Hanoi encourages Indian investment in Hoa Lac Hi-tech Park

Hanoi is urging Indian companies with expertise in information technology to increase their investment in the Hoa Lac Hi-Tech Park, an area the city is actively developing.

Secretary of the Hanoi Party Committee Dinh Tien Dung and India’s Ambassador to Vietnam Sandeep Arya. Photos: Tien Thanh/The Hanoi Times

Dinh Tien Dung, the secretary of the Hanoi Party Committee, emphasized this view during a meeting with Sandeep Arya, India's ambassador to Vietnam, on July 4.

"After taking over the management of the Hoa Lac Hi-Tech Park from the Ministry of Science and Technology, Hanoi will increase investment in infrastructure to enhance its appeal to domestic and foreign investors," Dung said.

At the meeting, the Hanoi Party leader emphasized Vietnam's foreign policy of diversified and multilateral relations, which values friendship and cooperation with all countries.

"The comprehensive strategic partnership between Vietnam and India, a rapidly developing country with significant regional and global influence, is of great importance," Dung said.

Since elevating the relationship to this level in September 2016, the two countries have worked together to achieve positive results in various fields such as economy, trade, culture, people-to-people exchanges, education, science, technology, security and defense."

Overview of the meeting.

The annual International Yoga Day event, jointly organized by Hanoi and the Indian Embassy in Vietnam since 2015, has garnered substantial participation and support from the city's residents.

Indian visitors to Vietnam have been on the rise, reaching 92,599 arrivals in 2022 and 60,992 arrivals in the first four months of 2023, ranking third among Hanoi's source markets.

Dung briefed the ambassador on Hanoi's history and socio-economic situation. He highlighted the historical and cultural significance of the capital, one of the few cities in the world with a heritage and cultural tradition spanning more than 1,000 years.

Known as the "Heritage City", Hanoi boasts a diverse cultural heritage that includes 5,922 historical and cultural relics. The city is also home to the country's largest number of handicraft villages, with more than 1,350.

In 2022, Dung said the city had achieved the "double goal" of effectively fighting the Covid-19 pandemic while recovering and developing socio-economically.

Hanoi's Gross Regional Domestic Product (GRDP) experienced a remarkable growth rate of 8.89%, surpassing the national average of 8.02% and marking the highest growth in the past decade.

In the first half of 2023, GRDP growth was estimated at 5.97% year-on-year, outpacing the national growth rate of 3.72%.

Hanoi also excelled in attracting foreign direct investment (FDI), accumulating US$2.2 billion in the first six months of the year, leading the country and exceeding the achievements of 2022.

Dung said the city had witnessed a robust recovery in tourism promotion, with a 42% increase in total tourists and a remarkable sevenfold increase in international visitors.

As for the long-term vision, Dung said Hanoi aims to become a civilized - cultured - modern city by 2030, serving as the center and driving force for the development of the Red River Delta, the key northern economic region, and the entire country.

Hanoi seeks deep international integration, strong regional and global competitiveness and strives to develop to the level of developed country capitals in the region, he said.

Looking ahead to 2045, Hanoi's vision is to be a globally connected city with a high standard of living and quality of life and a per capita GDP of more than US$36,000.

Secretary of the Hanoi Party Committee Dinh Tien Dung presents a souvenir gift to Indian Ambassador Sandeep Arya.

Hanoi envisions a comprehensive, unique, and harmonious economic, cultural, and social development that serves as a model for the whole country. The city aims to achieve a level of development comparable to the capitals of developed countries in the region and the world.

During the meeting, Indian Ambassador Sandeep Arya acknowledged Hanoi's growing role as a political, cultural, educational, and economic hub.

The Ambassador expressed satisfaction with the increasing number of business and tourist visitors to Hanoi.

Arya said the Indian Government is interested in expanding trade and investment cooperation with Vietnam, particularly in high-tech industries, energy, agriculture, and pharmaceuticals, based on the capabilities and needs of both countries.

Highlighting the strong cultural ties, the Ambassador mentioned the growing Indian business community in Hanoi, which is expected to exceed 2,000 members soon.

"This reflects the positive living conditions in Hanoi, which serve as a basis for attracting more Indian tourists to the city," he said.

The Ambassador also called for Hanoi's support in organizing cultural exchange events such as film screenings and people-to-people exchanges, stressing their importance in promoting bilateral relations, with Hanoi playing a central role.

The Hanoi Party Chief agreed with the Ambassador's suggestions and said that the city would prioritize cooperation areas that meet both sides' potential and needs.

He expressed the hope that the Ambassador will continue to serve as a bridge between business and government, creating favorable conditions for increased exchanges and cooperation between Vietnam and India and between Hanoi and New Delhi.