Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Mar 03, 2023 / 15:50

Hanoi facilitates trade cooperation in key markets

The city intends to strengthen investment promotion activities from key markets such as Japan, South Korea, Singapore, Taiwan, China, the United States, and Europe.

Hanoi will step up efforts to promote foreign investment, trade, and tourism, especially in key markets, to attract investment capital and expand export opportunities for businesses, said Deputy Chairman of Hanoi People's Committee Nguyen Manh Quyen at a conference on March 2 to discuss the city's progress in trade and investment activities in 2023.

 HPA’s Hanoi Crafts Pavillion” booth at the 2023 Ambiente Frankfurt. Photos: Hoai Nam

At the meeting, Hanoi Promotion Agency (HPA) Director Nguyen Anh Duong noted that the city successfully organized 172 investment, trade, and tourism promotion activities in 2022. "These activities played a crucial role in Hanoi's socio-economic development in the post-pandemic period," Duong said.

He also reported that the HPA has been working with local departments and sectors to develop innovative methods of communication and support for national and international companies and investors to expand their production and connect with partners. These efforts were carried out through various events such as weekly programs, festivals, and trade fairs.

HPA also focused on promoting and boosting tourism by organizing festivals and events related to gastronomy and culture. The agency also worked to strengthen partnerships and cooperation with provinces, cities, and international organizations such as Japan, the US, Belgium, and South Korea to increase the volume of exports and attract foreign investment.

 Secretary of the Hanoi Party Committee Dinh Tien Dung at a booth displaying Hanoi's products at a recent national conference promoting the development of the Red River Delta. 

Renovating promotion activities

Duong from the HPA said Hanoi aims to carry out 167 promotional activities in 2023, including 50 at the city level, to achieve its socio-economic development goals. However, in order for these activities to be effective, the agency needs to adopt an innovative and practical approach.

He said these activities include strengthening investment promotion activities in key markets such as Japan, South Korea, Singapore, Taiwan, China, the US, and Europe, and promoting linkages between foreign and domestic investment sectors in the new economic context.

He stressed the need to promote the role of investment promotion agencies in diplomatic missions and foreign-invested economic sectors to expand new export markets and reduce dependence on the Chinese market.

Director of the Hanoi Department of Foreign Affairs Ngo Minh Hoang called for improving the quality of promotion activities by organizing specialized promotion groups for investment, trade, and tourism.

"The promotion agency should streamline its processes to focus on what is most important, and make it easier for organizations and individuals to learn about Hanoi's investment and business cooperation environment," she said.

Vu Duc Bao, Head of the Organizing Committee of the Hanoi Party Committee, added that the Hanoi Party Committee has developed a plan to organize external activities and asked the HPA to use it as a basis to integrate promotion activities in the international market in accordance with the recommendations of departments and branches for Hanoi's promotion activities in 2023.

During the conference, Nguyen Manh Quyen, Deputy Chairman of the Hanoi People's Committee, urged the HPA to create a plan that is in line with the city's long-term socio-economic development goals, while taking into account international trends.

"Promotion activities in 2023 should be targeted and focused on Hanoi's key export markets," he said.

According to statistics, the promotional activities carried out in 2022 had a positive impact on Hanoi's socio-economic development, with the export turnover of goods increasing by 10.3% to US$17.1 billion compared to 2021, the attraction of FDI capital reaching US$1.7 billion, up 10.3% compared to 2021, and a significant increase in the number of visitors to the capital to 18.7 million, including 1.5 million international arrivals and 17.2 million domestic tourists.

Despite these achievements, the implementation of promotion activities faced challenges, such as the lack of sufficient information and data, including information on planning, land prices, and labor quality.

Tran Thi Phuong Lan, Acting Director of the Hanoi Department of Industry and Trade, pointed out that the scale of promotion activities is limited, resulting in insufficient connectivity, information provision, and support for enterprises and investors. Meanwhile, the infrastructure for public promotion remains limited due to the lack of large-scale exhibitions and fair premises in Hanoi.