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May 20, 2020 / 11:22

Hanoi drafts FDI attraction strategy in next decade to boost productivity

The Hanoi city government has requested its subordinate agencies to implement a range of measures to boost labor productivity.

A new foreign direct investment (FDI) attraction strategy for the 2021 – 2030 period is among a number of measures pushed forward by Hanoi’s authorities to boost productivity.

 Illustrative photo. 

The municipal Department of Planning and Investment, the agency in charge of drafting this strategy, is tasked with cooperating with the Ministry of Planning and Investment in initiating the campaign “National productivity” and a national strategy for the development of information technology firms; encouraging private enterprises to expand operations to regional and global markets; working with the Hanoi Institute for Socio-Economic Development Studies in promoting a sharing economy model.

The Hanoi People’s Committee has directed the municipal Department of Industry and Trade to work with the Ministry of Industry and Trade in finalizing a legal framework for e-commerce; focusing on high-added value and sophisticated products; helping firms further integrate in global value chains, particularly those in the manufacturing and processing sector.

The Department of Industry and Trade would continue to contribute to the nationwide ongoing efforts to restructure the industry sector in the 2018 – 2020, with a vision to 2025.

The Department of Agriculture and Rural Development is responsible for setting up restructuring plans for the sector in the 2021 – 2025 period, with a vision to 2030, aiming to industrialize agricultural production, manufacturing and distribution processes.

The local government also asks the Department of Labor, Invalids and Social Affairs to improve efficiency during labor training, so that the workforce is equipped with required skills and capable of taking part in smart production using high technologies.

The Department of Education and Training is tasked with finalizing policies to ensure the development of private educational facilities in line with global trends, placing an emphasis on priority sectors with high impacts on Hanoi’s socio-economic development.

The Department of Information and Communication is urged to facilitate the progress of the proposal for “Establishing of Hanoi smart city until 2025, with vision to 2030” and Hanoi’s e-government.

The city considers digital transformation key to boost labor productivity and socio-economic development. To ensure the target is met, Hanoi expects the business community, government agencies and citizens to actively participart in the process.

The Department of Finance is requested to speed up the privatization and divestment processes at state-owned enterprises under the instruction of the government.

The State Bank of Vietnam – Hanoi branch must ensure provision of sufficient capital for production and business activities, especially those in priority fields.

Last but not least, local authorities at district, ward and commune levels are asked to continue accelerating administrative reform and  business environment improvement, a move considered essential to create favorable conditions for enterprises to expand operations.

With the local government's tireless efforts to ease doing business, Hanoi attracted US7.5 billion in FDI commitments in 2018 and US$8.45 billion in 2019, taking the lead among localities in Vietnam. In the first four months this year, foreign investors registered to pour US982 million in the city.