Hanoi aims to further enhance investment appeal in 2024

Hanoi will continue to prioritize and enhance the effectiveness of investment promotion, trade, and tourism efforts to generate resources for the economic and social development of the capital.

Electronics production at Rhythm Precision Vietnam at Noi Bai Industrial Park, Hanoi. Photo: Pham Hung/The Hanoi Times

Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen shared this view at a year-end meeting of the Hanoi Promotion Agency (HPA) on December 29, discussing the city’s efforts in promoting investment, trade, and tourism activities in 2023 and the goal for 2024.

Quyen forecast that 2024 would be another challenging year. As a result, he expected the city, which has always considered itself the "flagship" of the nation, to set specific economic development goals for each phase.

“The primary focus is to lay the "foundation" through production to generate social wealth and then push forward the restructuring of financial services, banking, and tourism, among others,” Quyen said.

Emphasizing the importance of specialized and meticulous foreign affairs work, Quyen viewed international relations as a crucial aspect of economic development, attracting foreign organizations and investors to the capital.

To enhance the quality and effectiveness of promotion activities in 2024 and beyond, Quyen urged the HPA to closely collaborate with the Hanoi Department of Planning and Investment on investment promotion and coordinate with the Tourism Department on tourism promotion.

He also emphasized the need for robust communication efforts to ensure widespread understanding and maximize impact.

Furthermore, Quyen called on departments and sectors to responsibly contribute to the city's development scenarios and attraction of investments in 2024.

Departments should review key focus areas and events and organize high-quality and high-impact activities. Cooperation with localities, especially at the district and town levels, is encouraged to facilitate citizen participation and involvement of traditional craft villages in the city's economic development activities.

Echoing these sentiments, Vu Ba Phu, Head of the Trade Promotion Agency under the Ministry of Industry and Trade, affirmed that the HPA has played a pivotal role in connecting Hanoi's trade promotion with the neighboring cities/provinces and the entire country. Notably, the center is the hub for all three sectors: investment, trade, and tourism.

Several promotion programs have successfully built a brand and expanded connections to support not only local businesses in Hanoi but also enterprises nationwide in promoting their products, enhancing competitiveness, connecting with partners, and expanding domestic and international markets, he noted.

Examples include the Annual Specialty Fair of Vietnamese Regions, which involves nearly 60 provinces and cities and programs that reach out to foreign major distribution systems such as Aeon (Japan), Lotte (South Korea), Big C, and Go (Central Group).

Given the opportunities and challenges at home and abroad, Phu recommended that the HPA continue to act as a central hub for regional connections, leading modern trade promotion methods with a ripple effect on neighboring areas.

Moreover, he suggested that the center intensify its national and international trade promotion efforts, playing a leading role in connecting the northern region's commercial activities and expanding its influence globally.

Director of HPA Nguyen Anh Duong stated that the center will continue to closely and effectively coordinate with departments, committees, sectors, and localities to enhance the promotion of investment, trade, and tourism in line with the expectations of the Hanoi People's Committee leadership.

In 2024, HPA has set the goal to selectively promote investment under the prioritized direction, with a focus on attracting high-tech and innovative projects. "Priority will be given to large-scale projects with highly competitive products that can participate in the global value chains of multinational corporations. This aims to facilitate technology transfer and contribute to the construction and development of the city's supporting industries and businesses," Duong stressed.

According to the latest information updated by the Statistical Office of Hanoi, in 2023, the city attracted US$2.94 billion in foreign direct investment (FDI), a 70.5% increase over the previous year.

This ranks Hanoi among the top five localities nationwide in FDI attraction. Of the total FDI commitments, the city reported 408 newly registered projects with a capital of $441 million, 175 projects with a capital increase of $307 million, and 326 instances of foreign investors contributing capital or purchasing shares, reaching $2.19 billion.

Regarding construction activities, the city's statistical agency also reveals that in 2023, there will be 238 public investment projects under execution, comprising 219 transitional projects from last year and 19 new projects. The majority of these projects are concentrated in the transportation sector, accounting for 53.1% of the capital plan with 96 projects. The city's key projects and focal constructions are making concerted efforts to accelerate construction, ensuring the timely completion of scheduled tasks and projects.