Hanoi calls for investment from major US corporations

Hanoi is calling for investment by large US companies in fields that both sides have great potential.

Hanoi's delegation during a meeting in San Francisco. File photo

Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen said at meetings with US authorities and businesses.

Quyen is leading a delegation from Hanoi to visit the US and Belgium from October 27 to November 4 to look for business opportunities and new partnerships after a long period disrupted by the Covid-19 pandemic.

On October 28, the delegation held a meeting with the Mayor's Office of San Francisco and organized a conference with San Francisco authorities and businesses on cooperation opportunities in investment, trade and tourism development between Hanoi and the state of California.

Attending the event was representative of Vietnam’s Consulate General in the US; those of the San Francisco Trade and Investment Promotion Agency, the Vietnamese American Business Association (VABA); and major US corporations in fields of environment, waste treatment, finance-banking, IT, construction, real estate, and supply chains; along with businesses owned by the overseas Vietnamese.

On the same day, at the meeting with Vietnam’s Consulate General in the US, Hanoi’s vice chairman made a brief presentation on the city’s socio-economic conditions and visions to attract investment capital from US partners, especially those from San Francisco.

In Washington D.C, the delegation had a meeting with the Vietnamese Embassy in the US.

Throughout various meetings, Quyen introduced to investors investment incentives in the city, and the potential of Hanoi as one of the two largest economic hubs of Vietnam.

According to Quyen, the city is looking for more investment from the US to strengthen trade and economic cooperation.

In 2021, Hanoi's exports to the United States reached US$3.4 billion, accounting for 21.5% of the city's total exports, and an increase of 25.9% year-on-year.

In return, the city imported goods and products worth $1.3 billion from the US, representing an increase of 23%.

American investors appreciated the advantages of Hanoi, with great socio-political stability, a bright economic outlook, rich cultural values and high tourism potential.

They expressed their desire to soon establish cooperation programs with Hanoi in terms of investment, and trade, contributing to sustainable economic development for both sides in 2023 and subsequent years.

In the first nine months of 2022, Hanoi recorded a gross regional domestic product (GRDP) Growth of 9.69% year on year, the highest nine-month growth in recent years.

The municipal Statistics authorities attributed the positive growth to the strong efforts from both the authorities and the local business community amid the complicated global situation, including the Russia-Ukraine conflict, rising prices of essential commodities, and the energy crisis in Europe.

This put the city in a strong position to realize the GRDP growth target of 7-7.5% for this year.