Duc Chung emphasized that Hanoi is aiming to become a "green, cultural, civilized and modern" city. It also aims to become a smart, creative and livable city with dynamic development and high competitiveness.
|Chairman of the Hanoi People's Committee Nguyen Duc Chung. Photo: Pham Hung|
Chung said that the business community and investors have made important contributions to Hanoi’s achievements over the past years.
The mayor announced that the city would grant investment certificates to 229 projects, with total capital of VND405.57 trillion (US$ 17.6 billion), of which VND270.46 trillion (US$11.6 billion).
Among the projects, 100 are invested by domestic players with total capital of VND227. 5 trillion (US$9.76 billion), 22 FDI projects with total capital of US$5.7 billion, and 107 state-budget-sourced projects.
The total number of projects and capital are respective 5 and 11 times those announced at the similar conference held in 2016.
These investment projects will focus on the following fields: 25 industrial clusters with 490.8 hectares, 800 thousand square meters of social housing, three urban areas, tourism - services, office headquarters, socio-culture, finance - banking, urban infrastructure, transportation infrastructure, among others.
Hanoi strives to complete the construction of all public investment projects in the third quarter this year. It is expected that 78/107 projects will be completed by December 31.
On this occasion, the municipal government and investors will sign 38 memorandums of understanding with a total investment of about US$28.6 billion, including 26 proposals worth about US$20.5 billion by local investors and 12 proposals, estimated at US$8.32 billion, foreign investors.
The Hanoi mayor also introduced a list of 282 projects that the municipal government wants to attract investment with a total investment of VND483.1 trillion (US$20.73 billion). Investors can register with the Department of Planning and Investment for detailed procedures.
These projects will focus on the fields of infrastructure of industrial parks, industrial clusters, trade and services; technical infrastructure, smart urban area; park; education, vocational training, hospitals; environment, waste treatment; renovating and rebuilding old apartments; housing development; agriculture; and urban development, logistics, software parks.
Hanoi – high potential in agricultural development and IT human resources
Hanoi is expected to lead in fighting Covid-19 pandemic as well as developing economy in Vietnam, with investment potentials in terms of agriculture and digital technology.
|Minister of Agriculture and Rural Development Nguyen Xuan Cuong|
Minister of Agriculture and Rural Development Nguyen Xuan Cuong said that the conference has been held impressively with the application of information technology.
The minister noted that the city holds high potential of investment in the agriculture sector.
He also expressed his delight at the country’s spectacular results in combating the pandemic, laying foundation for sustainable economic development. Hanoi has stood out in this success.
The city has been chosen to be a pioneer in rebooting the economy with its GDP set to grow 1.3% higher than the national average. Hanoi’s economy accounts for 16% of the country’s GDP and 19% of the national state budget revenue.
“We will cooperate with Hanoi to develop the agricultural economy, the rural economy, build a new countryside and develop commodity agriculture of the capital, contributing to the country’s economic growth,” Minister Cuong said.
Especially this year, Hanoi aims for an agriculture growth pace of 6.25%, which is a positive contribution to the completion of the country's agricultural development plan in extremely difficult circumstances, he added.
At the conference, Minister of Education and Training Phung Xuan Nha recommended Hanoi should review and consider the overall plan of information technology human resources development as this is the resource for Hanoi’s digital technology development. Besides, the city needs to connect with IT training schools.
The Ministry of Education and Training (MOET) issued a pilot IT training mechanism on the basis of graduate standards, under which IT graduates meet the minimum needs, Minister Nha added.
In addition, Nha also recommended that Hanoi should strengthen soft skills training, especially in English to improve its quality of the graduates. It is necessary for the local businesses to actively connect with training institutions.
Hanoi pioneers welcoming new investment wave
Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said that Hanoi is one of the first capital cities in the world to contain the Covid-19 pandemic and restart its economy, which is a miracle.
This conference marks the beginning of a new phase of development. This is the largest conference at the local level, which shows professionalism, creativeness and effectiveness.
“The conference is held in the context that Hanoi is willing to grasp opportunities to welcome a new investment wave. With its advantages, Hanoi will be a pioneer in receiving this new wave of investment,” Loc said.
In order to successfully implement projects, take advantage of the new wave of investment, and exert a spillover effect on the whole country, Hanoi needs to best serve the existing projects because this is the most important solution for promotion, Loc recommended.
South Korean businesses expect more support in tourism
Kim Han Yong, chairman of the Korean Business Association in Vietnam (KORCHAM), said that all countries in the world have been affected by the Covid-19 pandemic. Living and working in Vietnam, he clearly understands the difficulties of businesses affected by the disease, especially the aviation and tourism industries.
Highly valuing Vietnam’s efforts to prevent and contain the Covid-19 pandemic, Mr. Kim said Vietnam has actively supported businesses to stabilize operations, such as allowing businesses to resume operations and deferral of tax payments.
However, a considerable number of Vietnamese and South Korean businesses still face difficulties. Therefore, the KORCHAM chairman expressed his hope that Vietnam will make more favorable conditions for businesses, especially tourism businesses.
South Korea can support Vietnam in digital transformation, Mr. Kim said, adding that his country’s businesses would like to join hands and contribute to Hanoi’s development.
World Bank always stands ready to support Hanoi
|World Bank's Country Director for Vietnam Ousmane Dione|
World Bank's Country Director for Vietnam Ousmane Dione said that although the Covid-19 epidemic has left unpredictable consequences on people’s health and life, it has opened up opportunities for Hanoi, which has contained the pandemic and has become a safe destination for multinational companies to relocate their production facilities.
Ousmane Dione believes that the relocation of investment by multinational investors will provide an excellent opportunity for Vietnam and Hanoi to attract foreign investment.
In order to attract investment to Hanoi, the municipal government needs to develop policies to encourage FDI through administrative reforms and human resources training, Dione suggested.
The World Bank in Vietnam will always be willing to support Hanoi for stronger development.
"We’ve been always supported by the Hanoi authorities"
Nguyen Thi Phuong, deputy general director of Central Group Vietnam, which owns the Big C supermarket chain, said that during the social distancing period to combat Covid-19, the Hanoi government made its utmost effort to remove obstacles for businesses.
Especially, right after containing the Covid-19 epidemic, the municipal government immediately restarted fairs to stimulate consumption of agricultural products produced by provinces and cities across the country.
As soon as the whole country entered the "new normal" period, Hanoi played its leading role by actively becoming a key trading and consumption hub to boost the regional economy.
With the desire to accompany the city, Central Retail will continue to promote investment and develop commercial facilities in the time ahead, so that consumers can access modern retail networks.
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